Gulf Marine Services secures vessel contract extension

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

According to the company, the extension is for one of its large-class vessels and will last a total of 171 days. Financial details of the deal and the customer were not revealed.

Following the award of this contract extension, the current company backlog stands at $483m. The backlog is around three times the revenue made during 2023.

“This contract extension reflects the continued demand for our vessels, the overall strength of the market and the ongoing confidence of our partners in the service we provide,” said Mansour Al Alami, GMS executive chairman.

The company has been quite active for months. 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.

Last month, the lifeboat operator won a new 18-month contract with a GCC client for one of its small-class vessels.