Nice17 May 2020 13:51
Nice Rns 11th May missed that
Increase in order book - 2020 utilisation increases to 79%
The Board of Gulf Marine Services PLC ("GMS" or the "Company") today announces:
· the award of a new six-month renewable energy contract
· the uptake of contractual options to firm commitment on another existing renewable energy contract
GMS continues to perform well, winning new business, and adding to the existing order book:
· new business has been successfully secured with six new contracts awarded so far this year
· secured utilisation of the entire GMS fleet has now increased to 79% for 2020, and 50% for 2021
· 86% of the 2020 Business Plan revenues are now covered by firm contracts and this rises to 88% if contracted options are exercised
New contract win
GMS announces the award of a six-month renewable energy contract (firm period, plus options to extend). GMS will provide support for offshore activities on behalf of a UK Offshore Renewables Operator. The vessel will be mobilised for the start of operations during the summer of 2020.
In combination with two further renewable energy contracts awarded earlier in 2020, a five-month contract extension (firm period, plus options to extend) and an eight-month contract (firm period, plus options to extend), the Company's remaining vessel in North West Europe, GMS Endeavour, has now secured work for all of 2020 and most of 2021.
Firming contractual options
In addition, GMS announces the firming of 2020 contractual options for another existing renewable energy contract. GMS is providing support for offshore activities on behalf of a European Offshore Renewables Operator. The vessel is in the field.