GMS wins 4-year contract for a K-Class vessel |

GMS wins 4-year contract for a K-Class vessel

DUBAI: Gulf Marine Services (GMS) announced the award of a 4-year contract for a K-Class (Small) vessel. GMS's customer is a Middle East national oil company, for which GMS will provide support for offshore activities. The work will be undertaken in United Arab Emirates waters, where the vessel will be mobilised for operations in January 2020. Secured utilisation of the entire GMS fleet for 2020 now stands at 56%. Tim Summers, Executive Chairman, commented: "We are pleased to announce this long-term contract award and look forward to meeting our customers' needs over the coming years." Gulf Marine Services PLC, a company listed on the London Stock Exchange, was founded in Abu Dhabi in 1977 and has become a world 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, North America, the Gulf of Mexico and Europe. The GMS fleet of 13 SESVs is amongst the youngest in the industry, with an average age of eight years. The vessels support GMS's 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 - K-Class (Small), S-Class (Mid) and E-Class (Large) - 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.
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