Gulf Marine Services PLC (AIM:GMS)'s shares rose 4.4% after confirming the second phase of a four-year contract for one of its vessels in the Middle East.
The contract boosts the company’s backlog to $431.2 million as of June 1. Chairman Mansour Al Alami stated the contract reaffirms strong demand for GMS's vessels and client trust.
This continuation strengthens the company's backlog, positions it to achieve strategic goals, and drives shareholder value.
Gulf Marine Services provides self-propelled and self-elevating support vessels for the offshore oil, gas, and renewables sectors.
In the early exchanges, the stock was up 0.8p at 19p.