FOR IMMEDIATE RELEASE
23 September 2020
Gulf Marine Services PLC
("GMS" or the "Company")
Receipt of General Meeting Requisition Letter from Seafox
GMS notes the announcement by Seafox International Limited ("Seafox"). GMS confirms that simultaneously with that announcement, it received a letter from Seafox seeking to requisition a general meeting of GMS to consider the removal as directors of Mr. Mike Turner (Senior Independent Director and RemCo Chairman), Mr. David Blewden (Audit Committee Chairman), Mr Mo Bississo and Dr. Shona Grant, and the appointment as directors of Mr. Rashid Al Jarwan, Mr. Mansour Al Alami and Mr Saeed Mer Abdulla Khoory.
Seafox's letter contains a mixture of factual inaccuracies, irrelevant allegations and hyperbole. The Board will respond in detail in due course. In the meantime, shareholders are advised to take no action.
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.