Dubai-based liftboat operator Gulf Marine Services (GMS) said it has won contract extensions, on improved day rates, for two vessels in the MENA region.
The extension period on both vessels will commence January 1, 2022, in direct continuance, and run for 12 months on the company’s K-class and 24 months for one of the S-class vessels. The company did not reveal the day rate details.
The deal follows the award of two contracts in October, one of which is also said to be at a significantly higher rate than its current contract.
“The two contract extensions, on improved rates, signal that the market for our vessels, particularly in MENA continues to tighten and that clients are taking action to ensure they have vessel availability to support their ongoing operations,” said Mansour Al Alami, GMS executive chairman.