The mid-class GMS Sharqi is due for completion at the group’s yard in Abu Dhabi by the end of next March, while a large-class vessel, GMS Evolution, is scheduled for delivery during 4Q 2016.
In October, GMS signed a contract with Abu Dhabi Ports for the lease of a new yard facility at Zayed Port. The location is said to be more efficient, with access to the sea now requiring just one day’s passage instead of up to six days required from the present port in Mussafah due to tidal conditions in the channel.
The facility is also larger and will support the maintenance of the group’s growing fleet. In addition, the company will now be able to carry out more of its own fabrication work in-house, for example future vessel enhancement projects, vessel legs and pipes.
CEO Duncan Anderson said: “While the rapid decline in the oil price is significantly affecting the oil and gas sector, we have been afforded some protection from this as the majority of our business is opex-related brownfield work and most of our fleet is operational in the low cost Middle East region.”
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