REG - Gulf Marine Services - Directorate Change & Notification from Shareholder

Gulf Marine ServicesAnnouncement

04/09/2024 07:15

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RNS Number : 7900C  Gulf Marine Services PLC  04 September 2024

4 September 2024

Gulf Marine Services PLC

('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')

 

Directorate Change and Notification from Shareholder

 

The Company was yesterday notified that Hassan Heikal, Deputy Chairman of the
Company, is stepping down from the Board with immediate effect. Mr Heikal has
served as non-executive Director of the Company since November 2020 having
been nominated to this role by Seafox International Limited ('Seafox'), and as
Deputy Chairman since February 2021 having been appointed to this position by
the Board.

 

Mr Heikal's appointment to the Board followed a period of shareholder
activism, commencing in 2019, during which Seafox became the Company's largest
shareholder and which led to changes in the composition of the Board,
including the appointment of Mansour Al Alami as Executive Chairman. These
changes led to the financial restructuring of the Company. Seafox also
participated in the June 2021 capital raise, maintaining its proportionate
shareholding, which further enhanced the Company's capital base. As a result,
EBITDA grew significantly, and the Company was able to substantially
deleverage which has repositioned the Group to its current sustainability.

 

Mr Heikal's role both as a Board member and as Deputy Chairman in supporting,
guiding and encouraging the Group on this journey through to its current phase
of ongoing financial and operational development was pivotal and the Board is
grateful for his constructive contribution.

 

Part of the Company's ongoing strategy is to enlarge the Company's free float
by introducing more high-quality institutional investors, family offices and
other investors to the Company's shareholder base. In this context, Seafox has
notified that it will:-

 

(i)        distribute 150 million of the shares that it owns in the
Company pro-rata in the form of an in specie dividend to Seafox's
shareholders, which include prominent family offices, such distribution to
take place on or after the 15(th) of September 2024; and

 

(ii)       retain (directly and through its subsidiaries) the remaining
103,686,385 shares in GMS (representing a 9.69% equity interest in the
Company). Whilst acknowledging that circumstances can change, Seafox has
confirmed that it has no current intention to make further disposals in the
short-term, given the positive outlook for the Company.

 

Mr Heikal commented, "I would like to take this opportunity to thank the
Directors and management for the time spent together and wish the Board and
the Company every ongoing success."

 

Mansour Al Alami, Executive Chairman, commented:

"On behalf of the Board as well as personally, I would like to thank Hassan
for the unstinting support, encouragement and input he has provided to the
Board and the Company. His role was invaluable in the achievement of the
changes necessary to set up the Group for the success it is now enjoying and
ensuring it is well-positioned to continue this journey into the future."

 

 Enquiries:

Gulf Marine Services PLC

 Mansour Al Alami           Tel: +44 (0)20 7603 1515

 Executive Chairman

 Celicourt Communications   Tel: +44 (0) 20 7770 6424

 Mark Antelme

 Philip Dennis

 Ali AlQahtani

 

 

 

Notes to Editors:

 

Gulf Marine Services PLC, a company listed on the London Stock Exchange, was
founded in Abu Dhabi in 1977 and has become a world leading provider of
advanced self-propelled self-elevating support vessels (SESVs). The fleet
serves the oil, gas and renewable energy industries from its offices in the
United Arab Emirates, Saudi Arabia and Qatar. The Group's assets can serve
clients' requirements across the globe, including those in Arabian Peninsula
region and Europe.

 

The GMS fleet of 13 SESVs is amongst the youngest in the industry. The vessels
support GMS's clients in a broad range of offshore oil and gas platform
refurbishment and maintenance activities, well intervention work and offshore
wind turbine maintenance work (which are opex-led activities), as well as
offshore oil and gas platform installation and decommissioning and offshore
wind turbine installation (which are capex-led activities).

 

The SESVs are categorised by size - K-Class (Small), S-Class (Mid) and E-Class
(Large) - with these capable of operating in water depths of 45m to 80m
depending on leg length. The vessels are four-legged and are self-propelled,
which means they do not require tugs or similar support vessels for moves
between locations in the field; this makes them significantly more
cost-effective and time-efficient than conventional offshore support vessels
without self-propulsion. They have a large deck space, crane capacity and
accommodation facilities (for up to 300 people) that can be adapted to the
requirements of the Group's clients.

 

Gulf Marine Services PLC's Legal Entity Identifier is 213800IGS2QE89SAJF77

www.gmsplc.com

 

Disclaimer

The content of the Gulf Marine Services PLC website should not be considered
to form a part of or be incorporated into this announcement.

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