Gulf Marine Services secures new vessel contracts

Dubai-based liftboat operator Gulf Marine Services (GMS) has won a new contract with an undisclosed EPC player in the MENA region and secured an extension for one of its vessels with an existing client.

The new one-year contract is for an E-class vessel, scheduled to commence at the end of December 2021, following the completion of the vessel’s existing contract.

In addition, a national oil company (NOC) client has exercised a two-year option with an S-class vessel on an existing contract, committing the vessel for all of 2022 and 2023.

“The award of these two contracts, one of which at a significantly higher rate than its current contract, reinforces the point that we are seeing a tightening of the market and demand for our vessels continues to improve. These awards, together with other contracts already secured for 2022 and a strong pipeline of additional opportunities, increase our confidence that the financial performance of the company will see further improvement into next year,” said Mansour Al Alami GMS executive chairman.