Banks Close to Hiring Adviser for Debt Talks with Abu Dhabi’s Gulf Marine Services – Sources

By Davide Barbuscia and Hadeel Al Sayegh DUBAI, Aug 27 (Reuters) - Creditors of Abu Dhabi-based Gulf Marine Services (GMS) are close to hiring an adviser to help them renegotiate debt terms, two sources familiar with the matter said. London-listed GMS, which provides support vessels for offshore oil and gas and other energy installations, has been hurt by a downturn in the … [Read more...]

Gulf Marine Bucks Trend to Boost Profit Amid Lower Crude Prices

BY Firat Kayakiran (Bloomberg) -- Gulf Marine Services increased full-year profit after a decline in crude prices boosted demand for its low-cost support vessels for offshore oil production. It costs $40,000 to $50,000 a day to charter the vessels the Abu Dhabi-based company builds at its own shipyard in the emirate, Chief Executive Officer Duncan Anderson said in an … [Read more...]

Gulf Marine Pays First Dividend as Demand Boosts Profit

By Anna Hirtenstein Aug. 28 (Bloomberg) -- Gulf Marine Services, a provider of support vessels for offshore oil exploration, is to pay its first dividend after interim profit rose amid strong demand. Net income rose 3 percent to $33.1 million in the six months to June 30, the Abu Dhabi-based company said in a statement. Sales climbed 5 percent to $90.7 million. The … [Read more...]

Gulf Marine Services IPOs in London

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 … [Read more...]