Gulf Marine Services Secures Contract for Large-Class Vessel in GCC

Gulf Marine Services (GMS), a UAE-headquartered provider of self‐propelled, self‐elevating support vessels for the offshore energy sector, has recently announced the acquisition of a contract for one of its large‐class vessels in the Gulf Cooperation Council (GCC).

Under this newly secured contract with an undisclosed client, the vessel is scheduled to undertake critical offshore operations in the region for a total of 142 days.

Given that GMS categorizes its vessels by size into K‐Class (small), S‐Class (mid), and E‐Class (large), the latest contract pertains to an E-class vessel. This category encompasses four self-propelled, self-elevating accommodation DP II jackup barges, namely the 2010-built GMS Endurance and GMS Endeavour, the 2013/2014-built GMS Enterprise, and the 2016-built GMS Evolution.

GMS’ Executive Chairman, Mansour Al Alami, expressed his enthusiasm about the contract, stating: “We are thrilled to secure this contract which once again reflects the confidence our clients place in GMS to deliver reliable solutions for their projects.”

This recent contract win marks GMS’ fourth success or extension this year, following a new contract and two extensions in the previous month. The company interprets this achievement as a testament to the strong market demand for its vessels.

The GMS fleet currently comprises 14 self‐elevating support vessels (SESVs) utilized for an array of activities, including offshore platform refurbishment and maintenance, well intervention work, and offshore platform installation and decommissioning.

In August 2024, the shipping company finalized a deal with three banks to refinance its bank debt. The facility consisted of a term loan in United Arab Emirates Dirhams (AED) equivalent to $250 million and a working capital facility in AED equivalent to $50 million.