REG - Gulf Marine Services - Contract Extension

Gulf Marine ServicesAnnouncement

21/01/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250121:nRSU0978Ua&default-theme=true

RNS Number : 0978U  Gulf Marine Services PLC  21 January 2025

 

21(st) January 2025

 

 

Gulf Marine Services PLC

('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')

 

 

 

Contract Extension

Gulf Marine Services (GMS), a leading provider of self-propelled,
self-elevating support vessels for the offshore energy sector, is pleased to
announce a 171-day extension to an existing contract for one of its
large-class vessels operating in the GCC. Following the award of this contract
extension, the backlog stands at $483 million.

Mansour Al Alami, GMS Executive Chairman, commented:

"This contract extension reflects the continued demand for our vessels, the
overall strength of the market and the ongoing confidence of our partners in
the service we provide."

 

This announcement contains inside information and is provided in accordance
with the requirements of Article 17 of the Market Abuse Regulation (EU) No.
596/2014 (as it forms part of UK law by virtue of the European Union
(Withdrawal) Act 2018, as amended).

 

-ENDS-

 

 

 Enquiries:                 Tel: +44 (0)20 7603 1515

Gulf Marine Services PLC

 Mansour Al Alami

 Executive Chairman
 Celicourt Communications   Tel: +44 (0) 20 7770 6424

 Mark Antelme

 Philip Dennis

 

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 offshore 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 supports clients in a broad range of offshore
platform refurbishment and maintenance activities, well intervention work, and
offshore wind turbine maintenance work (which are opex-led activities), as
well as offshore 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

www.gmsplc.com

Disclaimer

The content of the Gulf Marine Services PLC website should not be considered
to form a part of or be incorporated into this announcement.

 

Cautionary Statement

This announcement includes statements that are forward-looking in nature. All
statements other than statements of historical fact are capable of
interpretation as forward-looking statements. These statements may generally,
but not always, be identified by the use of words such as 'will', 'should',
'could', 'estimate', 'goals', 'outlook', 'probably', 'project', 'risks',
'schedule', 'seek', 'target', 'expects', 'is expected to', 'aims', 'may',
'objective', 'is likely to', 'intends', 'believes', 'anticipates', 'plans',
'we see' or similar expressions. By their nature these forward-looking
statements involve numerous assumptions, risks and uncertainties, both general
and specific, as they relate to events and depend on circumstances that might
occur in the future.

Accordingly, the actual results, operations, performance or achievements of
the Company and its subsidiaries may be materially different from any future
results, operations, performance or achievements expressed or implied by such
forward-looking statements, due to known and unknown risks, uncertainties and
other factors. Neither Gulf Marine Services PLC nor any of its subsidiaries
undertake any obligation to publicly update or revise any forward-looking
statement as a result of new information, future events or other information.
No part of this announcement constitutes, or shall be taken to constitute, an
invitation or inducement to invest the Company or any other entity and must
not be relied upon in any way in connection with any investment decision. All
written and oral forward-looking statements attributable to the Company or to
persons acting on the Company's behalf are expressly qualified in their
entirety by the cautionary statements referred to above.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  CNTPPUBWGUPAUQG