4 May 2021
Gulf Marine Services PLC
('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')
New Contract Win
GMS, a leading provider of advanced self-propelled, self-elevating support vessels serving the offshore oil, gas and renewables industries, is pleased to announce it has secured a 9 month contract for a K-Class vessel in the MENA region, commencing in Q3 of this calendar year.
With this contract win, secured utilisation for the current year stands at 80% underpinning $114m of revenue secured to date for 2021 full year, reflecting the Company's continued commitment to maximise the value from its assets, combined with positive momentum in its core markets.
The high level of work secured to date, and a strong pipeline of tendering activity, gives the Board increased confidence in the outlook for the current year, underpinned by solid utilisation, ongoing management of costs and the likelihood of improving day rates in the second half of 2021.
Mansour Al Alami GMS Executive Chairman said:
"Secured utilisation for 2021 is now at a similar level that we recorded for full year 2020 with a strong pipeline of opportunities on the horizon. GMS is continuing to return to a position of strength. In addition to recently securing a debt deal on significantly improved terms, that creates a platform for the Company's future growth, we are also maximising the return on our assets through improving utilisation and reduced cost base against a backdrop of strengthening market dynamics."
Mansour Al Alami
Tel: +44 (0)20 7603 1515
Tel: +44 (0) 20 8434 2643
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 a world leading provider of advanced self-propelled self-elevating support vessels (SESVs). The fleet serves the oil, gas and renewable energy industries from its offices in the United Arab Emirates, Saudi Arabia and Qatar. The Group's assets are capable of serving clients' requirements across the globe, including those in the Middle East, South East Asia, West Africa, North America, the Gulf of Mexico and Europe.
The GMS fleet of 13 SESVs is amongst the youngest in the industry, with an average age of eight years. The vessels support GMS's 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 - K-Class (Small), S-Class (Mid) and E-Class (Large) - with these capable of operating in water depths of 45m to 80m depending on leg length. 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.
Evolution Cantilever Capability
GMS Evolution and her cantilever work over system has been designed and built to enable heavier work over scopes from a self-propelled jack up barge. The optimised design enables execution of Heavy Well Intervention (HWI) benefitting from the efficiencies of our 4-Legged self-propelled jack up barges provide. The type of HWI work that can be carried out include:
Electrical Submersible Pump (ESP) change out
· Plug and abandonment:
· Slot Recovery
· Work Overs
· Coil Tubing
And the benefits include:
· Significant time savings moving between locations resulting in workover programmes being completed significantly quicker therefore allowing clients to maximise production levels
· No requirement to hire tugs to assist with drilling rig moves
Gulf Marine Services PLC's Legal Entity Identifier is 213800IGS2QE89SAJF77
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