Gulf Marine Services clinches new vessel contract

London-listed liftboat operator Gulf Marine Services (GMS) has won a new contract for one of its vessels operating in the Gulf Cooperation Council region.

The new contract is for one of its small-class vessels and will last a total of 18 months, including optional extensions.

“We are delighted to see continuous demand for all our vessels in a highly competitive market. Maintaining high utilization is key for us to continue to deliver on our objectives. Our backlog now stands at $503m,” said Mansour Al Alami, GMS executive chairman.

It is worth noting that the company’s current backlog is more than three times the revenue made during 2023.

The company has been quite active recently. It won a new contract for one of its vessels operating in the Middle East. In the past two months, GMS also won a new long-term contract in Europe, extensions for two existing contracts in the Middle East, and a new long-term deal for one of its vessels in the Gulf Cooperation Council region.