Contract

Gulf Marine Services (GMS), a leading provider of self-propelled and self-elevating support vessels for the offshore energy sector, is pleased to announce the award of a new long-term contract in Europe and the extension of two existing contracts in the Middle East, adding a total of twenty five months to the backlog, inclusive of optional extensions.

The current backlog totals USD 505 million, representing 3.3x 2023 revenue and a c.18% increase over that announced at the half year end on 30th June 2024. The strength of market demand is allowing the Company to meet its deleveraging goal quicker than anticipated.

Mansour Al Alami, GMS Executive Chairman, commented:

"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 GMS. This contract not only underscores the strong demand for our versatile fleet but also reaffirms GMS's 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 USD 221 million, down from USD 267 million at the start of the year and USD 238.5 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, GMS remains fully committed to supporting Europe's renewable energy goals while continuing to enhance our performance and deliver sustainable value for all stakeholders."