Gulf Marine Services posts operational update for four-month period
Gulf Marine Services (LSE:GMS), the leading provider of advanced self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, today publishes its Operational Update for the period 1 January to 6 May 2015, the Company said in a news release.
GMS' solid performance has continued with high utilisation across the SESV fleet of 95% up to the end of Q1 2015 and charter day rates being maintained at good levels.
The current secured backlog as of April 1 of $685 million provides good visibility on future earnings. Secured backlog as of 1 April 2015 totals $ 685 million
As announced on 28 January 2015, a major new contract was awarded for one of our Large Class vessels to support Opex work for a national oil company (NOC) in the MENA region. The four-year charter (three years firm with a one-year option) commenced as scheduled at the end of Q1 2015.
The Group's new Enhanced Small Class vessel was delivered as planned and proceeded to its first five-year charter (three years firm with a two-year option) for an NOC in the MENA region in Q1 2015.
GMS new build programme, which will increase the fleet size by two-thirds during the period 2014 to 2016, continues to progress well and is on schedule and on budget. The next three vessels to be built at the Group's facilities in Abu Dhabi are Mid-Size Class vessels. GMS Shamal will be completed in Q2 2015 when it will proceed directly to its first charter for an NOC in the MENA region. As previously announced, the contract is for five years (two years firm with three one-year options). The hull of GMS Scirocco arrived at GMS' yard during the period and is scheduled for delivery in Q3 2015. GMS Sharqi is due to be delivered in Q1 2016.
Gulf Marine Services PLC, a company listed on the London Stock Exchange, was founded in Abu Dhabi in 1977 and has become one of the leading providers of self-propelled self-elevating support vessels (SESVs) in the world. 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 the Middle East, South East Asia, West Africa and Europe. GMS has an ongoing new build programme which will increase the fleet size by 66% to 15 vessels during the period 2014 to the end of 2016, in response to continued strong customer demand and an anticipated growing market in the foreseeable future. The Group's SESV fleet, which currently comprises 12 vessels is technically advanced and amongst the youngest in the industry, with an average age of eight years.
