Gulf Marine Services In Self Elevated Support Vessel Contract Extensions

LONDON (Alliance News) - Gulf Marine Services PLC said contract extensions have been exercised for two of its small class vessels in the Middle East and North Africa (MENA) region.

The first extension is for a Self Elevated Support Vessel currently chartered to a MENA-based national oil company on a three-year contract; two years firm and an option to extend by one year.

Gulf Marine Services said the option to extend the contract for a further year has been exercised and will be effective from the third quarter of 2014. The vessel will continue supporting well service work for the client, it said.

The second extension is for a Self Elevated Support Vessel currently chartered to a MENA-based national oil company on a five-year contract; two years firm and three 12-month options. The extension has been exercised effective from the fourth quarter of 2014.

Gulf Marine Services said there is no change to the date rates for both vessels for the extension periods.

"Confirmation of these two contract extensions is further testament to the strong and long-standing relationships we have with our clients in the Middle East," Chief Executive Duncan Anderson said in a statement.

"The order book for our entire fleet continues to be very healthy, with our assets all currently on contracts to support brownfield oil and gas recovery, well services and maintenance work in the MENA region and North West Europe," he added.

Gulf Marine Services shares were quoted up 1.0% at 159.19 pence Monday morning.

By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews

Copyright 2014 Alliance News Limited. All Rights Reserved.

Gulf Marine Services