TIDMGMS
RNS Number : 3322G
Gulf Marine Services PLC
05 August 2016
GULF MARINE SERVICES PLC
("Gulf Marine Services", "GMS", "the Company" or "the
Group")
New Contract Award for a Mid-Size Class Vessel
Gulf Marine Services (LSE: GMS), the leading provider of
advanced self-propelled self-elevating support vessels (SESVs)
serving the offshore oil, gas and renewable energy sectors, is
pleased to announce a new contract award for one of its Mid-Size
Class vessels.
The contract, scheduled to commence immediately, is for 12
months including options, with the vessel supporting a MENA-based
national oil company (NOC).
Contract Extension Confirmed
In addition, a contract extension has been confirmed for one of
the Group's Small Class vessels chartered to a different MENA-based
NOC. The extended period, which has already commenced, is for 12
months, with a further one-year option period remaining.
Duncan Anderson, Chief Executive Officer at GMS, said:
"In the current challenging market conditions our
state-of-the-art SESVs continue to offer the most cost-efficient
offshore solutions for our clients seeking to extract maximum value
from their assets while minimising costs. We are very pleased that
our strong client relationships, leading operational expertise and
flexibility have enabled us to secure a new contract and a contract
extension for two of our vessels."
Ends
Enquiries
For further information please contact:
Gulf Marine Services PLC Bell Pottinger
Duncan Anderson Henry Lerwill - UK
John Brown Tel: +44 (0) 20 3772 2500
Tel: +971 (2) 5028888 Archie Berens - UAE
Anne Toomey Tel: +971 (0) 2 641 2350
Tel: +44 (0) 1296 622736
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 the
leading provider of advanced self-propelled self-elevating support
vessels (SESVs) in the world. 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 the Middle East, South East Asia, West Africa and
Europe.
GMS' current new build programme to increase the fleet size by
66% to 15 vessels is almost complete, with the final vessel
scheduled for delivery at the end of 2016. Further additions to the
fleet will be driven by our assessment of market demand.
The Group's SESV fleet, which currently comprises 14 vessels, is
technically advanced and amongst the youngest in the industry, with
an average age of seven years. The SESVs are four-legged vessels
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 that can be adapted to the requirements of
the Group's clients.
These vessels support GMS' 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) and offshore oil and gas platform
installation and offshore wind turbine installation (which are
capex-led activities).
The fleet is categorised by size into Large Class vessels
(operating in water depth of up to 80m, with crane capacity of up
to 400 tonnes and accommodation for up to 300 people) and Small
Class vessels (operating in water depth of up to 45m, with crane
capacity of up to 45 tonnes and accommodation for up to 300
people). A new third class, the Mid-Size Class vessels (operating
in water depth up to 55m, with crane capacity of up to 150 tonnes
and accommodation for up to 300 people) was added to the fleet in
2015.
Demand for GMS' vessels is predominantly driven by their premium
capabilities as well as market growth, underpinned by the need to
maintain ageing oil and gas infrastructure and the increasing use
of enhanced oil recovery techniques to offset declining production
profiles.
www.gmsuae.com
Disclaimer
The content of the Gulf Marine Services PLC website should not
be considered to form a part of or be incorporated into this
announcement.
Cautionary Statement
This announcement contains inside information.
This announcement includes statements that are forward-looking
in nature. All statements other than statements of historical fact
are capable of interpretation as forward-looking statements. These
statements may generally, but not always, be identified by the use
of words such as 'will', 'should', 'expects', 'is expected to',
'aims', 'should', 'may', 'objective', 'is likely to', 'intends',
'believes', 'anticipates', 'plans', 'we see' or similar
expressions. By their nature these forward-looking statements
involve numerous assumptions, risk and uncertainty, both general
and specific, as they relate to events and depend on circumstances
that might occur in the future.
Accordingly, the actual results, operations, performance or
achievements of the Company and its subsidiaries may be materially
different from any future results, operations, performance or
achievements expressed or implied by such forward-looking
statements, due to known and unknown risks, uncertainties and other
factors. Other than in accordance with the Company's obligations
under the Listing Rules of the United Kingdom Listing Authority and
the Disclosure Rules and Transparency Rules (DTR) of the Financial
Conduct Authority, the Company undertakes no obligation to update
or revise publicly any forward-looking statement, whether as a
result of new information, future events or otherwise. No part of
this announcement constitutes, or shall be taken to constitute, an
invitation or inducement to invest the Company or any other entity,
and must not be relied upon in any way in connection with any
investment decision. All written and oral forward-looking
statements attributable to the Company or to persons acting on the
Company's behalf are expressly qualified in their entirety by the
cautionary statements referred to above.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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