Gulf Marine Services (GMS), a UAE-headquartered provider of self‐propelled, self‐elevating support vessels for the offshore energy sector, has secured a contract for one of its large‐class vessels in the Gulf Cooperation Council (GCC).
Under the new contract with an unnamed client, the vessel is slated to spend a total of 142 days supporting what GMS says are critical offshore operations in the region.
Since the UAE player’s vessels are categorized by size into K‐Class (small), S‐Class (mid), and E‐Class (large), the latest award means that the contract is for an E-class vessel.
This category comprises four self-propelled, self-elevating accommodation DP II jackup barges: the 2010-built GMS Endurance and GMS Endeavour, the 2013/2014-built GMS Enterprise, and the 2016-built GMS Evolution .
GMS’ Executive Chairman, Mansour Al Alami , noted: “We are thrilled to secure this contract which once again reflects the confidence our clients place in GMS to deliver reliable solutions for their projects.”
The latest contract represents the operator’s fourth win or extension this year, following a new contract and two extensions last month . The company sees this as a reflection of a strong market demand for its vessels.
The GMS fleet comprises 14 self‐elevating support vessels (SESVs) used for various activities, including offshore platform refurbishment and maintenance activities, well intervention work, and offshore platform installation and decommissioning.
In August 2024, the shipping company sealed a deal with three banks to refinance its bank debt . The facility comprised a term loan in United Arab Emirates Dirhams (AED) equivalent to $250 million and a working capital facility in AED equivalent to $50 million.