Gulf Marine Services, a UAE-based provider of offshore jack-up support vessels, has secured a long-term contract for its GMS Evolution jack-up.
"Winning this contract follows the successful trial of the vessel's Cantilever Workover System, with a NOC [National Oil Company ] client in the MENA region. The system offers unique and significant operational and cost benefits," GMS said.
The GMS Evolution jack-p will replace a K-Class unit, currently on contract with the same client, from January 2021 through to Q4 2022, on a higher day rate that reflects the additional capabilities of the GMS Evolution. GMS did not say who its client was.
"Reflecting recent contract wins, GMS's backlog currently stands at $220.2m (firm and options), of which $101m will be executed in 2021. GMS is also in advanced discussions for a potential award for the released K -Class vessel, which, if successful will increase secured utilization for 2021 from 75% to c.80%," the company said.
Mansour Al Alami, GMS Executive chairman said: "This contract win is a further reflection of the new board's efforts, across multiple fronts, to improve the outlook for the company. Backlog, revenues, and operations are all part and parcel of our primary objectives. As recently announced, discussions with the banks have been positive, around improvements to the terms of the debt structure, and we continue to seek to put in place a workable solution that protects all stakeholders."
"Our client has seen first-hand the unique operational time and cost benefits of utilizing the Cantilever System on the GMS Evolution, when carrying out well workover activities. The system is capable of carrying out all aspects of well workover activity, normally carried out by a drilling rig, however, its real strength comes when frequent moves within the field are required.
"Being self-propelled, unlike a drilling rig, the Evolution does not rely on tug support, so can move between locations in a fraction of the time," GMS said.
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