10th Oct 2024 14:08
(Alliance News) - Gulf Marine Services PLC on Thursday announced it has won a new long-term contract in Europe and has extended two existing contracts in the Middle East.
The Abu Dhabi-based provider of self-propelled and self-elevating support vessels for the offshore energy sector said the contracts with unnamed clients added a total of 25 months to its backlog, which includes optional extensions. Its backlog now totals USD505 million, up 18% from its interim backlog of USD426.8 million on June 30.
Chair Mansour Al Alami said: ""We are delighted to have been awarded this long-term contract to strengthen our footprint in the European offshore wind sector, marking a pivotal moment for Gulf Marine Services. This contract not only underscores the strong demand for our versatile fleet but also reaffirms Gulf Marine Services' vital role in driving forward Europe's transition to clean energy through offshore wind development. We are also happy with the extensions obtained on two vessels as it confirms the strength of the demand in the market.
"Market fundamentals are steadily improving, allowing us to meet our deleveraging goals faster than expected. As of the end of September, our net debt has decreased to USD221 million, down from USD267 million at the start of the year and USD238.5 million at the end of June.
"Our ability to deliver innovative and cost-effective solutions is a testament to the strength of our operational excellence and the trust our clients place in us. As we look to the future, Gulf Marine Services remains fully committed to supporting Europe's renewable energy goals while continuing to enhance our performance and deliver sustainable value for all stakeholders."
Shares in Gulf Marine Services were up 6.5% at 16.56 pence each in London on Thursday afternoon.
By Emily Parsons, Alliance News reporter
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