Gulf Marine Services wins new vessel deal in Europe and pair of extensions

London-listed liftboat operator Gulf Marine Services (GMS) has won a new long-term contract in Europe and extensions for two existing contracts in the Middle East.

The three deals will add a total of 25 months to the backlog, inclusive of optional extensions. The current backlog stands at $505m, representing more than three times the revenue made during 2023 and an 18% increase over that announced at the half-year end. Financial details of the deals were not revealed

According to GMS, the strength of market demand is allowing the company to meet its deleveraging goal quicker than anticipated. 

“We are delighted to have been awarded this long-term contract to strengthen our footprint in the European offshore wind sector, marking a pivotal moment for GMS. This contract not only underscores the strong demand for our versatile fleet but also reaffirms GMS’s vital role in driving forward Europe’s transition to clean energy through offshore wind development,” said Mansour Al Alami, GMS executive chairman.

The company added that market fundamentals are steadily improving and that its net debt has decreased to $221m as of the end of September, down from $267m at the start of the year and $238.5m at the end of June.