Zakher Marine International (“ZMI”) announces that it has entered into a Framework Agreement (the “Agreement”) with Gulf Marine Services (“GMS”), a leading operator of self-propelled SESVs listed on the London Stock Exchange. Both headquartered in Abu Dhabi and focused on the GCC region and Middle East, we have agreed together to identify mutual cost-saving opportunities and improve our operational availability, for the benefit of all stakeholders, using the combined scale of both self-propelled SESV fleets.
The Agreement lays out the principle areas of potential co-operation, comprising:
- Procurement;
- Logistics;
- Maintenance, Classification and Repair; and
- Employment and training of Offshore Crew.
ZMI and GMS have agreed to establish joint teams and protocols to identify ways to pool resources, combine functions, and leverage combined purchasing power in order to reduce costs.
Both companies operate similar scale fleets of modern exclusively self-propelled SESV vessels, sharing many key components. This provides multiple opportunities to leverage our combined scale in key areas to reduce third-party spend, while maintaining operational, service and safety excellence.
Working with GMS we will look to create a larger and more efficient purchasing base for equipment and services which will enable both companies to strengthen our margins. This will also increase our ability to compete more effectively and will underpin each business in meeting the needs of all stakeholders in what will continue to be a highly competitive marketplace.
ZMI and GMS will continue to operate and compete as independent commercial entities in accordance with applicable laws, regulations and their respective contractual obligations.
Mr. Hassan El Ali, Executive Chairman, said
“This is a significant milestone; a strategic cost optimization strategy that will surely benefit both companies and our clients. Over more than three decades, ZMI has sought to offer outstanding service and highly competitive rates. This agreement will also help uphold our absolute commitment to safety while ensuring cost-effective client services.
This is an innovative step forward for both ZMI and GMS, as we are the only companies of scale that operate fleets of exclusively self-propelled SESV’s. We look forward to identifying opportunities to reduce costs and gain a competitive advantage, along with GMS, in this tough market”
© Press Release 2020
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