Gulf Marine Services says that one of its Large Class vessels in Europe has been contracted for decommissioning work, a new activity for the Group.
The vessel, which has been supporting well service and maintenance work in the Southern North Sea for an international oil company since Q3 2012, was scheduled to continue that work until Q1 2016 (with a further six-month option thereafter exercisable by the client).
GMS and the client have now agreed that the vessel will move to support the client's 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. The vessel will proceed directly from the current project this summer to the decommissioning work. The day rates for this charter are in line with guidance previously given for Large Class vessels.