FOR IMMEDIATE RELEASE
11 November 2020
Gulf Marine Services PLC
Update from the board of directors
Board and Board Committee Appointments
Further to the Company's announcement yesterday regarding changes to the board of directors, the Company announces that the board of directors (the "Board") have made the following appointments:
· Mansour Al Alami ("Mr Alami") as chairman of the board;
· Rashad Saif Al Jarwan ("Mr. Al Jarwan") as the Senior Independent Director;
· Audit & Risk Committee: Saeed Mer Abdulla Khoory ("Mr. Khoory") and Mr. Al Jarwan to the Audit & Risk Committee, and Mr. Al Jarwan as chairperson of said committee;
· Remuneration Committee: Mr. Khoory, Mr. Al Jarwan and Mr. Alami to the Remuneration Committee, and Mr. Khoory as chairperson of said committee; and
· Nomination Committee: Mr. Alami, Mr. Al Jarwan and Mr. Khoory to the Nomination Committee, and Mr. Alami as chairperson of said committee.
The Board will now commence a review of the Company's business and operational matters including, as a matter of priority, the Company's financing arrangements.
The Board notes that Mr. Tim Summers, while no longer a director of the Company, continues in his role as Chief Executive Officer for an interim period in order to enable a smooth transition and a new Chief Executive Officer to be appointed in due course.
The Board is taking charge during a volatile period and will do its upmost to protect the interests of all shareholders, and other stakeholders of the Company, including the lending banks. The Board will forthwith initiate discussions with the lending banks to reach a workable way forward. Furthermore, the Board will work diligently to sustain operational excellence to enhance performance and utilisation of the Company's assets and to explore and secure new opportunities within the Company's areas of operation. The Board will update the market of material developments.
Mansour Al Alami (Chairman) +44 (0) 20 7603 1515
Brunswick (PR Adviser to GMS)
Patrick Handley - UK +44 (0) 20 7404 5959
Will Medvei - UK
Jade Mamarbachi - UAE +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 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.