Gulf Marine Services receives contract extension for its SES vessels

18 November 2014 (Last Updated November 18th, 2014 18:30)

Gulf Marine Services (GMS) has received a one-year contract extension for its large-class vessel deployed in the Southern North Sea.

Gulf Marine Services (GMS) has received a one-year contract extension for its large-class vessel deployed in the Southern North Sea.

GMS delivers advanced self-propelled self-elevating support vessels (SESV) serving the offshore oil, gas and renewable energy sectors.

The present SESV has been chartered to an international oil company (IOC) since the third quarter of 2012. The contract extension will be effective from the second quarter of 2015 and will continue supporting well service and maintenance work.

"We continue to see strong demand for our assets driven by our core brownfield oil and gas client base and evidenced by our fully chartered fleet." 

Gulf Marine Services CEO Duncan Anderson said: "Confirmation of this contract extension by a major IOC is testament to the cost-effective well service and maintenance solutions our SESVs provide, which is increasingly relevant in the current oil price environment.

"We continue to see strong demand for our assets driven by our core brownfield (opex-focused) oil and gas client base and evidenced by our fully chartered fleet."

The company has also increased the charter rate for the vessel due to modification works required by the oil company.

Recently, GMS received a four-year charter contract for one of its large-class vessels, which will carry out well service and maintenance work in the Dutch sector of the North Sea, effective from the second quarter of 2015.

GMS’s current fleet includes large-class and small-class vessels, with the mid-size-class vessels expected to be delivered next year.