Gulf Marine Services confirms four-year contract

10th Jun 2024 07:58

(Sharecast News) - Gulf Marine Services, a provider of self-propelled and self-elevating support vessels for the offshore oil, gas, and renewables sectors, confirmed the signing of the second phase of a four-year contract for one of its vessels operating in the Middle East on Monday.

The London-listed firm said the contract, initially announced on 11 March, reinforced its robust market position.

As of 1 June, its contract backlog stood at $431.2m.

"The signing of the second phase of this contract reaffirms the strong demand for our vessels and the trust our clients place in GMS," said executive chairman Mansour Al Alami.

"This continuation not only strengthens our backlog, but also positions us well to achieve our strategic goals and drive shareholder value."

Reporting by Josh White for Sharecast.com.