The resurgent oil price is not only driving higher profits for energy companies, but it is boosting activity for businesses that provide vital support services to them. For instance, analysts at Westwood Global Energy highlight a tightening in offshore drilling rig utilisation and longer-duration contract awards
This is good news for Gulf Marine Services (GMS:13p), a leading operator of advanced self-propelled self-elevating support vessels (SESVs). Gulf Marine’s fleet is focused on providing liftboat services to the oil, gas and renewable energy industries in the Middle East and to members of the Gulf Cooperation Council (GCC). The group has pre-qualified status with key regional national oil companies (NOCs), including Abu Dhabi National Oil Company in the United Arab Emirates, Saudi Aramco and Qatar Petroleum.
The fleet of 13 SESVs is amongst the youngest in the industry, with an average age of 12.8 years and an expected useful life of up to 40 years. The vessels support Gulf Marine's clients across a broad range of offshore oil and gas platform refurbishment and maintenance activities, well intervention and offshore wind turbine maintenance work, offshore oil and gas platform installation and decommissioning, and offshore wind turbine installation.