Gulf Marine Services PLC Three Long-Term Contract Awards in MENA (2930B)
September 19 2018 - 8:23AM
UK Regulatory
TIDMGMS
RNS Number : 2930B
Gulf Marine Services PLC
19 September 2018
Gulf Marine Services PLC
('Gulf Marine Services', 'GMS', 'the Company' or 'the
Group')
Three Long-Term Contract Awards in MENA
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 it has been awarded three long-term contracts in the MENA
region.
The new charters, which are subject to the completion of legal
documentation and finalisation of the vessel delivery schedule, are
for one Small Class and two Mid-Size Class SESVs and are currently
expected to commence in Q4 2018/Q1 2019. The charter period for
each of the three vessels is five years (including options) during
which time they will be supporting well intervention and
maintenance activities in the region.
Duncan Anderson, Chief Executive Officer of GMS, said:
"We are delighted to have been awarded new charters totalling 15
years (including options) by a national oil company in the MENA
region. These contracts more than comfortably double the Group's
secured backlog and are testament to our strong track record and
excellent client relationships. We continue to be encouraged by
levels of enquiries and tender activity as our clients focus on
increasing their operations in a recovering market."
- Ends -
This announcement contains inside information.
John Brown
Company Secretary (responsible for arranging the release of this
announcement)
Gulf Marine Services PLC
19 September 2018
Enquiries
For further information please contact:
Gulf Marine Services
PLC Brunswick
Duncan Anderson Patrick Handley - UK
John Brown Will Medvei - UK
Tel: +971 (2) 5028888 Tel: +44 (0) 20 7404 5959
Anne Toomey Jade Mamarbachi - UAE
Tel: +44 (0) 1296 622736 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
world's leading provider of advanced self-propelled self-elevating
support vessels (SESVs). 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 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 - Small, Mid-Size and Large
Class - with these capable of operating in water depths of 45m to
80m depending on leg length. 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.
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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