FOR IMMEDIATE RELEASE
23 November 2020
Gulf Marine Services PLC
('GMS', the 'Company' or the 'Group')
Suspension of Tim Summers
The Company announces that it has suspended Tim Summers from his current role as Chief Executive Officer, pending an internal investigation into a severance agreement between him and the Company dated 10 November 2020, including in relation to the payment to him of approximately GB£429,000 on the same date.
Pending the outcome of the investigation, the Company has appointed the Chairman, Mansour Al Alami, as interim Executive Chairman.
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
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.
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.