Gulf Marine Services PLC
('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')
New Contract Award for Mid-Size Class Vessel
Gulf Marine Services (LSE: GMS), the leading provider of advanced self-propelled self-elevating support vessels serving the offshore oil, gas and renewable energy sectors, is pleased to announce a new long-term contract award for one of its Mid-Size Class vessels.
The new charter is for two years (including options) and is scheduled to commence shortly. The vessel will be supporting well intervention activities for a national oil company in the MENA region.
Duncan Anderson, Chief Executive Officer of GMS, said:
"As we recently reported, we are seeing increasing levels of enquiries and tender activity in our markets and our strategy to provide modern, flexible and cost-effective offshore support solutions has again proved successful with this long-term contract win. This charter award has further strengthened our business relationship with an important strategic national oil company in the wider MENA region. We are delighted our client has again recognised the value our vessels bring to intensive well intervention campaigns across multiple locations."
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This announcement contains inside information.
Company Secretary (responsible for arranging the release of this announcement)
Gulf Marine Services PLC
17 April 2018
For further information please contact:
Gulf Marine Services PLC
Tel: +971 (2) 5028888
Tel: +44 (0) 1296 622736
Patrick Handley - UK
Will Medvei - UK
Tel: +44 (0) 20 7404 5959
Jade Mamarbachi - UAE
Tel: +971 (0) 50 600 3829
Notes to Editors:
Gulf Marine Services PLC, a company listed on the London Stock Exchange, was founded in Abu Dhabi in 1977 and has become the leading provider of advanced self-propelled self-elevating support vessels (SESVs) in the world. The fleet serves the oil, gas and renewable energy industries from its offices in the United Arab Emirates, Saudi Arabia, Malaysia and the United Kingdom. The Group's assets are capable of serving clients' requirements across the globe, including those in the Middle East, South East Asia, West Africa and Europe.
The GMS core fleet of 13 SESVs is amongst the youngest in the industry, with an average age of seven years. The vessels support GMS' clients in a broad range of offshore oil and gas platform refurbishment and maintenance activities, well intervention work and offshore wind turbine maintenance work (which are opex-led activities), as well as offshore oil and gas platform installation and decommissioning and offshore wind turbine installation (which are capex-led activities).
The SESVs are categorised by size, Large Class, Mid-Size Class and Small Class, with these operating in water depths of 80m, 55m and 45m respectively. The vessels are four-legged and are self-propelled, which means they do not require tugs or similar support vessels for moves between locations in the field; this makes them significantly more cost-effective and time-efficient than conventional offshore support vessels without self-propulsion. They have a large deck space, crane capacity and accommodation facilities (for up to 300 people) that can be adapted to the requirements of the Group's clients. In addition, an innovative well workover cantilever system commissioned on a Large Class SESV in 2017 allows GMS to increase the well intervention activities carried out from the vessel and to supplant higher cost non-propelled drilling rigs.
Gulf Marine Services PLC's Legal Entity Identifier is 213800IGS2QE89SAJF77
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