Gulf Marine Services secures Middle East vessel deal

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

Financial deals or the client were not disclosed but the new contract will add to the company’s backlog which stood at $505m before this deal. The figure is more than three times the revenue made during 2023.

“We are delighted to have secured this contract at an improved day rate for one of our small-class vessels. This confirms the continuous demand for all the vessel classes we operate,” said Mansour Al Alami, GMS executive chairman.

GMS has been winning deals on the regular this year. In the past two months, it won a new long-term contract in Europe and extensions for two existing contracts in the Middle East as well as a new long-term contract for one of its vessels in the Gulf Cooperation Council region.

The liftboat operator also recently revised its adjusted EBITDA guidance for 2024 to be in the range of $95m to $100m, versus the previous guidance of $92m to $100m.