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."


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