GMS inks new deal amid stable vessel demand across markets

UAE-based Gulf Marine Services (GMS), a provider of self-propelled and self-elevating support vessels for the offshore oil, gas, and renewables sectors, has signed the first of a two-phase, multi-year, contract for one of its vessels in the Middle East.

While the name of the vessel hired for the work has not been disclosed, the company did reveal that this will be a four-year contract. GMS also received a letter of award for the second phase of the long-term contract, which is expected to be announced once the details have been finalized.

Mansour Al Alami, GMS Executive Chairman, noted: “The higher rate at which this contract has been awarded underscores the ongoing strength in demand for our vessels across the various markets in which we operate.  Additionally, the contract for the project’s second phase, also granted to GMS in the Letter of Award, is currently in the final stages of processing and will be announced independently.

“The two phases of this contract shall elevate our backlog to USD 463 million, representing 3.1 times our 2023 revenue and instilling greater confidence in our attainment of our targets, facilitating the ongoing buildup of shareholder value.”

The company has won several new deals and extensions over the past few months. A trio of recent assignments was secured last November for vessels operating within the region covered by the Gulf Cooperation Council (GCC).