Tuesday 22 May 2018

Gulf Marine Services, the leading provider of advanced self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, provided the following operational update for the period 1 January 2018 to 21 May 2018, ahead of its AGM on 22nd May 2018.

GMS announced two charter awards in the MENA region during the period: a 24-month contract for a Mid-Size Class vessel and a 16-month contract extension for a Small Class vessel. These awards have helped the secured backlog (comprising firm and extension options) to increase to US$ 181.2 million as at 30 April 2018 (31 December 2017: US$ 171.9 million). A Large Class vessel also recently commenced a 26-month charter for renewables work in Europe, and will be joined later this quarter by another Large Class vessel for a 15-month charter to the same client. (All the above contract lengths include option periods.)

Levels of enquiries and tenders are continuing to increase in the Group's principal markets. All of GMS' Large and Mid-Size Class vessels are now contracted. The utilisation1 rate for the core fleet of 13 SESVs was 64% for Q1 2018. Utilisation for the fleet is expected to improve over 2018 through a combination of several vessels being already mobilised onto new charters and a continued recovery in demand.