Gulf Marine Services PLC Suspension of Tim Summers (0918G)
November 23 2020 - 1:00AM
UK Regulatory
TIDMGMS
RNS Number : 0918G
Gulf Marine Services PLC
23 November 2020
FOR IMMEDIATE RELEASE 23 November 2020
Gulf Marine Services PLC
('GMS', the 'Company' or the 'Group')
Suspension of Tim Summers
The Company announces that it has suspended Tim Summers from his
current role as Chief Executive Officer, pending an internal
investigation into a severance agreement between him and the
Company dated 10 November 2020, including in relation to the
payment to him of approximately GBGBP429,000 on the same date.
Pending the outcome of the investigation, the Company has
appointed the Chairman, Mansour Al Alami, as interim Executive
Chairman.
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
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.
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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