Gulf Marine Services (GMS), a leading provider of self-propelled and self-elevating support vessels for the offshore oil, gas, and renewables sectors, is pleased to announce the signing of the first of a two phase, four-year, contract for one of its vessels operating in the Middle East.
The Company has also received a Letter of Award, relating to the second phase of this four-year contract.
Mansour Al Alami, GMS Executive Chairman, commented:
“The higher rate at which this contract has been awarded underscores the ongoing strength in demand for our vessels across the various markets in which we operate. Additionally, the contract for the project’s second phase, also granted to GMS in the Letter of Award, is currently in the final stages of processing and will be announced independently. The two phases of this contract shall elevate our backlog to USD 463 million, representing 3.1 times our 2023 revenue and instilling greater confidence in our attainment of our targets, facilitating the ongoing buildup of shareholder value.”
