Gulf Marine Services PLC on Monday said it won two contract extensions in the Gulf Cooperation Council region, which it said reflected ‘highly favourable’ market and the quality of its fleets.

Gulf Marine is a London-based provider of self-propelled and self-elevating support vessels for the offshore oil, gas, and renewables sectors.

It said the first contract award involves the extension of a large class vessel until the end of November, while the second contract is for a small class vessel until the end of March 2024.

Gulf Marine said the contract extensions reaffirmed its ‘leading position in the industry and the strong demand for its vessel services’.

These two contract extensions ‘again support a higher level of utilisation and day rates’, along with the three other contracts won in the first half of 2023, Gulf Marine said.

‘These awards reflect continued market strength and the quality of Gulf Marine’s client offering and give us reason for further optimism for the remainder of 2023,’ said Executive Chair Mansour Al Alami.

Shares in Gulf Marine were up 3.2% to 5.34 pence each in London on Monday morning.

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