Tuesday, October 19, 2021
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GMS wins contract for a K-Class vessel in the MENA region

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GMS, a leading provider of advanced self-propelled, self-elevating support vessels serving the offshore oil, gas and renewables industries, is pleased to announce it has secured a 9 month contract for a K-Class vessel in the MENA region, commencing in Q3 of this calendar year.

With this contract win, secured utilisation for the current year stands at 80% underpinning $114m of revenue secured to date for 2021 full year, reflecting the Company’s continued commitment to maximise the value from its assets, combined with positive momentum in its core markets.

The high level of work secured to date, and a strong pipeline of tendering activity, gives the Board increased confidence in the outlook for the current year, underpinned by solid utilisation, ongoing management of costs and the likelihood of improving day rates in the second half of 2021.

Mansour Al Alami GMS Executive Chairman said:

“Secured utilisation for 2021 is now at a similar level that we recorded for full year 2020 with a strong pipeline of opportunities on the horizon. GMS is continuing to return to a position of strength. In addition to recently securing a debt deal on significantly improved terms, that creates a platform for the Company’s future growth, we are also maximising the return on our assets through improving utilisation and reduced cost base against a backdrop of strengthening market dynamics.”

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