LONDON (Alliance News) - Gulf Marine Services PLC on Tuesday said it has constructed and completed the GMS Scirocco oil-field support vessel ahead of schedule and under budget, adding that the vessel has secured its first contract.
The provider of advanced self-propelled self-elevating support vessels to the offshore oil and gas industry said the newly-built GMS Scirocco vessel will be added to its fleet and said another vessel, GMS Sharqi, will be added in the first quarter of 2016, followed by the larger GMS Evolution vessel in the fourth quarter of 2016.
The new GMS Scirocco has won its first contract since being completed. The vessel will be used for a four-month contract, comprised of a firm three-months with a one-month option, 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, it said.
The MENA region refers to the Middle East and North Africa which covers the region stretching from Morocco to Iran, including all Middle Eastern and Maghreb countries.
All the vessels were or are being constructed at the company's quayside facility in Abu Dhabi. The current new-build programme, which commenced in 2014, will increase the fleet from 9 to 15 vessels by the end of 2016.
Gulf Marine's existing vessels all are currently employed on contracts to support brownfield oil and gas production, well services and maintenance work in the MENA region, and oil, gas and renewable energy-related operations in North West Europe.
"Demand for our vessels remains strong and is testament to our ability to invest capital to successfully grow our fleet and generate strong returns for shareholders," said Chief Executive Duncan Anderson.
"We are looking forward to introducing another two SESVs to the fleet next year. We are already seeing interest in this new tonnage from clients who understand the cost-effectiveness and operational efficiency we offer as both builders and operators, with the flexibility of our offshore support solutions particularly helpful in the current low oil price environment," he added.
Gulf Marine shares were up 1.0% to 114.85 pence per share on Tuesday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Gulf Marine Services (GMS)