Gulf Marine Services (GMS), a leading provider of self-propelled and self-elevating support vessels, has announced the award of a new long-term contract in Europe and the extension of two existing contracts in the Middle East. This adds a total of 25 months to the backlog, inclusive of optional extensions.

 

The current backlog totals $505 million, representing 3.3x 2023 revenue and a c.18% increase over that announced at the half year end on 30th June 2024.  The strength of market demand is allowing the Company to meet its deleveraging goal quicker than anticipated. 

 

Mansour Al Alami, GMS Executive Chairman, commented: "We are delighted to have been awarded this long-term contract to strengthen our footprint in the European offshore wind sector, marking a pivotal moment for GMS. This contract not only underscores the strong demand for our versatile fleet but also reaffirms GMS’s vital role in driving forward Europe's transition to clean energy through offshore wind development. 

 

“Market fundamentals are steadily improving, allowing us to meet our deleveraging goals faster than expected. As of the end of September, our net debt has decreased to $221 million, down from $267 million at the start of the year and $238.5 million at the end of June.”--TradeArabia News Service