LONDON (Alliance News) - Gulf Marine Services PLC said Tuesday that it has secured its first contract for its new enhanced small class vessel, the Pepper.
The company provides advanced self-propelled self-elevating support vessels to the offshore oil, gas and renewable energy sectors.
Gulf Marine Services said the vessel, which is currently being built by a third party, is set to be delivered to the company in the first quarter of 2015 on a finance lease. It will then proceed directly to its first charter with an unnamed national oil company in the MENA region.
GMS intends to purchase Pepper in 2016 for USD51 million.
The five year contract - three years firm with a two-year option - has a day rate "in line with that previously indicated for this enhanced class vessel in the region," said the company.
No financial terms of the deal were disclosed.
"It is particularly pleasing to have secured this first long-term contract for Pepper in the MENA region where demand for our SESVs is excellent. All seven of our existing Small Class vessels are chartered to clients who are very familiar with the cost-effective advantages our assets bring to brownfield maintenance, well intervention and enhanced oil recovery operations. We are looking forward to taking delivery of the new enhanced Small Class vessel with its additional deck load and area, which will add further value to the Group's offering to the client," said Chief Executive Duncan Anderson.
Shares in Gulf Marine Services were Tuesday morning trading 0.63% lower at 156.50 pence per share.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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Gulf Marine Services (GMS)