The next three SESVs in the company’s fleet – all designed for offshore oil and gas construction support – will be built at GMS’ facilities in Abu Dhabi.
The hull of GMS Shamal has been assembled and is expected to arrive at the company’s yard later this month. The keel of GMS Scirocco has been laid. This vessel is expected to reach the yard in 1Q 2015, while procurement has begun of long lead items for GMS Sharqi.
Due to the company’s confidence in long-term prospects in the Saudi Arabian market it has agreed, subject to regulatory approvals, to increase its ownership in its KSA joint venture to 75% by acquiring a 15% interest from its existing partner.