Gulf Marine Services has secured two contracts that mark its entry into the African and Latin American markets. These agreements include a charter for a newly acquired vessel and the introduction of a third-party vessel management service line.
The first contract involves a 170-day charter, including options, at rates the company described as "attractive." This deployment supports a strategy of investing in assets to meet global demand for self-propelled, self-elevating support vessels, GMS remarked.
Under the second agreement, the company will provide technical and operational management for an externally owned vessel in Africa for one year.
GMS noted this development expands its service offering by establishing a new revenue stream through third-party management.
Following these awards, the company reported that its current contract backlog has reached $666 million. Executive Chairman Mansour Al Alami said, “These two contract awards mark an important step forward in our growth and diversification strategy.”
Al Alami added that the company is pleased with the secured rates for the newly acquired vessel, which reinforce the value of recent investment decisions. The company expects to maintain its adjusted EBITDA guidance for 2026 in the range of $105 million to $115 million.
