Director/PDMR Shareholding

RNS Number : 4572I

Gulf Marine Services PLC

25 March 2015

 

For immediate release

25 March 2015

Director/PDMR Shareholding

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS

Gulf Marine Services PLC

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

In accordance with the requirements of DTR 3.1.2R, Gulf Marine Services announces that each of the following persons, each being a Person Discharging Managerial Responsibility (a "PDMR"), has on 25 March 2015 been granted awards over Ordinary Shares of 10 pence under the Company's Long Term Incentive Plan ("LTIP").

Pursuant to the Rules of the LTIP, Awards may only be made at certain prescribed times. The relevant percentage of salary in respect of the LTIP Awards referred to below is based upon a share price of 128.0 pence being the Company's closing share price on 24 March 2015.

Director/PDMR	No. of Shares over which Awards granted on 25 March 2015	Percentage of Basic Salary
Duncan Anderson (Director)	346,572	150%
John Brown	221,668	125%
Mark Preston	166,328	125%
Andy Robertson	165,697	125%

The above Awards should ordinarily vest on or around the third anniversary of the date of grant but only to the extent that certain performance conditions are satisfied by the Company during that period.

No consideration was payable by the above individuals for the grant of the above Awards.

- 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 one of the leading providers of self-propelled self-elevating support vessels (SESVs) in the world.  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 the Middle East, South East Asia, West Africa and Europe.

GMS has an ongoing new build programme which will increase the fleet size by 66% to 15 vessels (including two more Mid-Size Class SESVs) during the period 2014 to the end of 2016, in response to continued strong customer demand and an anticipated growing market in the foreseeable future.  

The Group's SESV fleet, which comprised ten vessels as at 31 December 2014 and which increased to 11 vessels in March 2015, is technically advanced and amongst the youngest in the industry, with an average age of eight years. 

The SESVs are four-legged vessels that move independently, with no requirement for anchor handling or tug support. They have a large deck space, crane capacity and accommodation facilities that can be adapted to the requirements of the Group's clients.

These vessels support GMS' 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) and offshore oil and gas platform installation and offshore wind turbine installation (which are Capex-led activities).

The fleet is categorised by size into Large Class vessels (operating in water depth of up to 80m, with crane capacity of up to 400 tonnes and accommodation for up to 300 people) and Small Class vessels (operating in water depth of up to 45m, with crane capacity of up to 45 tonnes and accommodation for up to 300 people).  A third class, the Mid-Size Class vessels (operating in water depth up to 55m, with crane capacity of up to 150 tonnes and accommodation for up to 300 people) will be added to the fleet in 2015.

Demand for GMS' vessels is predominantly driven by their premium capabilities as well as market growth underpinned by the need to maintain ageing oil and gas infrastructure and increasing use of enhanced oil recovery techniques to offset declining production profiles.

www.gmsuae.com  

Enquiries:

Gulf Marine Services PLC John Brown - Group CFO Catherine Zych - Investor Relations Manager Jonathan Gallagher - Corporate Finance Manager

Tel: [phone]

Gulf Marine Services
Mussafah Base,
P.O. Box 46046,
Abu Dhabi,

UAE

 

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