Gulf Marine Services secures new vessel contract

UAE-based liftboat operator Gulf Marine Services (GMS) has won a new contract with a national oil company (NOC) in the MENA region for one of its smaller (K-class) vessels.

The two-year contract will commence in May 2022 and brings total secured utilisation for the year to 88%, the company said.

“This contract award further reflects an increase in day rate and utilisation levels across the entire fleet, confirming our expectations on a tightening market. GMS continues to strengthen its position, with higher levels of utilisation locked in for the year and increasingly into 2023,” asserted Mansour Al Alami GMS, executive chairman.

The London-listed company has a fleet of 13 self-propelled self-elevating support vessels.