Gulf Marine Services secures new vessel contracts

Dubai-based liftboat operator Gulf Marine Services (GMS) has been awarded new contracts for two vessels in its fleet.

The company has secured a seven month contract for an E-class vessel to support offshore activities for a Middle East client. The vessel will be mobilised during the summer of this year.

Additionally, the company has secured a two-month contract extension of a K-class vessel, also for a Middle East-based client.

The new contracts will increase the company’s total fleet utilisation to 82% for 2020.

“Despite challenging conditions in the upstream energy industry, the company is trading successfully. Our continued focus on cost reduction, and improving the efficiency of our operations, underpins our ability to win business and compete strongly,” said Tim Summers, chairman of GMS.