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GMS acquires jack-up vessel as demand surges
A Middle East owner has purchased a jack-up vessel as demand climbs for maintenance support in the region
Gulf Marine Services has acquired a self-propelled, self-elevating support vessel, partially financed through a US$37M 90-day interim loan, to increase its fleet capacity for offshore infrastructure maintenance.
The Middle East owner operates 14 jack-up support vessels and expects the arrival of this purchased mid-class unit in February.
GMS said its arrival will enable the company to “capitalise on the current strong market demand” driven by energy companies undergoing major maintenance and upgrade projects on offshore production infrastructure.
A local Middle Eastern bank that is part of the GMS’s existing lending syndicate provided the finance, “pending the completion of participation by the remaining lenders,” said GMS.
It said the purchased vessel is earmarked for several identified commercial opportunities.
“This represents the first vessel acquisition by GMS in a decade and marks an important milestone for the company,” said GMS executive chairman Mansour Al Alami. “The addition of this vessel supports our growth ambitions, while preserving our financial strength and operational flexibility.”
He suggested more vessels could be acquired now demand for self-propelled, self-elevating support vessels has improved.
“Subject to market conditions, we look forward to pursuing further acquisitions, and to commencing our shareholder reward programme in the coming months,” said Mr Al Alami.
The balance of the acquisition cost has been funded from GMS’s own cash resources.
GMS chief financial officer Alex Aclimandos is pleased with the lenders’ response to company’s need for cash to complete the purchase.
“This support is a strong endorsement of the successful turnaround the company has delivered over the past few years. We now look forward to returning to shareholders 20% to 30% of adjusted net income,” said Mr Aclimandos.
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