GMS Wins Offshore Renewables Contracts
Posted 11/05/2020 09:19
Gulf Marine Services, a jack-up service vessel provider, has secured a renewable energy contract with an unnamed UK offshore renewables operator, and an extension of another contract.
GMS said the newly won contract was for six months (firm period, plus options to extend), and that the vessel will be mobilized for the start of operations during the summer of 2020.
In combination with two further renewable energy contracts awarded earlier in 2020, a five-month contract extension (firm period, plus options to extend) and an eight-month contract (firm period, plus options to extend), the company's remaining vessel in northwest Europe, GMS Endeavour, has now secured work for all of 2020 and most of 2021.
MarineTraffic data shows that the GMS Endeavour is currently located in the German section of the North Sea.
Apart from securing the new contract, GMS on Monday announced the firming of 2020 contractual options for another existing renewable energy contract.
"GMS is providing support for offshore activities on behalf of a European Offshore Renewables Operator. The vessel is in the field," GMS said, without providing further info on the client.
Tim Summers, Chairman of GMS, said today: "We are pleased to be extending our activities in North West Europe, continuing to build our order book with multiple Renewables customers. Across the group, GMS continues to increase overall fleet utilization, despite current market conditions. At the present moment, all available vessels in the fleet are currently contracted."
In recent weeks, GMS has become a takeover target of the Dutch company Seafox, however, the GMS board has rejected Seafox's proposal for a potential takeover for a price of 10p per share, and has urged its shareholders to do the same.
In a separate statement on Monday, GMS said it had received, letters from 13 GMS shareholders who collectively hold 38.78 percent of the company's issued share capital, indicating that they supported the company's plans to raise equity and terms of the deal agreed in principle with its lenders.
"All such shareholders have indicated that they have no current intention to accept any offer on the terms of the current Seafox proposal, being 10 pence per share (or $0.09 if higher)," GMS said.