Middle EastOffshore

Gulf Marine Services secures new vessel contracts

Dubai-based liftboat operator Gulf Marine Services (GMS) has won a new contract with an undisclosed EPC player in the MENA region and secured an extension for one of its vessels with an existing client.

The new one-year contract is for an E-class vessel, scheduled to commence at the end of December 2021, following the completion of the vessel’s existing contract.

In addition, a national oil company (NOC) client has exercised a two-year option with an S-class vessel on an existing contract, committing the vessel for all of 2022 and 2023.

“The award of these two contracts, one of which at a significantly higher rate than its current contract, reinforces the point that we are seeing a tightening of the market and demand for our vessels continues to improve. These awards, together with other contracts already secured for 2022 and a strong pipeline of additional opportunities, increase our confidence that the financial performance of the company will see further improvement into next year,” said Mansour Al Alami GMS executive chairman.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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