GMS sees ‘clear signs’ of market recovery. Signs Middle East deal

Gulf Marine Services, a provider self-elevating support vessels, has signed a new long-term contract award for one of its mid-size class vessels.

GMS said on Tuesday that the new charter is for three years, including options, and is scheduled to begin in early first quarter 2017.

According to the company, the vessel will be supporting well intervention activities for a national oil company in the Middle East and North Africa (MENA) region. No financial details were disclosed.

Duncan Anderson, CEO of GMS, said: “As we recently reported, we see an increase in tender opportunities in the Middle East.

“The new charter, which together with other recent contract wins has increased our total backlog by approximately two-thirds since November 1, 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.”

To remind, in the last two months, GMS won three contracts for two mid-size vessels in the MENA region which are both supposed to begin in the first quarter of 2017.

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