Gulf Marine Services Awarded Two-Year Contract With a MENA Region National Oil Company

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By Anthony O. Goriainoff

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Gulf Marine Services PLC said Friday that it has been awarded a two-year contract for an undisclosed amount with an unnamed national oil company in the Middle East and North Africa region.

The London-listed provider of support vessels serving the offshore oil, gas and renewables industries said the contract is for one of its K class smaller vessels, and that it will start in May. The company said this brought the total secured utilization for the year to 88%.

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“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 increasing into 2023,” Executive Chairman Mansour Al Alami said.

Shares at 0820 GMT were up 0.47 pence, or 7%, at 7.18 pence.

Write to Anthony O. Goriainoff at [email protected]

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Credit: www.marketwatch.com /

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