GMS secures further utilisation for 2021

21 December 2020

Gulf Marine Services PLC

('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')

GMS secures further utilisation for 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 two contract extensions, totalling a further 13 months, for two K-Class vessels, at day rates in line with expectations.

These contract extensions will further increase secured fleet utilisation for 2021 to 75%. This compares to a level of 66% for 2020 at the same time last year.

The contract extensions are with a leading oil and gas EPC Contractor in the UAE.  

Commenting, Mansour Al Alami, Executive Chairman of GMS, said:

"We enter 2021 with a significant improvement to the secured utilisation position than we did last year, which is encouraging and gives us added comfort for the year ahead. It is equally encouraging to have contracts extended by our clients as it demonstrates the strong relationship we have with them and their willingness to work with GMS going forward."

-ENDS-

Enquiries:

Notes to Editors:

Gulf Marine Services PLC, a company listed on the London Stock Exchange, was founded in Abu Dhabi in 1977 and has become a world leading provider of advanced self-propelled self-elevating support vessels (SESVs).  The fleet serves the oil, gas and renewable energy industries from its offices in the United Arab Emirates, Saudi Arabia and the United Kingdom.  The Group's assets are capable of serving clients' requirements across the globe, including those in the Middle East, South East Asia, West Africa, North America, the Gulf of Mexico and Europe.

The GMS fleet of 13 SESVs is amongst the youngest in the industry, with an average age of eight years. The vessels support GMS's clients in a broad range of offshore oil and gas platform refurbishment and maintenance activities, well intervention work and offshore wind turbine maintenance work (which are opex-led activities), as well as offshore oil and gas platform installation and decommissioning and offshore wind turbine installation (which are capex-led activities).

The SESVs are categorised by size - K-Class (Small), S-Class (Mid) and E-Class (Large) - with these capable of operating in water depths of 45m to 80m depending on leg length.  The vessels are four-legged and are self-propelled, which means they do not require tugs or similar support vessels for moves between locations in the field; this makes them significantly more cost-effective and time-efficient than conventional offshore support vessels without self-propulsion. They have a large deck space, crane capacity and accommodation facilities (for up to 300 people) that can be adapted to the requirements of the Group's clients.

Gulf Marine Services PLC's Legal Entity Identifier is 213800IGS2QE89SAJF77

www.gmsuae.com

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