Gulf Marine Services PLC Directorate Change (7307P)
May 30 2018 - 9:27AM
UK Regulatory
TIDMGMS
RNS Number : 7307P
Gulf Marine Services PLC
30 May 2018
Gulf Marine Services PLC
('Gulf Marine Services', 'GMS', or 'the Company')
DIRECTORATE CHANGE
Gulf Marine Services today announces that Dr. Karim El Solh
(Board representative of Green Investment Commercial Investments
LLC, a GMS shareholder) has notified GMS of his intention to stand
down as a Non-Executive Director of the Company with effect from 31
May 2018. He was appointed as a Non-Executive Director on 27
February 2014.
The shareholding of Green Investment Commercial Investments LLC
(a subsidiary of Gulf Capital PJSC) has now fallen below 10 per
cent, the threshold under a relationship agreement previously held
with the Company which entitled it to have a Board
representative.
Simon Heale, Chairman of the Board of Directors, GMS, said:
"The Board would like to express its gratitude to Dr. Karim for
his valuable contribution to GMS and wish him well for the
future."
- Ends -
This announcement contains inside information.
John Brown
Company Secretary (responsible for arranging the release of this
announcement)
Gulf Marine Services PLC
30 May 2018
Enquiries
For further information please contact:
Gulf Marine Services
PLC Brunswick
Duncan Anderson Patrick Handley -
John Brown UK
Tel: +971 (2) 5028888 Will Medvei - UK
Anne Toomey Tel: +44 (0) 20 7404
Tel: +44 (0) 1296 5959
622736 Jade Mamarbachi -
UAE
Tel: +971 (0) 50 600
3829
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 the
world's 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
and Europe.
The GMS core fleet of 13 SESVs is amongst the youngest in the
industry, with an average age of seven years. The 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), 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 - Large, Mid-Size and Small
Class - with these operating in water depths of 80m, 55m and 45m
respectively. 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. In addition, an innovative well workover cantilever system
commissioned on a Large Class SESV in 2017 allows GMS to increase
the well intervention activities carried out from the vessel and to
supplant higher cost non-propelled drilling rigs.
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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