New Contract Confirmed for Vessel in Europe
Tuesday 15 November 2016
Gulf Marine Services (LSE: GMS), the leading provider of advanced self-propelled self-elevating support vessels serving the offshore oil, gas and renewable energy sectors, is pleased to confirm that, further to the announcement of a letter of intent on 30 August 2016, the legal documentation for the charter of one of its vessels in Europe has now been completed.
The new contract is for a Large Class vessel to support maintenance work in the oil and gas sector and is expected to commence in Q2 2017 with a duration of 18 months (including options).
Duncan Anderson, Chief Executive Officer of GMS, said:
"This new contract is testament to our leading industry expertise and strong track record of successful operations in European waters. GMS is very well-positioned to capitalise on our clients' desire for less expensive and yet more capable offshore support solutions as our self-propelled vessels are significantly more economical and time-efficient than conventional support vessels without self-propulsion. This, combined with the wide range of services we can provide from the decks of our vessels is becoming more important to our clients seeking to carry out safe, efficient and cost-effective operations."