FOR IMMEDIATE RELEASE
12 June 2020
Gulf Marine Services PLC
Response to Seafox Request for Board Representation and General Meeting Requisition
Gulf Marine Services PLC ("GMS" or the "Company") notes the announcement from Seafox International Limited ("Seafox"), on 11 June 2020, that it has written to the Company to seek to requisition a GMS General Meeting.
GMS confirms that Seafox wrote to the Company on 2 June 2020, requesting that the board of GMS (the "Board") appoints Hassan Heikal and Hesham Halbouny as directors. The Board unanimously rejected Seafox's request.
GMS notes that Seafox's suggestion that its proposed resolutions be considered at the upcoming AGM is not possible as a matter of company law, as those resolutions would not be within the scope of business of the meeting set out in the notice of AGM published on 29 May 2020. The deadline of 21 clear days for issuing a fresh notice of AGM has now passed.
Further, Seafox has not served a valid notice to requisition a General Meeting of GMS, and certain of the resolutions that Seafox has put forward would, if passed in the form in which they have been proposed, be ineffective. GMS will be contacting Seafox to assist it in serving a requisition that meets the requirements of the Companies Act 2006 should it wish to do so.
A further announcement will be made in due course.
Tim Summers, Executive Chairman
Stephen Kersley, Chief Financial Officer
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
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, Saudi Arabia and the United Kingdom. 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.
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