Gulf Marine Services PLC said it has signed the first of a two phase, four-year, contract for one of its vessels operating in the Middle East.

The provider of self-propelled and self-elevating support vessels for the offshore oil, gas, and renewable energy sectors also said it has received a letter of award relating to the the second phase of this four-year contract.

Gulf Marine said the two phases of the contract will elevate its backlog to $463 million, representing 3.1 times it revenue in 2023.

Executive Chair Mansour Al Alami said: ‘The higher rate at which this contract has been awarded underscores the ongoing strength in demand for our vessels across the various markets in which we operate. Additionally, the contract for the project’s second phase, also granted to GMS in the letter of award, is currently in the final stages of processing and will be announced independently.’

Shares in Gulf Marine were up 4.3% to 18.30 pence each in London on Monday morning.

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