Gulf Marine Services secures two new contracts

3rd Jan 2020 11:27

(Sharecast News) - Gulf Marine Services announced the award of two contracts on Friday, with the first being a seven month contract with options to extend, for a small 'K-class' vessel.
The London-listed firm said it would provide support for offshore activities on behalf of an unnamed Middle East national oil company.

It said the second contract was a 12 month deal for a mid-sized 'S-class' vessel, where it would also provide support for offshore activities on behalf of an unnamed Middle East national oil company.

The board said secured utilisation of the entire Gulf Marine Services fleet for 2020 now stood at 73%, which was higher than experienced for the full calendar year 2019.

In total, more than $74m of new contract backlog had been added since August 2019.

"Momentum is building," quipped Gulf Marine Services chairman Tim Summers.

"These are important contract awards for GMS, continuing to add to our order book for 2020.

"Secured day-rates for these contracts are firm and are consistent with existing contracts in the region."

At 1120 GMT, shares in Gulf Marine Services were up 1.22% at 7.44p.