GMS snaps up two vessel extensions in UAE

Gulf Marine Services (GMS), a provider of self-propelled self-elevating support vessels to the offshore energy industry, has won contract extensions for two K-Class (small) vessels.

GMS said on Monday that the extensions for the two vessels total a further 13 months, at day rates in line with expectations.

According to the company, these contract extensions will further increase secured fleet utilisation for 2021 to 75 per cent. This compares to a level of 66 per cent for 2020 at the same time last year.

GMS added in its statement that the contract extensions were with a leading oil and gas EPC contractor in the UAE, without disclosing the identity of the client.

Mansour Al Alami, executive chairman of GMS, said: “We enter 2021 with a significant improvement to the secured utilisation position than we did last year, which is encouraging and gives us added comfort for the year ahead.

“It is equally encouraging to have contracts extended by our clients as it demonstrates the strong relationship we have with them and their willingness to work with GMS going forward“.