Contract
Gulf Marine Services PLC has secured a contract extension from a Middle Eastern National Oil Company for two of its vessels, potentially adding up to six years of duration across both contracts. This development reinforces the company's strong client relationship and commitment to regional offshore energy operations, increasing its backlog to US$0.7 billion. The Executive Chairman highlighted the continued demand for GMS vessels and the enhanced visibility into future performance provided by this strengthened backlog, positioning the company for growth and shareholder value delivery.
Select text to share a quote on X · sign in to keep highlights & notes in your GMS notes
Gulf Marine Services (GMS), a leading provider of self-propelled, self-elevating support vessels to the offshore energy industry, is pleased to announce that it has received a variation order from a major National Oil Company (NOC) in the Middle East for extension to an existing contract for two of its vessels, to provide for up to an additional six years of contract duration across the two vessels, including optional periods. This variation reinforces GMS's strong partnership with the client and its continued commitment to supporting the region's offshore energy operations. The backlog stands now at US$ 0.7 billion.
Mansour Al Alami, GMS Executive Chairman, commented:
"We are very pleased with this contract extension. It shows continued demand for our vessels in the Middle East. With this strengthened backlog, investors can see clear visibility into our performance for the coming years. It also positions us well to grow and deliver value to our shareholders."
‐ENDS-
| Enquiries: Gulf Marine Services PLC Mansour Al Alami Executive Chairman | Tel: +44 (0)20 7603 1515 |
| Celicourt Communications Philip Dennis Mark Antelme Kristine Qevani | Tel: +44 (0) 20 7770 6424 |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.