Gulf Marine Services (GMS) will build a new port facility to serve as home to the company’s jack-up barges at Port Zayed, Abu Dhabi’s oldest commercial port..
At 42,500 square feet, the facility will be twice the size of the London-listed company’s Mussaffah site.
“We were searching for a new location that would allow us to continue our business strategy to grow our fleet and operations and to make further improvements to our build process,” said Duncan Anderson, chief executive of GMS.
GMS sells jack-up barges, also known as self-propelled, self-elevated support vessels (SESVs), to the oil and gas industry. Its barges can perform some of the tasks of drilling rigs. It has a fleet of 13 vessels and plans to add two by the end of next year.
GMS secured a six-year, US$620 million syndicated loan with Abu Dhabi Islamic Bank in September.
Barclays reaffirmed its overweight rating on GMS stock, which is listed on the London Stock Exchange, last week. GMS, founded in 1977, listed on the LSE last year.
GMS profits rose by 9 per cent in the year to March. The UAE accounts for more than half of the company’s revenues, and Abu Dhabi National Oil Company is its largest individual client.
This article was changed to correct that Gulf Marine Services is building a new facility at Port Zayed rather than Kizad.