Gulf Marine announces two new contracts and a contract extension in MENA region

By Curious

Gulf Marine Services (LSE:GMS), the leading provider of advanced self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, has confirmed that, further to its announcement on 2 August 2017, the legal documentation for the charter of two of its vessels in the Middle East and North Africa (MENA) region has now been completed.

Gulf Marine announces two new contracts and a contract extension in MENA region

The new contracts, which are currently expected to commence at the end of Q1 2018, are for a Large Class vessel with a charter period of eight months (including options) and a Mid-Size Class vessel with a charter period of eight months (including options). The vessels will be supporting an engineering, procurement and construction contractor (EPC) in offshore brownfield projects.

A contract extension to the end of Q1 2018 has also been agreed for a Small Class vessel in the MENA region. This is in addition to the contract extension for another Small Class vessel that was previously announced in August 2017.

Duncan Anderson, Chief Executive Officer for GMS, commented: "The award of these two new contracts for a Large Class and Mid-Size Class SESV, and confirmation of another contract extension for a Small Class SESV, is testament to the flexibility of the GMS fleet, with our vessels providing highly efficient and cost-effective support across a broad spectrum of operational requirements for our clients in the MENA region." 

Source: Gulf Marine