Gulf Marine Services PLC shares rose on Wednesday, after it announced two contract extensions and one new deal.
Gulf Marine is a London-based provider of self-propelled and self-elevating support vessels for the offshore oil, gas, and renewables sectors.
Its shares were up 10% to 12.10 pence each in London on Wednesday morning.
Gulf Marine announced two contract extensions for four years in total and one new contract for two years. Two contracts end in December 2025 and one ends in April 2026, and together they increase the company’s overall contracted backlog revenue to $326.2 million.
Chair Mansour Al Alami said: ‘These new contracts on improved day rates reflect positively in a market where GMS remains well positioned to capitalise on increasing regional demand for Liftboats.’
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