REG - Gulf Marine Services - Contract

Gulf Marine ServicesAnnouncement

17/02/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220217:nRSQ9257Ba&default-theme=true

RNS Number : 9257B  Gulf Marine Services PLC  17 February 2022

 

 

17 February 2022

 

 

 

Gulf Marine Services PLC

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

 

Contract Award

 

 

 

Gulf Marine Services (LSE: GMS), the leading provider of advanced
self-propelled self-elevating support vessels (SESVs) serving the offshore
oil, gas and renewable energy sectors, is pleased to announce the award of a
7-month contract for one of its K Class (smaller) vessels, with a National Oil
Company (NOC) in the MENA region. The contract will commence in March 2022 and
brings total secured utilisation for the year to 79%.

 

Mansour Al Alami GMS, Executive Chairman, said:

"This contract award continues to reflect the upward trajectory on dayrate
levels that we have seen on other recent awards and signals that our markets
continue to improve. GMS remains well positioned, with a high level of
utilisation already locked in for the year and also going into 2023."

 

-ENDS-

 

 

 Enquiries:

Gulf Marine Services PLC

 Mansour Al Alami           Tel: +44 (0)20 7603 1515

 Executive Chairman
 Celicourt Communications   Tel: +44 (0) 208 434 2643

 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 oil, gas and renewable 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 is amongst the youngest in the industry, with an
average age of eight years. The vessels support GMS's clients in a broad range
of offshore oil and gas platform refurbishment and maintenance activities,
well intervention work and offshore wind turbine maintenance work (which are
opex-led activities), as well as offshore oil and gas 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  CNTGPUCAPUPPGRQ