Gulf Marine Services PLC Banking Update (3255Y)
31 December 2019 - 6:00PM
UK Regulatory
TIDMGMS
RNS Number : 3255Y
Gulf Marine Services PLC
31 December 2019
31 December 2019
Gulf Marine Services PLC
('Gulf Marine Services', 'GMS', 'the Company' or 'the
Group')
Banking Update
GMS has today signed an extension to the agreement relating to
the covenants to be tested with reference to its 30(th) June 2019
half year financial results. The extension will sustain the
Company's rollover of its existing US$ 25 million working capital
facility, as well as access to bonding facilities to underpin
liquidity and support commercial growth, in each case until the end
of January 2020.
The Group continues in constructive dialogue with its lenders on
a long-term solution to its capital structure. The focus is to
agree an amendment and extension to existing facilities; the term
loan, the working capital facility and the performance bond
facility. This will restructure the profile of the Group's future
loan repayments, as well as provide continued access to working
capital and performance bond facilities.
Tim Summers, Executive Chairman, said:
"This extension to our existing agreement is a necessary
procedural step as we move forward in discussions with our lending
banks."
This announcement contains inside information and is provided in
accordance with the requirements of Article 17 of the EU Market
Abuse Regulation.
Steve Kersley
Chief Financial Officer (responsible for arranging the release
of this announcement)
Gulf Marine Services PLC
31 December 2019
Enquiries
For further information please contact:
Brunswick
Gulf Marine Services Patrick Handley - UK
PLC Will Medvei - UK
Tim Summers Tel: +44 (0) 20 7404 5959
Executive Chairman Jade Mamarbachi - UAE
Tony Hunter Tel: +971 (0) 50 600 3829
Company Secretary
Tel: +44 (0) 207 603
1515
Anne Toomey
Investor Relations
Tel: +44 (0) 1296 622736
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 the United Kingdom. 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.
Gulf Marine Services PLC's Legal Entity Identifier is
213800IGS2QE89SAJF77
www.gmsuae.com
Disclaimer
The content of the Gulf Marine Services PLC website should not
be considered to form a part of or be incorporated into this
announcement.
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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