Contract
Summary by AI BETAClose X
May 5, 2026
Gulf Marine Services PLC
('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')
Contract Award in New Markets
Gulf Marine Services ("GMS" or the "Company"), a leading provider of self-propelled, self-elevating support vessels ("SESVs") to the offshore energy industry, is pleased to announce the award of two significant contracts, marking its entry into both Africa and Latin America-regions where the Company has not previously operated.
The first contract relates to the deployment of the Company's newly acquired vessel, which has been secured on a total 170-day firm and options charter at attractive day rates. This award represents a strong endorsement of the vessel's capabilities and underpins the Company's strategy of investing in high-quality assets to meet growing global demand.
The second contract represents a strategic milestone for the Company, as it enters a new line of business: third-party vessel management. Under this agreement, the Company will provide for a year a full technical and operational management services for an externally owned vessel operating in Africa. This development expands the Company's service offering and opens a new, asset-light revenue stream.
Current backlog now stands at USD 666 million.
Mansour Al Alami, Executive Chairman of GMS, commented:
"These two contract awards mark an important step forward in our growth and diversification strategy. Entering Africa and Latin America broadens our global presence, while the third-party vessel management contract highlights our ability to leverage our operational expertise beyond our owned and leased fleet. We are particularly pleased to have secured strong rates for our newly acquired vessel, reinforcing the value of our recent investment. The Company looks forward to delivering these projects safely and efficiently and to building long-term relationships in these new markets. We are also pleased to confirm that these developments are in line with our expectations, and we maintain our adjusted EBITDA guidance for 2026 in the range of USD 105 million to USD 115 million."
-ENDS-
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Enquiries: Mansour Al Alami Executive Chairman
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Tel: +44 (0)20 7603 1515 |
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Celicourt Communications Mark Antelme Philip Dennis Kristine Qevani |
Tel: +44 (0) 208 434 2643 |
Notes to Editors:
Gulf Marine Services PLC, a company listed on the London Stock Exchange, was founded in Abu Dhabi in 1977 and has become a world-leading provider of advanced self-propelled self-elevating support vessels (SESVs). The fleet serves the offshore energy industries from its offices in the United Arab Emirates, Saudi Arabia, and Qatar. The Group's assets are capable of serving clients' requirements across the globe, including those in the Middle East, South East Asia, West Africa, North America, the Gulf of Mexico, and Europe.
The GMS fleet of 15 SESVs is amongst the youngest in the industry. The vessels support GMS's clients in a broad range of offshore platform refurbishment and maintenance activities, well intervention work, and offshore wind turbine maintenance work (which are opex-led activities), as well as offshore platform installation and decommissioning and offshore wind turbine installation (which are capex-led activities).
The SESVs are categorised by size - K-Class (Small), S-Class (Mid), and E-Class (Large) - with these capable of operating in water depths of 45m to 80m depending on leg length. The vessels are four-legged and are self-propelled, which means they do not require tugs or similar support vessels for moves between locations in the field; this makes them significantly more cost-effective and time-efficient than conventional offshore support vessels without self-propulsion. They have a large deck space, crane capacity, and accommodation facilities (for up to 300 people) that can be adapted to the requirements of the Group's clients.
Gulf Marine Services PLC's Legal Entity Identifier is 213800IGS2QE89SAJF77
www.gmsplc.com
Disclaimer
The content of the Gulf Marine Services PLC website should not be considered to form a part of or be incorporated into this announcement.
Cautionary Statement
This announcement includes statements that are forward-looking in nature. All statements other than statements of historical fact are capable of interpretation as forward-looking statements. These statements may generally, but not always, be identified by the use of words such as 'will', 'should', 'could', 'estimate', 'goals', 'outlook', 'probably', 'project', 'risks', 'schedule', 'seek', 'target', 'expects', 'is expected to', 'aims', 'may', 'objective', 'is likely to', 'intends', 'believes', 'anticipates', 'plans', 'we see' or similar expressions. By their nature these forward-looking statements involve numerous assumptions, risks and uncertainties, both general and specific, as they relate to events and depend on circumstances that might occur in the future.
Accordingly, the actual results, operations, performance or achievements of the Company and its subsidiaries may be materially different from any future results, operations, performance or achievements expressed or implied by such forward-looking statements, due to known and unknown risks, uncertainties and other factors. Neither Gulf Marine Services PLC nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest the Company or any other entity and must not be relied upon in any way in connection with any investment decision. All written and oral forward-looking statements attributable to the Company or to persons acting on the Company's behalf are expressly qualified in their entirety by the cautionary statements referred to above.
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