Thursday 21 October 2021

GMS, a leading provider of advanced self-propelled, self-elevating support vessels serving the offshore oil, gas and renewables industries, is pleased to announce the award of a new contract, with a duration of 12 months, for an E Class vessel with an EPC Client in MENA. The contract is due to commence at the end of December 2021, following completion of the vessel's existing contract.

In addition, an NOC client has exercised a two-year option, with an S Class Vessel, on an existing contract committing the vessel for all of 2022 and 2023.

Mansour Al Alami GMS Executive Chairman said:

"The award of these two contracts, one of which at a significantly higher rate than its current contract, reinforce the point that we are seeing a tightening of the market and demand for our vessels continues to improve.

These awards, together with other contracts already secured for 2022 and a strong pipeline of additional opportunities, increases our confidence that the financial performance of the Company will see further improvement into next year."