Seafox tests waters around Gulf Marine Services

Dutch jack-up owner and operator Seafox has placed an unsolicited and non-binding proposal to acquire the Gulf Marine Services PLC (GMS).

Seafox made a possible cash offer for the entire issued and to be issued share capital of GMS by a wholly-owned subsidiary of Seafox, at a value of USD 0.09 per GMS ordinary share.

The offer was made ‘in light of recent trading and share price volatility in relation to GMS‘…” , the UAE-based company said.

The Board of GMS is currently reviewing the offer with its financial advisers.

Seafox has until 28 May to announce a firm attention to make an offer for GMS.

GMS has completely overhauled its Board and management team, made material reductions in its cost base, and at the same time delivered significant new contract wins, the company said.

Agreement in principle has also been reached with lenders on the key terms of the restructuring of its bank debt, which will provide a firm platform to move the business forward through 2020 and beyond. The Board of GMS remains fully confident in the future success of the business. At present, shareholders are advised to take no action, GMS said.

Established in Abu Dhabi in 1977, GMS currently owns and operates a fleet of 13 self-elevating support vessels (SESVs) active in the oil, gas, and the renewable energy industries. The company is listed on the London Stock Exchange.

Seafox owns and exclusively manages eleven self-elevating jack-up units.