3rd Jan 2020 09:22
(Alliance News) - Gulf Marine Services PLC on Friday said it has been awarded two contracts, with secured utilisation of its fleet for 2020 now exceeding the year before.
Gulf Marine provides self-elevating support vessels for use in the oil, gas and renewable energy industries and has secured a 7-month contract for one of its small K-Class vessels and a 12-month contract for a mid-sized S-Class vessel. The value of these contracts was not disclosed.
Under the 7-month contract, which includes the initial contract period plus extension options, Gulf Marine will provide support for offshore activities on behalf of an undisclosed "Middle East national oil company".
For the 12-month contract, Gulf Maine also will provide offshore activities, again on behalf of a "Middle East national oil company".
These contracts take secured utilisation of Gulf Marine's entire fleet for 2020 to 73%, exceeding utilisation for 2019. Since August 2019, more than USD74 million of new contract backlog has been added.
Executive Chair Tim Summers said: "Momentum is building. 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."
Shares in Gulf Marine were down 1.8% at 7.22 pence in London on Friday morning.
By Anna Farley; [email protected]
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