GMS Secures New Middle East Contract, Corrects Previous Announcement

Gulf Marine Services PLC (LON: GMS) has announced a new contract award for one of its Large-class vessels in the Middle East, providing a boost to its backlog and affirming strong demand for its services. Simultaneously, the company issued a correction to a previous announcement regarding the contract's duration.

The contract spans two years, inclusive of options.

The company clarified a typographical error in its prior announcement (number 6373M) released on December 23, 2025. The contract duration, including options, was initially reported as 985 days but should have read 1624 days. All other details in the original announcement remain accurate.

The corrected figure of 1,624 days represents a substantial increase in secured work, further solidifying GMS's revenue visibility. The error, while unfortunate, was swiftly addressed, demonstrating GMS's commitment to transparency and accurate reporting.

Mansour Al Alami, GMS Executive Chairman, stated, “We are extremely happy to have secured this contract, which once again highlights the strong demand for our vessels and services. The additional contracts we announced recently add up to 2,354 days and we look forward to further strengthening our backlog.”

The contract award and subsequent correction are likely to have a moderately positive impact on GMS shares. The initial error may have caused some confusion, but the prompt clarification should reassure markets. The increased contract duration is undeniably positive. Expect a potential uptick in trading volume as markets digest the news.

This contract contributes to a total of 2,354 days secured, highlighting the company’s success in a competitive market. GMS's ability to secure these contracts suggests a strong competitive advantage, potentially stemming from its specialized fleet and operational expertise.