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Gulf Marine Services inks new vessel supply deals for Middle East, North Africa clients

GMS has suspended its CEO Tim Summers over a severance package, as the new board stamps its authority on the struggling company.
Gulf Marine Services' Endurance SESV

London-listed Gulf Marine Services (GMS) said today it had struck a new deal to supply one of its mid-size vessels to an unspecified oil company based in the Middle East and North Africa (MENA) region.

GMS, an offshore vessel contractor founded in Abu Dhabi in 1977, said the agreement had kicked in immediately and would run for one year.

The company, which has a 14-strong fleet of self-elevating support vessels (SESVs), also said another client in the same region had extended its lease on a small class vessel by a further year.

GMS chief executive Duncan Anderson, said: “In the current challenging market conditions our state-of-the-art SESVs continue to offer the most cost-efficient offshore solutions for our clients seeking to extract maximum value from their assets while minimising costs.

“We are very pleased that our strong client relationships, leading operational expertise and flexibility have enabled us to secure a new contract and a contract extension for two of our vessels.”

The company supports the oil and gas and renewables sectors from its offices in the United Arab Emirates, Saudi Arabia and the UK.

GMS shares lifted by more than 2% to 32p on the London Stock Exchange this morning.

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