(Alliance News) - Gulf Marine Services PLC on Monday said it has won two contract extensions totalling a further thirteen months with an unnamed oil & gas engineering, procurement and construction contractor.
The UAE-based marine services provider stated the contract extensions for two K-Class vessels will increase secured fleet utilisation for 2021 to 75%, compared to 66% for 2020 at the same time last year.
"We enter 2021 with a significant improvement to the secured utilisation position than we did last year, which is encouraging and gives us added comfort for the year ahead. It is equally encouraging to have contracts extended by our clients as it demonstrates the strong relationship we have with them and their willingness to work with GMS going forward," said Executive Chair Mansour Al Alami.
Shares in Gulf Marine were trading 9.1% higher at 6.28 pence each on Monday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Gulf Marine Services (GMS)