"GMS is now operating nine self-elevating self-propelled jackup barges in locations ranging from the Southern North Sea through the Mediterranean to our back yard in the Arabian Gulf. Our E-Class barges are operating in the Southern North Sea in both the renewables sector and the oil and gas industry. We set our strategy out based on a youthful fleet and the inherent flexibility of our four-legged jackups. The ability to jack quickly within short weather windows with four legs, supplementing our accommodation size and flexible deck space are our core operational strengths. This has allowed us to operate our current well services and maintenance contracts and diversify into offshore renewables with the same assets.

GMS Endeavour has been working successfully in offshore wind turbine construction since 2011 and will continue in this market for the foreseeable future. Meanwhile,we have obtained a two year contract for GMS Endurance with ConocoPhillips, also in the UK, combining both well service and maintenance campaigns in the same contract with the same self-elevating self-propelled vessel (SESV). Costs to our client are reduced considerably,anchor handling tugs are not required as the vessels are capable of eight knots using their own propulsion and have Kongsberg DPS II systems fitted. This design was first conceived by GMS in 1982 and, using the knowledge gained from many years of successful operation, the company has expanded to new regions and secured contracts with new clients.

An industry-leading safety record is also part of our core values and one of our key targets; everyone within our business is incentivised to this end. Recently we have received an award from Adma Opco for 12 years with no Lost Time Injury aboard one of our SESVs, the Kamikaze, in addition to this GMS was LTI free in 2011 and 2012. We will strive to continually improve our record with innovative ideas and safety initiatives.

GMS has also opened a new office in Aberdeen to support our North Sea operations and is recruiting additional staff in the region. In addition to this, the company intends to add to the fleet by commencing construction of a new self-elevating self-propelled vessel in 2013 to enable us to meet ever increasing client demand as well as to enable further growth into new geographical areas. Please continue to visit our site for regular updates on our business going forward."

DUNCAN ANDERSON
CHIEF EXECUTIVE OFFICER
Gulf Marine Services WLL