Gulf Marine Services PLC on Tuesday reported a 171-day extension to an offshore mining deal with an unnamed contractor.
The Abu Dhabi-based company provides self-propelling vessels to the offshore oil and gas sector. One of the large-class units in its current fleet of 13 has renewed an existing contract in the Gulf region.
Gulf Marine valued its backlog at $483 million following the renewed deal.
Executive Chair Mansour Al Alami said the news ‘reflects the continued demand for our vessels, the overall strength of the market and the ongoing confidence of our partners in the service we provide.’
Gulf Marine shares were up 1.1% at 15.06 pence each early on Tuesday afternoon.
Earlier in January, the firm said it had successfully refinanced its debt through an agreement with First Abu Dhabi Bank, Commercial Bank of Dubai and HSBC Bank. All three banks had an equal participation in the company’s $250 million loan, as of August 1.
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