Gulf Marine Services PLC - provides self‐propelled, self‐elevating support vessels for the offshore oil, gas and renewables industries - Announces award of two new contracts for one of its small class vessels in the Gulf Cooperation Council region. Says the daily rates secured for these contracts reflect strong demand for our vessels. The first contract will begin at the end of the first quarter, while the second contract will begin at the start of the third quarter. Says both contracts will span a cumulative period of 272 days.

Executive Chair Mansour Al Alami says: ‘These awards reflect positively on the continued strength of market conditions, and we are optimistic about the prospects for the remainder of 2023, with high levels of utilisation and a tight market continuing to be reflected in the day rates achieved.’

Current stock price: 4.53 pence, down 0.9%

12-month change: down 29%

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