Gulf Marine Services Bags MENA Deal for K-Class Jack-Up

May 4, 2021
Credit: GMS/File Photo

Credit: GMS/File Photo

Gulf Marine Services (GMS), a company providing self-propelled jack-up support vessels serving the offshore oil, gas, and renewables industries, has won a 9-month contract for a K-Class jack-up unit in the MENA region.

The UAE-based company said that the contract would begin in the third quarter of 2021, without disclosing the name of the client.

"With this contract win, secured utilization for the current year stands at 80% underpinning $114m of revenue secured to date for 2021 full year, reflecting the Company's continued commitment to maximize the value from its assets, combined with positive momentum in its core markets," GMS said.

"The high level of work secured to date, and a strong pipeline of tendering activity, gives the Board increased confidence in the outlook for the current year, underpinned by solid utilization, ongoing management of costs and the likelihood of improving day rates in the second half of 2021," the company said.

Mansour Al Alami GMS Executive Chairman said: "Secured utilization for 2021 is now at a similar level that we recorded for full-year 2020 with a strong pipeline of opportunities on the horizon. GMS is continuing to return to a position of strength. In addition to recently securing a debt deal on significantly improved terms, that creates a platform for the Company's future growth, we are also maximizing the return on our assets through improving utilization and reduced cost base against a backdrop of strengthening market dynamics."

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