GMS announces the award of a five year contract (firm period, plus options to extend) for maintenance services as an enhanced extension to an existing vessel contract.

Mobilisation for the contract, with a Middle East National Oil Company, will be undertaken by a new Maintenance Services Division.

During 2019, as GMS reviewed its operations in pursuit of greater efficiency and profitability, the team identified a market opportunity to expand its service offering to customers, and has created the Maintenance Services Division.

Maintenance Services provides a comprehensive integrated offer, allowing the client to focus on core activities. For the new contract, the GMS team will include onshore personnel to manage planning and logistics, together with traditional fabrication and support services based offshore on the GMS vessel. Work to be performed will include scope definition and scheduling, detailed work preparation and execution including the management of the material supply chain, as well as mechanical fabrication.

Tim Summers, Executive Chairman, commented: 'The creation of the GMS Maintenance Services Division is an important and logical step in the evolution of GMS, as we progressively expand our service offering to customers.'

Contact:

Tim Summers

Tel: +44 (0) 207 603 1515

Notes to Editors

Gulf Marine Services PLC, a company listed on the London Stock Exchange, was founded in Abu Dhabi in 1977 and has become a world leading provider of advanced self-propelled self-elevating support vessels (SESVs). The fleet serves the oil, gas and renewable energy industries from its offices in the United Arab Emirates, Saudi Arabia and the United Kingdom. The Group's assets are capable of serving clients' requirements across the globe, including those in the Middle East, South East Asia, West Africa, North America, the Gulf of Mexico and Europe.

The GMS fleet of 13 SESVs is amongst the youngest in the industry, with an average age of eight years. The vessels support GMS's clients in a broad range of offshore oil and gas platform refurbishment and maintenance activities, well intervention work and offshore wind turbine maintenance work (which are opex-led activities), as well as offshore oil and gas platform installation and decommissioning and offshore wind turbine installation (which are capex-led activities).

The SESVs are categorised by size - K-Class (Small), S-Class (Mid) and E-Class (Large) - with these capable of operating in water depths of 45m to 80m depending on leg length. The vessels are four-legged and are self-propelled, which means they do not require tugs or similar support vessels for moves between locations in the field; this makes them significantly more cost-effective and time-efficient than conventional offshore support vessels without self-propulsion. They have a large deck space, crane capacity and accommodation facilities (for up to 300 people) that can be adapted to the requirements of the Group's clients.

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