Gulf Marine Services eyes West Africa expansion next year

GMSOil services company Gulf Marine Services (GMS) has announced that it has plans to spend around US$400mn by 2016 and expand into West Africa next year to tap strong demand for its vessels

The UAE-based firm, which debuted on the London Stock Exchange in March 2014, is among the leading players in the offshore services industry in the Middle East and North Africa (MENA) and is also eyeing the Southeast Asia region for expansion, Reuters reported.

Duncan Anderson, chief executive at GMS, said, “There’s huge potential in West Africa and Southeast Asia where our type of assets are in demand and we need to take tonnage there.”

The firm, which currently has a fleet of nine vessels, plans to add another six by 2016 as part of its new build programme with capital spending of around US$400mn, he added.

According to the company, it continues to see strong demand for its vessels in brownfield oil and gas recovery, well services and maintenance.

During Q1 2014, the group achieved overall fleet utilisation of 95 per cent and current business levels were in line with expectations, the statement added.

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