Gulf Marine Services PLC Letter of Intent (3059I)
August 30 2016 - 2:00AM
UK Regulatory
TIDMGMS
RNS Number : 3059I
Gulf Marine Services PLC
30 August 2016
GULF MARINE SERVICES PLC
Letter of Intent Announced for Project in Europe
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 it has reached agreement in principle for the
charter of one of its vessels.
A Letter of Intent has been signed for the charter of a Large
Class vessel to support maintenance work in the oil and gas sector
in Europe. The contract would commence in mid-2017 with a duration
of 18 months (including
options). Formal legal documentation is expected to be completed shortly.
Enquiries
For further information please contact:
Gulf Marine Services
PLC Brunswick
Duncan Anderson Patrick Handley -
John Brown UK
Tel: +971 (2) 5028888 Will Medvei - UK
Anne Toomey Tel: +44 (0) 20 7404
Tel: +44 (0) 1296 5959
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.
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 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
CNTBLGDIUGDBGLL
(END) Dow Jones Newswires
August 30, 2016 02:00 ET (06:00 GMT)
Gulf Marine Services (LSE:GMS)
Historical Stock Chart
From Apr 2024 to May 2024
Gulf Marine Services (LSE:GMS)
Historical Stock Chart
From May 2023 to May 2024