GMS confirms contract extensions for two SESV vessels in the MENA region

7/28/2014

GMS confirms contract extensions for two SESV vessels in the MENA region

ABU DHABI -- Gulf Marine Services (GMS), confirmed that contract extensions have been exercised for two of its Small Class vessels in the MENA region.

The first extension is for an SESV currently chartered to a MENA-based national oil company (NOC) on a three-year contract (two years firm and an option to extend by one year).  The option to extend the contract for a further year has been exercised effective from Q3 2014.  The vessel will continue supporting well service work for the client.

The second extension is for an SESV currently chartered to a MENA-based NOC on a five-year contract (two years firm and three 12-month options). It is confirmed that the second 12-month option has been exercised effective from Q4 2014. This vessel is again supporting well service work.

There is no change to the day rates for both vessels for the extension periods.

Duncan Anderson, CEO of GMS, said: "Confirmation of these two contract extensions is further testament to the strong and long-standing relationships we have with our clients in the Middle East.  The order book for our entire fleet continues to be very healthy, with our assets all currently on contracts to support brownfield oil and gas recovery, well services and maintenance work in the MENA region and North West Europe."

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