Gulf Marine Services Gets Support Vessel Contract

Published at 09:00AM - 05/08/16

Gulf Marine Services (GMS) announced it has been awarded a new contract extension for two of its vessels in the Middle East and North Africa (MENA) region.

The provider of self-propelled self-elevating support vessels (SESVs) to the offshore oil industry is scheduled to start immediate with one of its mid-size class vessels, for 12 months including options.

“In the current challenging market conditions, our state-of-the-art SESVs continue to offer the most cost-efficient offshore solutions for our clients seeking to extract maximum value from their assets while minimising costs,” GMS Chief Executive Officer (CEO), Duncan Anderson, said.

Gulf Marine Services Gets Support Vessel Contract

The vessel will support a national oil company (NOC) based in the MENA region, the company informed in a statement.

As well as this, the company received confirmation of a contract extension for one of its small class vessels chartered to a different NOC, also based in the MENA region.

The extension runs for a total of twelve months with a further option period of one year, and has already started.

“We are very pleased that our strong client relationships, leading operational expertise and flexibility have enabled us to secure a new contract and a contract extension for two of our vessels,” Anderson added.

Gulf Marine Services’ SESV Fleet Up by 66% 

GMS’s current new build programme to increase the fleet size by 66% to 15 vessels is almost complete, with the final vessel scheduled for delivery at the end of this year.

“Further additions to the fleet will be driven by our assessment of market demand,” the company based in the UAE, Saudi Arabia and UK, explained.

Currently, the Group’s SESV fleet is comprised of 14 four-legged and self-propelled vessels.

According to the firm, this means the vessels do not require tugs or similar support vessels for moves between locations in the field, making them more cost-effective and time-efficient than conventional offshore support vessels without self-propulsion.