Gulf Marine Services PLC New Contract Award for Mid-Size Class Vessel (0892L)
April 17 2018 - 2:00AM
UK Regulatory
TIDMGMS
RNS Number : 0892L
Gulf Marine Services PLC
17 April 2018
Gulf Marine Services PLC
('Gulf Marine Services', 'GMS', 'the Company' or 'the
Group')
New Contract Award for Mid-Size Class Vessel
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
announce a new long-term contract award for one of its Mid-Size
Class vessels.
The new charter is for two years (including options) and is
scheduled to commence shortly. The vessel will be supporting well
intervention activities for a national oil company in the MENA
region.
Duncan Anderson, Chief Executive Officer of GMS, said:
"As we recently reported, we are seeing increasing levels of
enquiries and tender activity in our markets and our strategy to
provide modern, flexible and cost-effective offshore support
solutions has again proved successful with this long-term contract
win. This charter award has further strengthened our business
relationship with an important strategic national oil company in
the wider MENA region. We are delighted our client has again
recognised the value our vessels bring to intensive well
intervention campaigns across multiple locations."
- Ends -
This announcement contains inside information.
John Brown
Company Secretary (responsible for arranging the release of this
announcement)
Gulf Marine Services PLC
17 April 2018
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, 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 those in the Middle East, South East Asia,
West Africa and Europe.
The GMS core fleet of 13 SESVs is amongst the youngest in the
industry, with an average age of seven 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), as well as offshore oil and gas platform installation
and decommissioning and offshore wind turbine installation (which
are capex-led activities).
The SESVs are categorised by size, Large Class, Mid-Size Class
and Small Class, with these operating in water depths of 80m, 55m
and 45m respectively. The vessels are four-legged 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 (for up to 300 people) that can be adapted to the
requirements of the Group's clients. In addition, an innovative
well workover cantilever system commissioned on a Large Class SESV
in 2017 allows GMS to increase the well intervention activities
carried out from the vessel and to supplant higher cost
non-propelled drilling rigs.
Gulf Marine Services PLC's Legal Entity Identifier is
213800IGS2QE89SAJF77
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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