6 September 2021

Gulf Marine Services PLC

('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')

New Software Solution to Support Client Offers and Improve Operational Efficiency

GMS, a leading provider of advanced self-propelled, self-elevating support vessels serving the offshore oil, gas and renewables industries, is pleased to announce it has signed a contract with Lloyd's Register for the installation of a new Enterprise Resource Planning (ERP) system, which will provide the company with a central, cloud-based single source of truth and applications that are optimised for the different departments to increase collaboration and streamline processes.

The Hanseaticsoft Cloud Fleet Manager (CFM) software solution, part of the newly launched Lloyd's Register Maritime Performance Services (MPS) portfolio, will provide GMS with a seamless, interconnected system across the company's operations. Through this new system, GMS has the ability to upgrade internal procedures, including the current manual system for crew and inventory management, which will enable significant improvements in efficiency, and reduce the company's exposure to possible system errors.

The new CFM software solution will integrate vessel operations, maintenance, procurement and inventory control, alongside crew and payroll management, among other areas of operation. The centralisation of this data will allow for better visibility and free up time to support operations and client service.

GMS chose CFM after an extensive review and tender process. CFM is a cloud-based, all-in-one software solution that provides worldwide access to a uniform knowledge base. The system offers tailored apps covering different areas of operation to support better problem identification and management. As it is Software as a Service (SaaS) based, the system is easily integrated and flexible. There is no need for costly additional hardware installations or IT-staff to take care of maintenance and administration.

Lloyd's Register's Hanseaticsoft team will also work with the GMS team to support the system's implementation, including setting up data inputs. It is expected that the system will be fully integrated and running in Q4 of this year.

Commenting, Mansour Al Alami, Executive Chairman of GMS, said:

"The integration of this new software solution represents another efficiency improving step by GMS, which further enhances our client offering. This new system will also support the Company's ongoing drive to manage costs and improve governance by integrating Human Resources, Supply Chain management and Planned Maintenance into one transparent system.

"With utilisation and the contracted backlog of the Company's vessels continuing to grow, driven by improving market conditions, combined with the strength of the GMS fleet, the new solution will be an invaluable tool to allow us to continue to provide a best-in-class service, while undertaking safe operations and helping to further reduce our environmental footprint".

Andy McKeran, Lloyd's Register Maritime Performance Services Director, said:

"We're delighted to have been selected by GMS.  We look forward to supporting their journey towards efficiency, improving collaboration and streamlining processes across the business. Our Cloud Fleet Manager software offers a single, cloud-based source of truth for 'their' employees, as well as the crews at sea and external partners. It centralises all their information and drastically reduces the effort to manage their operations. We remain committed to providing solutions that answer our client's challenges and to become a trusted advisor to ensure that our clients' can operate efficiently."

Alexander Buchmann, CEO of Hanseaticsoft, added:

"It is great to see the steadily increasing number of shipping companies that are making use of the many benefits that the digitalisation of processes has to offer. By choosing CFM to manage their fleet and optimise tasks, GMS is leading the way and highlights its dedication to drive the digitalisation in the maritime industry."

-ENDS-

Notes to Editors:

Gulf Marine Services PLC, 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 Qatar. 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.

Evolution Cantilever Capability

GMS Evolution and her cantilever work over system has been designed and built to enable heavier work over scopes from a self-propelled jack up barge. The optimised design enables execution of Heavy Well Intervention (HWI) benefitting from the efficiencies of our 4-Legged self-propelled jack up barges provide. The type of HWI work that can be carried out include:

Electrical Submersible Pump (ESP) change out

·    Plug and abandonment:

·    Re-completion

·    Side-tracks

·    Slot Recovery

·    Work Overs

·    Coil Tubing

And the benefits include:
 

·    Significant time savings moving between locations resulting in workover programmes being completed significantly quicker therefore allowing clients to maximise production levels

·    No requirement to hire tugs to assist with drilling rig moves

Gulf Marine Services PLC's Legal Entity Identifier is 213800IGS2QE89SAJF77

www.gmsuae.com

About Hanseaticsoft

Hanseaticsoft was founded in 2009 by Alexander Buchmann. Buchmann and his team draw on several years of experience in the software department of a medium-sized shipping company in Hamburg, the third largest container harbour in Europe. In Hanseaticsoft, the idea of a new software concept was finally realised: giving enterprises access to new and efficient technologies by means of intuitive software solutions. Today Hanseaticsoft has more than 60 employees. It is now part of Lloyd's Register Group, one of the world's leading providers of professional services for engineering and technology - improving safety and increasing the performance of critical infrastructures for clients in over 75 countries worldwide. For further information, visit www.hanseaticsoft.com.

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Cautionary Statement

This announcement includes statements that are forward-looking in nature. All statements other than statements of historical fact are capable of interpretation as forward-looking statements. These statements may generally, but not always, be identified by the use of words such as 'will', 'should', 'could', 'estimate', 'goals', 'outlook', 'probably', 'project', 'risks', 'schedule', 'seek', 'target', 'expects', 'is expected to', 'aims', 'may', 'objective', 'is likely to', 'intends', 'believes', 'anticipates', 'plans', 'we see' or similar expressions. By their nature these forward-looking statements involve numerous assumptions, risks and uncertainties, both general and specific, as they relate to events and depend on circumstances that might occur in the future.

Accordingly, the actual results, operations, performance or achievements of the Company and its subsidiaries may be materially different from any future results, operations, performance or achievements expressed or implied by such forward-looking statements, due to known and unknown risks, uncertainties and other factors. Neither Gulf Marine Services PLC nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest the Company or any other entity and must not be relied upon in any way in connection with any investment decision. All written and oral forward-looking statements attributable to the Company or to persons acting on the Company's behalf are expressly qualified in their entirety by the cautionary statements referred to above.