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Gulf Marine Services provide operational update

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Oilfield Technology,

GMS previously announced the award of three long-term contracts in the MENA region, each with a charter period of five years (including options). The first of the vessels, a Mid-Size Class SESV, has now commenced operations and the Company is finalising the start dates for the remaining two vessels.

In the MENA region a client has exercised an option to extend the charter of a Mid-Size Class vessel by six months. In addition, a Small Class vessel has started a four-month charter, and a Large Class vessel has been awarded a five-month charter that is scheduled to commence very shortly; both charters include options.

The Company's backlog (including options) will increase to more than US$260 million (31 August 2018: US$121 million) once the above charters have commenced.

As previously announced, the Company does not expect a recovery in its trading performance in 2019 despite continuing improving levels of utilisation.

Duncan Anderson, Chief Executive Officer of GMS, said:

"The improving pipeline of opportunities for our fleet provides confidence that the market is starting to recover, albeit that it is more difficult to predict when this improved demand will be reflected in increased charter rates. We welcome our banks' cooperation in managing our 2018 covenant obligations and continue to progress ways of addressing the Group's long-term capital structure. In the meantime, GMS continues to trade effectively and, with our modern, well-invested fleet and a strong track record for providing safe, high quality and cost-effective offshore support solutions proving highly beneficial in tendering processes, we are well-positioned to capitalise on further contract opportunities."

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