GMS secures first decommissioning contract
Firm to decommission platform in the North Sea for unnamed IOC
Gulf Marine Services announced on Monday that one of its large class vessels in Europe has been contracted for decommissioning work, the first such deal for the Abu Dhabi-based company.
The vessel, which has been supporting well service and maintenance work in the southern part of the North Sea for an unnamed international oil company since Q3, 2012, was scheduled to continue that work until Q1, 2016 with a further six-month option for extention.
But the client requested that the vessel starts decommissioning work, also in the Southern North Sea, in summer 2015.
The revised contract has a committed term through to Q1, 2016 and an option period that has been extended from six months to twelve months,GMS said.
Duncan Anderson, chief executive officer at GMS, said: "We have been targeting decommissioning work for some time and are pleased that this new project has now given GMS our first foothold in this area.
"The fact that we will be moving directly from one type of work to another for the same client also demonstrates the flexibility of our vessels and their value to our clients."
He added: "Our ability to tailor our fleet to our clients' evolving needs, while also offering competitive solutions, is especially helpful in the current low oil price environment."
GMS has two Large Class SESVs operating in the North Sea. A further ten SESVs are contracted in the Middle East.