Gulf Marine Services - Seafox, Horizon and Mazrui vote for Board changes
FOR IMMEDIATE RELEASE
Gulf Marine Services PLC
('GMS' or the 'Company')
Seafox, Horizon and Mazrui vote for Board changes
GMS announces today that Seafox International Limited ("Seafox"), Horizon Energy LLC ("Horizon") and Mazrui Investments LLC ("Mazrui") have submitted their intention to vote by proxy, collectively, 170,575,984 of the Company's shares (the "Shares"), or 48.67 per cent. of the Shares, at the Requisitioned General Meeting (as defined below) in favour of all the Seafox Resolutions (as defined below). Based on the votes by proxy that the Company has received, if Seafox, Horizon and Mazrui do not change their votes prior to the Requisitioned General Meeting, the Company expects that the Seafox Resolutions will each duly pass.
If the Seafox Resolutions pass, the following will occur with immediate effect:
The Board encourages all shareholders to review the Circular and vote AGAINST the Seafox Resolutions, which if passed would result in the Board being constituted, solely, of the three Seafox nominees.
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+44 (0) 207 603 1515
Brunswick (PR Adviser to GMS)
Will Medvei -
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+44 (0) 20 7404 5959
+971 (0) 50 600 3829
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.
The person responsible for arranging for the release of this announcement on behalf of GMS is
GMS, a company listed on the London Stock Exchange, was founded in
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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