Gulf Marine Increases Order Backlog

Abu Dhabi-based support vessel provider Gulf Marine Services reported Wednesday that recent contract wins have increased its current secured order backlog to $547 million. The firm also said that its new-build program is on track to deliver a 66-percent increase in fleet size by 2016.

Gulf Marine said that it has sustained high utilization across its entire fleet of advanced self-propelled self-elevating support vessels (SESVs) that serve the offshore oil and gas industry as well as the renewable energy sector. The firm said that it achieved a 95-percent utilization rate across its entire fleet.

Gulf Marine's current secured backlog of orders also means that its entire SESV fleet is already contracted at for more than 85 percent of the charter time available to it in 2015, it added.

Gulf Marine CEO Duncan Anderson said in a company statement:

"As we discussed in our interim results, demand for our SESVs across the [Middle East and North Africa] region is excellent and the market for our assets in Europe also remains strong with our entire fleet of ten SESVs currently chartered.  Our backlog has increased by nearly 50 percent since August with recent contract wins.

"Our clients are responding to the low-cost benefits that our SESV solution provides them, which is increasingly relevant in the current oil price environment.  The outlook, driven by our core brownfield (opex-focused) oil and gas client base, underpins our expectation of continued strong demand going forward.  This, together with our ongoing new build program, will help to maximize opportunities with existing and new clients."

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