Gulf Marine Wins 4-Year Vessel Contract

Energy industry ship provider Gulf Marine Services announced Wednesday a new four-year contract for one of its large-class vessels.

Gulf Marine, which provides the energy industry with advanced self-propelled self-elevating support ships, said the large-class vessel will start its charter at the end of the first quarter of 2015 – after completing its current assignment in the Middle East/North Africa (MENA) region. The new charter is for a MENA-based national oil company.

Gulf Marine added that it has strong visibility on its future earnings. The new charter award, taken together with other contracts in place as of January 1, 2015, gives the firm a secured backlog of $739 million, it said. The firm’s entire fleet of SESVs is currently chartered, supporting brownfield oil and gas recovery, well services and maintenance work in the MENA region and in northwest Europe.

Gulf Marine CEO Duncan Anderson commented in a company statement:

"The signing of this new contract is testament to our long-standing partnerships with national oil companies in the Middle East. It also demonstrates that demand remains strong for our technically advanced, flexible and fast maneuvering assets for brownfield oil and gas operations, which is very encouraging in the current low oil price environment.

“Our ability to adapt from our normal multi-move well intervention activity into supplying a large capacity accommodation barge from the same design validates and reinforces our strategy to keep our designs flexible and thus ensure market-leading utilization. We will continue to focus our efforts on providing our clients with efficient and cost-effective solutions to support their recurring OPEX-based activities."

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Scottish Government Reveals New Subsea... (Jan 20)
 -  SOFF Secures Services Contract for Jan... (Jan 20)
 -  NPD Grants Lundin Permit for Appraisal... (Jan 20)
 -  Lion: AMT-1 Well Abandoned After Stuck... (Jan 20)
 -  Unite: Workers 'Deeply Unhappy' About ... (Jan 20)


Most Popular Articles

From the Career Center
Jobs that may interest you
Rockies Area Operations Manager
Expertise: Mud Engineer / Drilling Fluids|Well Servicing & Testing
Location: Denver, CO
 
Drilling Chokes Operator
Expertise: Field Service Tech|Well Servicing & Testing
Location: Odessa, TX
 
CDL Class A Drivers
Expertise: Well Servicing & Testing
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours