REG - Gulf Marine Services - Contract

Gulf Marine ServicesAnnouncement

29/04/2022 07:00

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RNS Number : 7859J  Gulf Marine Services PLC  29 April 2022

29 April 2022

Gulf Marine Services PLC

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

Contract Award and 2021 Financial Results Release Date

 

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
2-year contract for one of its K Class (smaller) vessels, with a National Oil
Company (NOC) client in the MENA region. The contract will commence in May
2022 and brings total secured utilization for the year to 88%.

The Company expects to announce its 2021 Final Results during the second week
of May 2022.

 

Mansour Al Alami GMS, Executive Chairman, said:

"This contract award further reflects an increase in day rate and utilization
levels across the entire fleet, confirming our expectations on a tightening
market. GMS continues to strengthen its position, with higher levels of
utilization locked in for the year and increasingly into 2023."

 

Enquiries:

 Gulf Marine Services PLC       Tel: +44 (0)20 7603 1515

 Mansour Al Alami

 Executive Chairman

 Celicourt Communications       Tel: +44 (0) 20 8434 2754

 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 (http://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.

 

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