GMS announces five-year contract award for first new build Mid-Size Class vessel

GMS announces five-year contract award for first new build Mid-Size Class vessel

Gulf Marine Services (LSE:GMS), the leading provider of advanced self-propelled self-elevating support vessels (SESV) serving the offshore oil, gas and renewable energy sectors, is pleased to announce the first contract award for its new Mid-Size Class vessel GMS Shamal.

The vessel, which is the first of its kind in the world, is currently being built at GMS’ quayside facility in Abu Dhabi and is on schedule to be completed in Q2 2015 when it will proceed directly to its first charter for a national oil company in the MENA region. The contract is for five years (two years firm with three one-year options). GMS Shamal will be supporting well service work, with the day rate in line with that previously indicated for the region for this class of vessel.

This SESV is not only a new design, being the first self-propelled SESV of this Mid-Size Class to be built by GMS, it has also been adapted to suit the client’s specific needs as a specialised well intervention unit. The bespoke modifications include the supply and installation of pumping equipment and gas lines, the enlargement of the onboard brine capacity and the optimisation of the crane configuration. In common with other SESVs in the GMS fleet, the vessel is capable of high deck loads and has been fitted with a multi-move, robust jacking system combined with DP II manoeuvring to ensure rapid, frequent and safe movement between offshore wellheads.

Duncan Anderson, Chief Executive Officer of GMS, said:

“The signing of this first charter well ahead of GMS Shamal’s build completion demonstrates the continued high demand for our vessels and highlights the value of our cost-effective solutions as our core, opex-focused oil and gas clients seek to extract maximum value from their offshore assets, which is increasingly relevant in the current oil price environment.

“GMS has been at the forefront of self-propelled SESV design since the 1980s. A key factor in our client’s decision to charter GMS Shamal was our ability, through our integrated engineering and construction process, to make modifications during the build process without these affecting the price or delivery schedule. Through collaboration with our client, we have developed an SESV that will ensure optimum efficiency and minimum non-productive time during our client’s operations, while maintaining the flexible multi-role design as part of our core strategy for high utilisation.”

The Group’s entire fleet of SESVs is currently chartered, supporting brownfield oil and gas recovery, well services and maintenance work in the MENA region and in North West Europe.

Source: Gulf Marine Services PLC

Oil and Gas Press