Gulf Marine Sees Extensions to Vessel Contracts

Support vessel provider Gulf Marine Services reported Monday that customers have exercised contract extensions for two of its Small Class vessels in the Middle East and North Africa region.

The first extension is for a self-elevating support vessel (SESV) that is currently chartered to a national oil company (NOC) on a three-year contract. The option to extend the contract for a further year has been exercised effective from 3Q 2014, with the vessel continuing to support well service work for the client.

The second extension is for an SESV currently charted to a NOC on a five-year contract. A 12-month extension option has been exercise here, effective from 4Q 2014. This vessel is also supporting well service work.

Gulf Marine Services CEO Duncan Anderson commented in a company statement:

"Confirmation of these two contract extensions is further testament to the strong and long-standing relationships we have with our clients in the Middle East. The order book for our entire fleet continues to be very healthy, with our assets all currently on contracts to support brownfield oil and gas recovery, well services and maintenance work in the MENA region and North West Europe."

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