TIDMGMS
RNS Number : 1291P
Gulf Marine Services PLC
15 November 2016
GULF MARINE SERVICES PLC
New Contract Confirmed for Vessel in Europe
Gulf Marine Services (LSE: GMS), the leading provider of
advanced self-propelled self-elevating support vessels serving the
offshore oil, gas and renewable energy sectors, is pleased to
confirm that, further to the announcement of a letter of intent on
30 August 2016, the legal documentation for the charter of one of
its vessels in Europe has now been completed.
The new contract is for a Large Class vessel to support
maintenance work in the oil and gas sector and is expected to
commence in Q2 2017 with a duration of 18 months (including
options).
Duncan Anderson, Chief Executive Officer of GMS, said:
"This new contract is testament to our leading industry
expertise and strong track record of successful operations in
European waters. GMS is very well-positioned to capitalise on our
clients' desire for less expensive and yet more capable offshore
support solutions as our self-propelled vessels are significantly
more economical and time-efficient than conventional support
vessels without self-propulsion. This, combined with the wide range
of services we can provide from the decks of our vessels is
becoming more important to our clients seeking to carry out safe,
efficient and cost-effective operations."
Enquiries
For further information please contact:
Gulf Marine Services PLC
Duncan Anderson Brunswick
John Brown Patrick Handley - UK
Tel: +971 (2) 5028888 Will Medvei - UK
Anne Toomey Tel: +44 (0) 20 7404 5959
Tel: +44 (0) 1296 622736 Jade Mamarbachi - UAE
Tel: +971 (0) 50 600 3829
Notes to Editors:
Gulf Marine Services PLC ('GMS', 'the Company' or 'the Group'),
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, Malaysia 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.
The GMS SESV fleet of 14 vessels is technically advanced and
amongst the youngest in the industry, with an average age of eight
years. The 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 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. A cantilever
system, which can be fitted to the decks of GMS' Large Class and
Mid-Size Class vessels, will be available to clients for the first
time in 2017. Developed in partnership with leading Norwegian
designer Dwellop A.S., the innovative cantilever allows GMS to
significantly increase the level and type of well intervention
activities that can be carried out from its vessels to include
operations that have traditionally been performed by more expensive
non-propelled drilling rigs.
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), 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) 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 further Large Class vessel will be delivered
at the end of 2016 on completion of the Group's new build
programme.
Demand for GMS' vessels is predominantly driven by their premium
capabilities, 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 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', 'could', 'estimate', 'goals',
'outlook', 'probably', 'project', 'risks', 'schedule', 'seek',
'target', 'expects', 'is expected to', 'aims', 'may', 'objective',
'is likely to', 'intends', 'believes', 'anticipates', 'plans', 'we
see' or similar expressions. By their nature these forward-looking
statements involve numerous assumptions, risks and uncertainties,
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. Neither Gulf Marine Services PLC nor any of its
subsidiaries undertake any obligation to publicly update or revise
any forward-looking statement as a result of new information,
future events or other information. 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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