London-listed GMS Secures Contract Extensions for Two Vessels

London-listed liftboat operator Gulf Marine Services (GMS) has announced the successful extension of contracts for two of its vessels, solidifying its position in the offshore industry.

The company revealed that the extensions, secured for a period of three years, were with a major national oil company in the Middle East. While specific financial details were not disclosed, the agreements were made at enhanced rates, adding to GMS’ secured backlog which now stands at $558 million.

Expressing his satisfaction with the contract extensions, Mansour Al Alami, GMS executive chairman, commented, “This contract extension highlights the robust and ongoing demand for our vessels in the region, driving consistently high utilization rates across our fleet.”

This recent success marks the second contract extension secured by GMS in 2025. Earlier in the year, the company announced a 171-day contract extension for one of its vessels operating in the Gulf Cooperation Council region, further strengthening its presence in key markets.