GMS agrees financing deal with ADCB

Gulf Marine Services secures undisclosed amount to build jack-up barge

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Gulf Marine Services has announced that it has agreed a financing deal with Abu Dhabi Commercial Bank (ABCD) for the procurement of a new self-propelled jack-up barge.

The  “GMS Endeavour” is a self-propelled self-elevating accommodation DP II jack-up barge. Initial work on the barge in underway in China, but the vessel will be completed in GMS’s own facilities in Mussaffah, Abu Dhabi later this year.

“Our strength of relationship with ADCB and their belief in our business model will mean we now have two GUSTO NG-2500X under construction both of which are scheduled to be operational in 2010,” Duncan Anderson, CEO of GMS said.

“These new assets are larger, more sophisticated than our existing fleet and are capable of working in harsh environments which will allow GMS to enter new geographic regions and expand our business throughout the world,” he added.

The vessel is capable of providing offshore service facilities and accommodation for up to 150 people, in water depths up to 65m.

The exact value of the financing agreement was not disclosed. 
 

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