Self-propelled self-elevating support vessels (SESVs) provider Gulf Marine Services (GMS) was awarded its first decommissioning contract for one of its large class vessels in Europe.
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Image from GMS. |
The vessel, which has been supporting well service and maintenance work in the Southern North Sea for an international oil company since 3Q 2012, was scheduled to continue that work until 1Q 2016 (with a further six-month option thereafter exercisable by the client).
GMS and the client have now agreed that the vessel will move to support the client's decommissioning work, also in the Southern North Sea, in summer 2015. The revised contract has a committed term through to 1Q 2016 and an option period that has been extended from six months to 12 months. The vessel will proceed directly from the current project this summer to the decommissioning work. The day rates for this charter are in line with guidance previously given for Large Class vessels.
"We have been targeting decommissioning work for some time and are pleased that this new project has now given GMS our first foothold in this area. The fact that we will be moving directly from one type of work to another for the same client also demonstrates the flexibility of our vessels and their value to our clients. Our ability to tailor our fleet to our clients' evolving needs, while also offering competitive solutions, is especially helpful in the current low oil price environment," Duncan Anderson, GMS CEO said.
GMS has two large class SESVs operating in the North Sea. A further ten SESVs are contracted in the Middle East.
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