Resignations of Joint Brokers
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FOR IMMEDIATE RELEASE |
10 November 2020 |
Gulf Marine Services PLC
('GMS' or the 'Company')
Resignations of BofA Securities and Canaccord Genuity as Joint Brokers
The Company has been notified that, conditional on the resolutions proposed by Seafox International Limited (as set out in the circular dated 13 October 2020) (the "Resolutions") being passed at the Company's General Meeting to be held today, and the consequential board changes are effected, BofA Securities and Canaccord Genuity Limited are resigning as joint brokers to the Company effective as of conclusion of the General Meeting and confirmation of the Resolutions being duly passed.
Ends
Enquiries:
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GMS Tim Summers, Executive Chairman Tony Hunter, Company Secretary
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+44 (0) 207 603 1515
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Brunswick (PR Adviser to GMS) Patrick Handley - UK Will Medvei - UK Jade Mamarbachi - UAE
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+44 (0) 20 7404 5959 +971 (0) 50 600 3829
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MAR
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.
The person responsible for arranging for the release of this announcement on behalf of GMS is Tony Hunter, Company Secretary.
ABOUT GMS
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.
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