London-listed offshore operator enters Africa and Latin America as backlog climbs to $666m
UAE-based offshore support vessel operator Gulf Marine Services (GMS) has secured two contracts that mark its first entry into African and Latin American markets, while also signalling a shift into third-party vessel management.
Black News 
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UAE-based offshore support vessel operator Gulf Marine Services (GMS) has secured two contracts that mark its first entry into African and Latin American markets, while also signalling a shift into third-party vessel management.
- Gulf Marine Services has secured two contracts, marking its first entry into Africa and Latin America.
- The deals include a liftboat charter and a one-year third-party vessel management agreement.
- The move introduces an asset-light revenue stream while boosting its backlog to $666 million.
- The expansion reflects a broader strategy to diversify geographically and across offshore services.
The London-listed company said the first contract involves deploying a newly acquired liftboat on a 170-day charter, with extension options, at what it described as favourable day rates. The deal reflects recent investment in fleet expansion and is expected to support near-term revenue growth.
The second agreement represents a strategic departure from GMS’s traditional asset-heavy model. Under a one-year contract, the company will provide full technical and operational management for a third-party-owned vessel operating in Africa. This introduces an asset-light revenue stream and broadens the firm’s service offering beyond direct vessel ownership.
Combined, the contracts increase GMS’s backlog to approximately $666 million, strengthening revenue visibility while extending its operational footprint into new regions.
Executive chairman Mansour Al Alami said the awards highlight the company’s efforts to diversify both geographically and operationally. He noted that the liftboat charter “validates our recent fleet investments,” while the management contract “opens a pathway to long-term partnerships without significant capital deployment.”
Founded in 1977, GMS operates a fleet of 15 self-propelled, self-elevating support vessels across small, mid-sized and large classes. These vessels are used for offshore platform maintenance, well intervention, installation, decommissioning, and increasingly, offshore wind support.
The expansion comes as offshore service providers seek new growth markets amid evolving global energy demand, with Africa and Latin America offering emerging opportunities in both oil and gas, and renewable energy sectors.
