Gulf Marine Services News

Gulf Marine Services, a UAE-based provider of self-propelled, self-elevating support vessels serving the offshore oil, gas, and renewables industries, has struck a deal with banks to reduce the interest rate on its loan."Under the revised agreement the rate of interest payable by the Company on its borrowings will decrease from LIBOR +5% to LIBOR +3%, retrospectively from the beginning of this year. The reduced interest rate will apply until the end of 2022, after which the existing ratchet will apply…

Abu Dhabi-based Gulf Marine Services (GMS) said on Tuesday it had reached an agreement with its syndicate of banks to restructure its debt that will help it weather the coronavirus crisis.London-listed GMS provides support vessels for offshore oil and gas and other energy installations. It has been hurt by a downturn in the oil and gas services industry triggered by a prolonged slide in oil prices that has turned into a deep slump since the coronavirus crisis destroyed demand…

Gulf Marine Services said on Wednesday Chief Executive Officer Duncan Anderson has resigned as the oilfield industry contractor warned a reassessment of its ships and contracts showed profit would fall this year, kicking its shares 12% down.The Abu Dhabi-based offshore services specialist said a review by new finance chief Stephen Kersley of its large E-class vessels operating in Northwest Europe and the Middle East pointed to 2019 core earnings of between $45 million and $48 million…

UAE-based Gulf Marine Services (GMS), a provider of self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, said it secured a new contract for one of its Small Class vessels.The new charter is for 12 months (including options) and is scheduled to commence shortly. The vessel will be supporting well intervention activities for a national oil company (NOC) in the MENA region.Duncan Anderson, Chief Executive Officer of GMS, said:  "This new award, which follows last month's announcement of three long-term contracts, is further evidence of a continuing market recovery. The sustained higher oil price is having a positive impact in our sector…

Vessels provider to the oil & gas industry Gulf Marine Services (GMS) said that it was awarded three long-term contracts in the Middle East and North Africa (MENA) region.The provider of advanced self-propelled self-elevating support vessels said in a press release that the new charters, which are subject to the completion of legal documentation and finalisation of the vessel delivery schedule, are for one Small Class and two Mid-Size Class SESVs and are currently expected to commence in Q4 2018/Q1 2019. The charter period for each of the three vessels is five years (including options) during which time they will be supporting well intervention and maintenance activities in the region.Duncan Anderson…

Gulf Marine Services (GMS), the leading provider of advanced self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, is looking at acquisitions due to opportunities in the market, reported Gulf News. GMS, which supports the oil and gas and renewable energy sectors with barges, has a fleet of fourteen vessels that help in offshore oil and gas platform refurbishment and maintenance activities, offshore wind turbine maintenance work, as well as offshore oil and gas platform installation and decommissioning, among other things. The report quoted its chief executive officer Duncan Anderson as saying: "There is more room for consolidation with other businesses in future.

Steve Roth has been promoted to President of Seaspan Ferries Corporation (SFC). In this position, Steve will continue to have the primary accountability for the overall performance of the SFC business unit, including management of day-to-day operations of SFC, as well as the short and long-term strategic planning processes, including setting and fulfilling revenue and profitability targets and maintaining relationships with all stakeholders. He is also responsible for ensuring that customer service expectations are met or exceeded while ensuring the safe operation of SFC’s vessels…

Abu Dhabi Ports – the master developer, operator and manager of ports and Khalifa Industrial Zone in the Emirate ― has signed a contract with Gulf Marine Services (GMS) that will see the creation of a state-of-the-art facility at Zayed Port where GMS will construct and maintain its offshore support vessels that serve the region’s oil and gas industry. Zayed Port in Abu Dhabi city―a regional hub for the cruise industry, and general and bulk cargo―will lease the new facility to GMS for three years. GMS, founded in Abu Dhabi in 1977 and listed on the London Stock Exchange in 2014, is the largest operator of self-propelled self-elevating support vessels (SESVs), also known as jackup barges, in the world.

Gulf Marine Services the provider of advanced self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, informed that the newly-built GMS Scirocco has been completed ahead of schedule and under budget and has been awarded its first contract. The vessel will commence a four-month contract (three months firm with a one-month option) in October for an engineering, procurement and construction contractor working for a MENA-based national oil company, with day rates in line with those previously indicated for the region. GMS Scirocco is the second of a new SESV design, the Mid-Size Class, to be added to the Group's fleet and a third, GMS Sharqi, will be delivered in Q1 2016.

SpeedCast International Limited (SpeedCast), a global satellite telecommunications service provider, announced that it has been awarded a multi-year communications contract from Gulf Marine Services (GMS). The new dual-beam Ku-band satellite service will provide high-performance broadband connectivity for client office applications and voice services across nine GMS barges. GMS is one of the largest providers of self-propelled, self-elevating accommodation jack-up barges in the world. The vessels work in offshore oilfields, often in harsh weather conditions, and therefore require a reliable and high-quality connection between the vessels and the land-based operations.

Norwegian Electric Systems (NES) is to supply Gulf Marine Services’ latest E-Class vessel 'GMS Enterprise' with a new state-of-the-art diesel electric propulsion system. Details are explained by Paul Winson, Vice President Sales at NES. Gulf Marine Services (GMS) is the largest provider of self-propelled self-elevating jackup barges in the world. The rigs are highly versatile and support the offshore oil and gas industry as well as the offshore wind industry. The vessel will be outfitted at GMS’ own yard in Abu Dhabi, UAE. GMS Enterprise will operate using the world leading Quadro Drive® VFD.

A uniquely designed self-propelled self-elevating jack-up barge is currently under construction in Abu Dhabi, UAE, and, once delivered, will be one of the most flexible and capable vessels in the market. Gulf Marine Services, the Middle East region’s largest elevating support vessel operator, has developed a design along with MSC Gusto which incorporates an operating water depth of up to 65 metres, accommodation for 150 persons, deck space of 1000 m2, deck load of 11,350 tonnes…

A new joint venture between Saudi Arabia’s Shoaibi Group (SG) and the UAE’s Gulf Marine Services (GMS) has been created to provide offshore barge operation services. The new company, named “Gulf Maritime Services Saudi Arabia Ltd” (GMSSA), will be based in Al Khobar, Saudi Arabia, and will allow the JV partners to expand their off-shore operations of barge charters and avail from the scale of opportunity and future potential for all offshore areas arising in the region. Gulf Marine Services is currently the largest elevating support vessel operator in the Middle East…