Gulf Marine Services PLC Update from the board of directors (9022E)
11 November 2020 - 6:00PM
UK Regulatory
TIDMGMS
RNS Number : 9022E
Gulf Marine Services PLC
11 November 2020
FOR IMMEDIATE RELEASE
11 November 2020
Gulf Marine Services PLC
(the "Company")
Update from the board of directors
Board and Board Committee Appointments
Further to the Company's announcement yesterday regarding
changes to the board of directors, the Company announces that the
board of directors (the "Board") have made the following
appointments:
-- Mansour Al Alami ("Mr Alami") as chairman of the board;
-- Rashad Saif Al Jarwan ("Mr. Al Jarwan") as the Senior Independent Director;
-- Audit & Risk Committee: Saeed Mer Abdulla Khoory ("Mr.
Khoory") and Mr. Al Jarwan to the Audit & Risk Committee, and
Mr. Al Jarwan as chairperson of said committee;
-- Remuneration Committee: Mr. Khoory, Mr. Al Jarwan and Mr.
Alami to the Remuneration Committee, and Mr. Khoory as chairperson
of said committee; and
-- Nomination Committee: Mr. Alami, Mr. Al Jarwan and Mr. Khoory
to the Nomination Committee, and Mr. Alami as chairperson of said
committee.
Next Steps
The Board will now commence a review of the Company's business
and operational matters including, as a matter of priority, the
Company's financing arrangements.
The Board notes that Mr. Tim Summers, while no longer a director
of the Company, continues in his role as Chief Executive Officer
for an interim period in order to enable a smooth transition and a
new Chief Executive Officer to be appointed in due course.
The Board is taking charge during a volatile period and will do
its upmost to protect the interests of all shareholders, and other
stakeholders of the Company, including the lending banks. The Board
will forthwith initiate discussions with the lending banks to reach
a workable way forward. Furthermore, the Board will work diligently
to sustain operational excellence to enhance performance and
utilisation of the Company's assets and to explore and secure new
opportunities within the Company's areas of operation. The Board
will update the market of material developments.
Enquiries:
GMS
Mansour Al Alami (Chairman) +44 (0) 20 7603 1515
Brunswick (PR Adviser to GMS)
Patrick Handley - UK +44 (0) 20 7404 5959
Will Medvei - UK
Jade Mamarbachi - UAE
+971 (0) 50 600 3829
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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END
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