IN BRIEF: Gulf Marine shares rise on Middle East contract extensions

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Gulf Marine Services PLC - London-registered provider of self-propelled and self-elevating support vessels for the offshore energy sector - Announces that two of its vessels have secured three-year extensions, at enhanced rates, to contracts with an unnamed ‘major’ national oil company in the Middle East region. Says the extensions reinforce its strong partnership with the client, and that its secured backlog is now worth $558 million.

Executive Chair Mansour Al Alami comments: ‘This contract extension highlights the robust and ongoing demand for our vessels in the region, driving consistently high utilisation rates across our fleet. It reflects the trust our clients place in GMS’s capabilities and reinforces our strong position in supporting the Middle East’s offshore energy sector.’

Current stock price: 17.60 pence, up 7.3% in London on Thursday

12-month change: down 9.0%

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