‘GMS Enterprise’ on its first charter

Gulf Marine Services has informed that its newly-built ‘GMS Enterprise’ self-propelled jack-up barge, has been completed ahead of schedule and under budget.

Having successfully completed its sea trials, the vessel has now started its first charter, a four-month contract for an engineering, procurement and construction (EPC) contractor working for a MENA-based national oil company (NOC), with day rates in line with those previously indicated for the region.

GMS Enterprise, a Large Class vessel, is the first of six new SESVs to be added to the Group’s fleet by 2016, with the new build programme increasing the current fleet by 66% from nine to 15 vessels.

GMS, the provider of self-propelled self-elevating support vessels (SESV) serving the offshore oil, gas and renewable energy sectors, constructs its SESVs, also known as jackup barges, at its quayside yard in Mussafah, Abu Dhabi, enabling the Group to deliver high quality assets cost effectively.

The hull of the next new build, the Mid-Size Class SESV GMS Shamal, is due to arrive at the yard in Q4 2014 and is scheduled for completion in Q2 2015. A second Mid-Size Class vessel, GMS Scirocco, will be completed in Q3 2015. A third Mid-Size Class, an Enhanced Small Class and a further Large Class vessel are progressing as planned.

The Group’s existing vessels are all currently on contracts to support brownfield oil and gas recovery, well services and maintenance work in the MENA region, and oil, gas and renewable energy-related operations in North West Europe.

Duncan Anderson, Chief Executive Officer of GMS, said: “GMS Enterprise is a highly sophisticated vessel and I am pleased its construction has been delivered both ahead of schedule and under budget and that the vessel has progressed immediately to its first charter. This demonstrates our ability to efficiently invest capital to grow our fleet and generate strong returns for shareholders.

“Demand for our existing assets continues to be very strong with our healthy backlog of USD$ 361 million providing good visibility on future earnings. We are also seeing interest in our new tonnage from both new and existing clients who understand our cost-effective well service and maintenance solutions.”

 

Press Release, September 23, 2014

 

 

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