Gulf Marine Services (GMS) launched its IPO on the London Stock Exchange this morning.
The Abu Dhabi-based owner of nine self-propelled elevating offshore support vessels offered 122,735,402 Ordinary Shares at a price of 135 pence per share. The total value of the shares sold could generate gross proceeds of £98.8 million, assuming no exercise of the over-allotment option.
As of 1041 GMT, share prices were slightly below the IPO at 134.50.
Duncan Anderson, Chief Executive of GMS commented on the IPO:
“We are delighted that our initial public offering has been successful and look forward to the next phase of GMS’s growth. The increased profile and new funds will now provide the scope to exploit the market opportunity that lies before us more swiftly than would previously have been possible. We welcome our new shareholders and look forward to keeping them updated on our progress.”
“We’ve seen a major increase in demand for our jackup barges over the last five years,” commented Anderson in a statement on their website.
GMS is the largest builder and operator of self-propelled self-elevating accommodation jackup barges and is continuing to grow their fleet with three new Gusto-designed “S-class” rigs and an additional E-class rig on the way.
The S-Class will be DP2-equipped and capable of operating in depths of up to 55 meters with 800 m2 of deck space, a 150 ton main crane, a 15 ton auxiliary crane and accommodations for up to 300 people. GMS notes that this jackup will be smaller than their E-class barge pictured below:
GMS notes the new S-Class jackups will be marketed for well services contracts in the oil and gas sector as well as for offshore wind farm maintenance.