Gulf Marine Services (GMS), a leading provider of self-propelled support vessels for the offshore oil, gas and renewables sectors, has signed the first of a two phase, four-year, contract for one of its vessels in the Middle East.

 

The company has also received a Letter of Award, relating to the second phase of this four-year contract.

 

“The two phases of this contract will elevate our backlog to $463 million, representing 3.1 times our 2023 revenue and instill greater confidence in our ability to achieve our targets and build up shareholder value,” said Mansour Al Alami, GMS Executive Chairman. 

 

“The higher rate at which this contract has been awarded underscores the strength in demand for our vessels across the various markets in which we operate. Additionally, the contract for the project's second phase, also granted to GMS in the Letter of Award, is currently in the final stages of processing and will be announced independently.”--TradeArabia News Service