GMS, a leading provider of advanced self-propelled, self-elevating support vessels serving the offshore oil, gas and renewables industries, has announced two contract extensions, totalling a further 13 months, for two K-Class vessels, at day rates in line with expectations.
These contract extensions will further increase secured fleet utilisation for 2021 to 75%. This compares to a level of 66% for 2020 at the same time last year.
The contract extensions are with a leading oil and gas EPC Contractor in the UAE.
Commenting, Mansour Al Alami, Executive Chairman of GMS, said:
"We enter 2021 with a significant improvement to the secured utilisation position than we did last year, which is encouraging and gives us added comfort for the year ahead. It is equally encouraging to have contracts extended by our clients as it demonstrates the strong relationship we have with them and their willingness to work with GMS going forward."