Gulf Marine Services enters Africa, LatAm with new contract deals

(Sharecast News) - Shares in Gulf Marine Services rose on Tuesday after the group announced two "significant" contract wins, marking its entry into the new international markets of Africa and Latin America.

The self-propelled, self-elevating support vessels (SESV) provider said the contracts include a 170-day charter for a newly acquired vessel at "attractive" rates, alongside a one-year third-party vessel management deal.

The awards take Gulf Marine's backlog to $666m, though full-year earnings guidance was left unchanged.

The vessel management contract is particularly notable as it introduces a new, "asset-light" revenue stream through managing vessels owned by third parties, broadening the group's business model beyond its core fleet operations.

Executive chairman Mansour Al Alami said: "These two contract awards mark an important step forward in our growth and diversification strategy."

The stock was 3.8% higher at 20.15p by 1139 BST.