29 April 2022
Gulf Marine Services PLC
('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')
Contract Award and 2021 Financial Results Release Date
Gulf Marine Services (LSE: GMS), the leading provider of advanced self‐propelled self‐elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, is pleased to announce the award of a 2-year contract for one of its K Class (smaller) vessels, with a National Oil Company (NOC) client in the MENA region. The contract will commence in May 2022 and brings total secured utilization for the year to 88%.
The Company expects to announce its 2021 Final Results during the second week of May 2022.
Mansour Al Alami GMS, Executive Chairman, said:
"This contract award further reflects an increase in day rate and utilization levels across the entire fleet, confirming our expectations on a tightening market. GMS continues to strengthen its position, with higher levels of utilization locked in for the year and increasingly into 2023."
Gulf Marine Services PLC
Mansour Al Alami
Tel: +44 (0)20 7603 1515
Mark Antelme / Philip Dennis
Tel: +44 (0) 20 8434 2754
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.
Gulf Marine Services PLC's Legal Entity Identifier is 213800IGS2QE89SAJF77
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