GMS signs extension for one Large Class SESV

Gulf Marine Services (GMS) has confirmed that a contract extension has been exercised for one of its Large Class vessels in the Southern North Sea.   

The extension is for an SESV that has been chartered to an International Oil Company since Q3 2012. GMS did not disclose the name of the client. The contract has been extended for a further year effective from Q2 2015, leaving a six month option remaining. The vessel will continue supporting well service and maintenance work for the client.

According to GMS, there has been a small increase in the charter rate for the vessel, which maintains margins at the previous level, to recognise additional modification work that was required by the client.

Duncan Anderson, Chief Executive Officer of GMS, said:

“Confirmation of this contract extension by a major IOC is testament to the cost-effective well service and maintenance solutions our SESVs provide, which is increasingly relevant in the current oil price environment. We continue to see strong demand for our assets driven by our core brownfield (opex-focused) oil and gas client base and evidenced by our fully chartered fleet.”

Gulf Marine Services PLC was founded in Abu Dhabi in 1977 and is a provider of advanced self-propelled self-elevating support vessels (SESV). The fleet serves the oil, gas and renewable energy industries from its offices in the United Arab Emirates, Saudi Arabia and the United Kingdom.

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