No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Gulf Marine Services announced a new contract covering two of its large-class vessels in Europe on Tuesday, extending utilisation across the region and lifting the group's contracted backlog to $540m.
The offshore energy support vessel provider said the award would span 985 days and see the two self-propelled, self-elevating vessels continue to support offshore operations in European waters.
It said the contract reflected ongoing demand for jack-up support vessels despite mixed conditions across parts of the offshore energy market.
Following the award, GMS said its contracted backlog had risen to $540m, providing increased revenue visibility.
The company did not disclose the financial value of the individual contract or the identity of the client.
"We are delighted to have secured this contract, which once again highlights the strong demand for our vessels across multiple geographies and the confidence our clients place in GMS to deliver reliable, high-quality solutions for their projects," said Mansour Al Alami, executive chairman of Gulf Marine Services.
At 0854 GMT, shares in Gulf Marine Services were up 3.62% at 16.81p.
Reporting by Josh White for Sharecast.com.
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.