FOR IMMEDIATE RELEASE
16 October 2020
Gulf Marine Services PLC
('GMS' or the 'Company')
Seafox votes against warrant issuance
Further to the announcement made by the Company on 8 October 2020 that a shareholder circular and notice of a general meeting (the "Circular") had been published to seek shareholder approval to issue warrants to the Company's lending banks by the end of 2020 (the "Warrant Issuance"), GMS announces today that Seafox International Limited ("Seafox"), the holder of approximately 29.9 per cent. of the Company's shares (the "Shares"), has lodged its intention to vote by proxy 102,472,389 Shares, or 29.24 per cent. of the Shares, at the general meeting against the resolutions to authorise the Warrant Issuance. Assuming the intentions to vote by proxy received to date are voted at the general meeting as indicated, the resolutions authorising the Warrant Issuance will fail.
The Board nevertheless encourages all shareholders to review the Circular and vote FOR the resolutions.
Tim Summers, Executive Chairman
Tony Hunter, Company Secretary
+44 (0) 207 603 1515
Brunswick (PR Adviser to GMS)
Patrick Handley - UK
Will Medvei - UK
Jade Mamarbachi - UAE
+44 (0) 20 7404 5959
+971 (0) 50 600 3829
The information contained within this announcement is considered by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.
The person responsible for arranging for the release of this announcement on behalf of GMS is Tony Hunter, Company Secretary.
GMS, 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 and Saudi Arabia. The Group's assets are capable of serving clients' requirements across the globe, including those in the Middle East, South East Asia, West Africa, North America, the Gulf of Mexico and Europe.
The GMS fleet of 13 SESVs is amongst the youngest in the industry, with an average age of eight years. 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.
The Company's Legal Entity Identifier is 213800IGS2QE89SAJF77.