GMS contract win

Gulf Marine Services, a leading provider of advanced self-propelled self-elevating support vessels serving the offshore oil, gas and renewable energy sectors, has won a new long-term contract award for one of its mid-size class vessels.

The new charter is for three years (including options) and is scheduled to commence in early Q1 2017.

The vessel will be supporting well intervention activities for a national oil company in the Middle East and North Africa region.

Chief executive Duncan Anderson said: "As we recently reported, we are seeing an increase in tender opportunities in the Middle East and our strategy to provide flexible and cost-effective offshore support solutions has proved pivotal in winning this long-term contract.

"The new charter, which together with other recent contract wins has increased our total backlog by approximately two-thirds since 1 November 2016, demonstrates that the market is showing clear signs of recovery. This contract win has also further strengthened our business relationship with a strategic NOC client and improved our current geographic diversity.

"We are delighted our client has again recognised the value our modern four-legged vessels bring to intensive well intervention campaigns across multiple locations."

At 1:48pm: (LON:GMS) Gulf Marine Services PLC share price was +7.25p at 56.25p