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...]

Gulf Marine Services Seeks to Raise $100 Million From London IPO

Feb. 17 (Bloomberg) -- Gulf Marine Services Plc, an Abu Dhabi-based operator of support vessels for the oil and gas industry, plans to raise $100 million from an initial public offering on the London Stock Exchange as it seeks to expand. The company will use funds from the United Arab Emirates’ first IPO of the year to buy a Keloa vessel for $37.5 million, pay about $20 … [Read more...]