28th Nov 2019 12:09
(Alliance News) - Engineering support vessel provider Gulf Marine Services PLC said Thursday it secured a 15-month contract in the Middle East for one of its large E-class vessels.
Shares in Gulf Marine were 4.4% lower at 8.22 pence in London on Thursday.
Gulf Marine was awarded the contract by an unnamed "international supermajor" oil firm, which is a new customer for the company. The contract will see the large E-class jackup barge to provide support for offshore well-work activities.
The work will be undertaken in the Middle East and will start in January. No financial details were specified.
"This is the third new contract award for GMS in two months," Executive Chair Tim Summers said. "It brings a valuable diversification of our customer base and further strengthens our order book for 2020, and beyond."
After the contract, the secured utilisation of the entire Gulf Marine fleet stands at 61%.
By Ahren Lester; [email protected]
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