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LONDON (Alliance News) - Gulf Marine Services PLC said Tuesday that the newly-built GMS Enterprise has commenced its first charter after been completed ahead of schedule and under budget.
The company said that after successfully completing its sea trials, the vessel has now commenced its first charter, a four-month contract for an engineering, procurement and construction contractor working for a MENA-based national oil company, with day rates in line with those previously indicated for the region.
Gulf Marine Services provides advanced self-propelled self-elevating support vessels to the offshore oil, gas and renewable energy sectors. The company constructs its SESVs, also known as jackup barges, at its quayside yard in Mussafah, Abu Dhabi.
GMS Enterprise is a Large Class vessel and is the first of six new SESVs to be added to the group's fleet by 2016, with the new build programme increasing the current fleet by 66% from nine to 15 vessels.
No financial terms of the contract were disclosed.
Gulf Marine Services said the hull of the next new build, the Mid-Size Class SESV GMS Shamal, is due to arrive at the yard in the fourth quarter of 2014 and is scheduled for completion in the second quarter of 2015. A second Mid-Size Class vessel, GMS Scirocco, will be completed in the third quarter of 2015, said the company. with a third Mid-Size Class, an Enhanced Small Class and a further Large Class vessel all are progressing as planned.
The group's existing vessels are all currently on contracts to support brownfield oil and gas recovery, well services and maintenance work in the MENA region, and oil, gas and renewable energy-related operations in North West Europe, said the company in a statement.
"Demand for our existing assets continues to be very strong with our healthy backlog of USD$ 361 million providing good visibility on future earnings. We are also seeing interest in our new tonnage from both new and existing clients who understand our cost-effective well service and maintenance solutions," said Chief Executive Duncan Anderson.
Shares in the company were Tuesday trading flat at 156.50 pence per share.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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