With demand on the rise, GMS vessel scoops up two deals

UAE-headquartered Gulf Marine Services (GMS), a provider of self-propelled, self-elevating support vessels for the offshore oil, gas and renewables industries, has won two new deals for one of its small-size class vessels.

GMS revealed the award of two new contracts for one of its small-class (K Class) vessels on Wednesday, 29 March 2023, within the Cooperation Council for the Arab States of the Gulf, also known as the Gulf Cooperation Council (GCC).

No financial details about these contracts have been disclosed, however, the UAE player highlights that the daily rates secured for these contracts reflect strong demand for its vessels. While the first contract is set to start at the end of the first quarter, the second is slated to begin at the start of the third quarter, spanning a cumulative period of 272 days.

Commenting on the new deals, Mansour Al Alami, GMS Executive Chairman, remarked: “These awards reflect positively on the continued strength of market conditions, and we are optimistic about the prospects for the remainder of 2023, with high levels of utilisation and a tight market continuing to be reflected in the day rates achieved.”

Gulf Marine Services’ hopes of higher day rates and fleet utilisation were also present last year, fuelled by multiple deals the UAE firm secured during 2022. In November 2022, GMS got two new deals and a contract extension for its vessels with increased day rates.

These deals come a little over a month after GMS won a contract with an increased day rate for large and small-size class vessels. Prior to this, another deal was inked in September with an EPC client in the MENA region.