Following a flurry of positive contract updates released in late December, leading self-elevating support vessel (SESV) operator Gulf Marine Services has announced a second contract extension covering one of its S-Class (medium) vessels operating in the GCC region. With shareholder returns remaining firmly on the agenda from this year, we confidently maintain our 29p/share price target – also highlighting the c.30% discount to tangible book value at GMS’s prevailing share price.