Gulf Marine Services PLC , a provider of self-propelled, self-elevating support vessels for the offshore energy industry, announced the award of a new contract for one of its small-class vessels in the Gulf Cooperation Council (GCC) region on Tuesday.
The London-listed firm said the contract would have a duration of 18 months, including optional extension periods.
"We are delighted to see continuous demand for all our vessels in a highly competitive market," said executive chairman Mansour Al Alami.
"Maintaining high utilisation is key for us to continue to deliver on our objectives.
"Our backlog now stands at $503m."
At 0936 GMT, shares in Gulf Marine Services were down 0.52% at 15.92p.
Reporting by Josh White for Sharecast.com.