Business
New Contract Announcement and Letter of Award
New Contract Announcement and Letter of Award.
About this update from Gulf Marine Services Plc
[{"type":"text","content":"\n\n \nMarch 11th, 2024\n \n \n \nGulf Marine Services PLC\n('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')\nNew Contract Announcement and Letter of Award\n \n \nGulf 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.\n \nThe Company has also received a Letter of Award, relating to the second phase of this four-year contract.\n \n \nMansour Al Alami, GMS Executive Chairman, commented:\n \n\"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.\"\n \nFor further inquiries or information regarding this award or our services, please do not hesitate to contact us.\n \n-ENDS-\n \n\n\n\n\nEnquiries:\n\nGulf Marine Services PLC\nMansour Al Alami\nExecutive Chairman\n\n\n\nTel: +44 (0) 20 7603 1515\n\n\n\n\nCelicourt Communications\nMark Antelme\nPhilip Dennis\nAli AlQahtani\n\n\nTel: +44 (0) 20 7770 6424\n\n\n\n\n \n \nNotes to Editors:\n\nGulf 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 Qatar. 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.\n\nThe GMS fleet of 13 SESVs is amongst the youngest in the industry. The vessels support GMS's clients in a broad range o...