Gulf Marine Services ( (GB:GMS) ) has provided an update.
Gulf Marine Services has announced the extension of contracts for two of its vessels with a major National Oil Company in the Middle East for three more years, at enhanced rates. This extension, which increases GMS’s secured backlog to $558 million, underscores the company’s strong market position and the ongoing demand for its services in the offshore energy sector, particularly in the Middle East.
More about Gulf Marine Services
Gulf Marine Services PLC, founded in Abu Dhabi in 1977 and listed on the London Stock Exchange, is a leading provider of self-propelled, self-elevating support vessels (SESVs) for the offshore energy industry. The company operates a fleet of 13 SESVs, which are among the youngest in the industry, serving clients globally from offices in the United Arab Emirates, Saudi Arabia, and Qatar. These vessels support a variety of offshore activities, including platform refurbishment, maintenance, well intervention, and wind turbine operations.
YTD Price Performance: 8.61%
Average Trading Volume: 3,480,696
Technical Sentiment Consensus Rating: Sell
Current Market Cap: £173.3M
For a thorough assessment of GMS stock, go to TipRanks’ Stock Analysis page.