Gulf Marine Services (GMS) has been awarded a major new long-term contract in the Middle East and North Africa (MENA) region for one of its Large Class SESVs (self-elevated support vessels).
The contract will last for four years and will start at the end of Q1 2015 after GMS completes its current assignment, also for a region- based company.
GMS said the deal was signed with a MENA-based national oil company (NOC), whose name it did not reveal.
“The vessel will be supporting the client’s opex work in the area,” it said in a statement.
“The signing of this new contract is testament to our long-standing partnerships with national oil companies in the Middle East,” said Duncan Anderson, GMS chief executive officer.
“It also demonstrates that demand remains strong for our technically advanced, flexible and fast manoeuvring assets for brownfield oil and gas operations, which is very encouraging in the current low oil price environment.”
The group’s entire fleet of self-elevated support vessels is currently chartered, supporting brownfield oil and gas recovery, well services and maintenance work in the MENA region and in North West Europe.
This new contract award, taken together with the other contracts in place, gives the company a secured backlog of $739mn earnings.
