Seafox Drops Takeover Pursuit of GMS
Dutch jack-up services company Seafox has ended its pursuit to acquire rival Gulf Marine Services.After it in April floated an idea about the possible takeover of GMS, the GMS board rejected the plan deeming the move opportunistic, valuing the company's equity "at only US$32 million," and urging its shareholders not to accept it.Seafox has previously said that its offer, if made firm, would be 10 pence per GMS share (or $0.09 per share if higher).GMS said last Thursday it had received letters…
GMS Fleet Utilization at 2015 High as More Middle East Work Secured
Gulf Marine Services PLC (GMS), a UAE-bases supplier of offshore jack-up service units, has won a seven-month contract for one of its E-Class (large) vessels, and an extension for a smaller unit.Under the 7-month contract which also includes extension options, GMS will provide support for offshore activities on behalf of a Middle East client, the company said Tuesday.The vessel will be mobilized for the start of operations during the summer of 2020. GMS has also secured a two-month contract extension of a K Class (small) vessel, also for a Middle Eastern-based client.
GMS Rejects Seafox Proposal Again
Gulf Marine Services (GMS), a UAE-based owner of a fleet of jack-up service units for the offshore energy industry, has again rejected Seafox's takeover proposal and has urged its shareholders to do the same.Seafox, the Dutch owner of a fleet of offshore jack-up service vessels, late in April made a non-binding proposal to take over the UAE-based jack-up specialist GMS. Both companies provide offshore service support jack-up units for hook-up and commissioning in the oil & gas and offshore wind industries.The proposal was for a possible cash offer for GMS at a value of US$0.09 per GMS ordinary share.
Abu Dhabi's Gulf Marine Services Reaches Debt Restructuring Deal
Abu Dhabi-based Gulf Marine Services (GMS) said on Tuesday it had reached an agreement with its syndicate of banks to restructure its debt that will help it weather the coronavirus crisis.London-listed GMS provides support vessels for offshore oil and gas and other energy installations. It has been hurt by a downturn in the oil and gas services industry triggered by a prolonged slide in oil prices that has turned into a deep slump since the coronavirus crisis destroyed demand and a production…
Gulf Marine CEO Quits in wake of Profit Warning
Gulf Marine Services said on Wednesday Chief Executive Officer Duncan Anderson has resigned as the oilfield industry contractor warned a reassessment of its ships and contracts showed profit would fall this year, kicking its shares 12% down.The Abu Dhabi-based offshore services specialist said a review by new finance chief Stephen Kersley of its large E-class vessels operating in Northwest Europe and the Middle East pointed to 2019 core earnings of between $45 million and $48 million, below $58 million that it reported last year.A source familiar with the matter told Reuters that Anderson…
Gulf Marine Services Bags New Contract
UAE-based Gulf Marine Services (GMS), a provider of self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, said it secured a new contract for one of its Small Class vessels.The new charter is for 12 months (including options) and is scheduled to commence shortly. The vessel will be supporting well intervention activities for a national oil company (NOC) in the MENA region.Duncan Anderson, Chief Executive Officer of GMS, said: "This new award…
Gulf Marine Services Bags MENA Contract
Vessels provider to the oil & gas industry Gulf Marine Services (GMS) said that it was awarded three long-term contracts in the Middle East and North Africa (MENA) region.The provider of advanced self-propelled self-elevating support vessels said in a press release that the new charters, which are subject to the completion of legal documentation and finalisation of the vessel delivery schedule, are for one Small Class and two Mid-Size Class SESVs and are currently expected to commence in Q4 2018/Q1 2019.
Cathelco Supply Equipment for Four Jackups
Cathelco said it is supplying marine growth prevention systems (MGPS) for four jackup barges owned by Gulf Marine Services, the world's largest operator of self-propelled, self-elevating support vessels. The systems will protect the barges against blockages in pipework caused by the growth of barnacles and mussels which can impair the efficiency of engine cooling systems and ancillary equipment. The systems will be installed over the coming months when the Kikuyu, Kawawa, Kudeta and Keloa return to the GMS yard in Abu Dhabi for scheduled maintenance work.
Completed GMS Scirocco Gets first Contract
Gulf Marine Services the provider of advanced self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, informed that the newly-built GMS Scirocco has been completed ahead of schedule and under budget and has been awarded its first contract. The vessel will commence a four-month contract (three months firm with a one-month option) in October for an engineering, procurement and construction contractor working for a MENA-based national oil company, with day rates in line with those previously indicated for the region.
GMS plans $400 mln Capex to 2016; Eyes Asia, West Africa
SE Asia, W Africa expansion in 2015 - CEO; plans $400 mln capex on six new vessels by 2016. CEO expects revenues to double in two years; business levels in 2014 in line with expectations. Oil services firm Gulf Marine Services plans to spend around $400 million up to 2016 and expand into south-east Asia and west Africa next year to tap strong demand for its vessels, its chief executive said on Thursday. The Abu Dhabi-based firm, which debuted on the London Stock Exchange in March, is among the…
