London-listed liftboat operator Gulf Marine Services (GMS) said it has lifted its backlog to $700 million after securing an extension to an existing contract covering two vessels for a major national oil company in the Middle East.
The company said the contract will be extended by up to six years, including optional periods. GMS described the variation as a continuation of its partnership with the client and its support for offshore energy operations in the region.
Mansour Al Alami, executive chairman of GMS, said the extension indicates ongoing demand for the company’s vessels in the Middle East and provides clearer visibility on performance in the coming years.
The latest extension follows a series of awards and renewals since the final week of 2025. GMS won contracts for three large vessels operating in Europe and the Middle East, with the three charters totalling 2,354 days.
After those awards, GMS agreed extensions for two mid-size vessels operating in the GCC region. Each vessel received one firm year plus a one-year optional extension.
On Monday, GMS agreed to acquire a new mid-class vessel, marking its first vessel purchase in a decade. The liftboat is expected to join the company’s 14-vessel fleet in the coming two weeks.
