London-listed liftboat operator Gulf Marine Services (GMS) has signed the second part of a two-phase contract for one of its vessels operating in the Middle East.
The first part of the two-phase deal was signed in March this year. On both occasions, the vessel and the client were left undisclosed.
The two parts combined will provide work for one of GMS’ liftboats for four years. The company added that its backlog as of June 1 stood at $431.2m.
It is worth noting that the liftboat operator’s backlog was around three times larger than the UAE-based firm’s entire 2023 revenue.
“This continuation not only strengthens our backlog but also positions us well to achieve our strategic goals and drive shareholder value,” said Mansour Al Alami, GMS executive chairman.