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Gulf Marine Wins Long-term Contract in Middle East

Source: www.gulfoilandgas.com 1/3/2017, Location: Middle East

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Gulf Marine Services, the leading provider of advanced self-propelled self-elevating support vessels serving the offshore oil, gas and renewable energy sectors, announces a new long-term contract award for one of its Mid-Size Class vessels.

The new charter is for three years (including options) and is scheduled to commence in early Q1 2017. The vessel will be supporting well intervention activities for a national oil company (NOC) in the MENA region.

Duncan Anderson, Chief Executive Officer of GMS, said: "As we recently reported, we are seeing an increase in tender opportunities in the Middle East and our strategy to provide flexible and cost-effective offshore support solutions has proved pivotal in winning this long-term contract. The new charter, which together with other recent contract wins has increased our total backlog by approximately two-thirds since 1 November 2016, demonstrates that the market is showing clear signs of recovery. This contract win has also further strengthened our business relationship with a strategic NOC client and improved our current geographic diversity. We are delighted our client has again recognised the value our modern four-legged vessels bring to intensive well intervention campaigns across multiple locations."

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