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Gulf Marine Services PLC
('Gulf Marine Services', 'GMS', the 'Company' or the 'Group')
GMS announces today changes to the membership and composition of its Board.
Simon Batey, Senior Independent Non-Executive Director, and Chairman of the Audit and Risk Committee since 2014, will not stand for re-election at the forthcoming Annual General Meeting on 28 May 2019 and will retire from the Board.
Michael (Mike) Turner CBE, formerly CEO of BAE Systems, Chairman of GKN and Chairman of Babcock International will join the Board as Senior Independent Non-Executive Director on 1 June 2019 and will chair the Remuneration Committee.
David Blewden, currently CFO of Sunny Hill Energy, will join the Board as an Independent Non-Executive Director on 1 June 2019, and will chair the Audit and Risk Committee.
Tim Summers, Non-Executive Chairman of GMS, said:
"On behalf of the Board, I thank Simon for his counsel and guidance, as well as his service and contribution to GMS over many years and we wish him all good fortune for the future. I am delighted to welcome Mike, and David, who bring strong track records in relevant industries. Their arrival will reinforce our governance and bring fresh perspectives to the GMS Board."
There is no other information concerning Mike Turner and David Blewden that is required to be disclosed pursuant to paragraph 9.6.13 R of the Listing Rules.
- Ends -
This announcement contains inside information and is provided in accordance with the requirements of Article 17 of the EU Market Abuse Regulation.
Company Secretary (responsible for arranging the release of this announcement)
Gulf Marine Services PLC
16 May 2019
For further information please contact:
Gulf Marine Services PLC
Tel: +971 (2) 5028888
Tel: +44 (0) 1296 622736
Patrick Handley - UK
Will Medvei - UK
Tel: +44 (0) 20 7404 5959
Jade Mamarbachi - UAE
Tel: +971 (0) 50 600 3829
Notes to Editors:
Michael (Mike) Turner, CBE
Mike Turner CBE is the former Chief Executive Officer (2002 - 2008) of the aerospace and defence company BAE Systems, after having spent over 40 years at the family of companies holding various roles including, but not limited to; Chief Operating Officer, Executive Chairman, and Managing Director & Chairman of British Aerospace Regional Aircraft. Mike is also former Chairman of GKN (2012 - 2018) and Babcock International (2008 - 2019). At GKN, he also held the role of Senior Independent Non-Executive Director (2012-2019).
Mike joined Hawker Siddeley as an apprentice in 1966 and spent his whole career within the BAE Systems family. In addition to GKN and Babcock International, since 2008 Mike has sat on the boards of Barclays Bank PLC and Lazard Limited.
David Blewden is currently the CFO of Sunny Hill Energy Ltd, a UK private E&P company, and has been in that position since October 2016. He is also currently a Non-Executive Director of New Age (African Global Energy) Limited. From 2010 to 2016, David was the CFO of Sterling Resources Ltd, a TSX-V listed Canadian E&P company.
From 2006 to 2010, David held CFO positions at several start-up and private E&P companies. From 2002 to 2006 he was Head of Corporate Finance for Yukos Oil Company and from 2005 -2006 he was Non-Executive Chairman of Intelligent Energy Holdings plc. He started his career as a Petroleum Engineer at Shell and following that held various investment banking roles focussing on the oil and gas sector.
Gulf Marine Services PLC, a company listed on the London Stock Exchange, was founded in Abu Dhabi in 1977 and has become the world's leading provider of advanced self-propelled self-elevating support vessels (SESVs). The fleet serves the oil, gas and renewable energy industries from its offices in the United Arab Emirates, Saudi Arabia and the United Kingdom. The Group's assets are capable of serving clients' requirements across the globe, including those in the Middle East, South East Asia, West Africa and Europe.
The GMS fleet of 13 SESVs is amongst the youngest in the industry, with an average age of eight years. The vessels support GMS' 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 - Small, Mid-Size and Large Class - 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. In addition, an innovative well workover cantilever system commissioned on a Large Class SESV in 2017 allows GMS to increase the well intervention activities it can offer from the vessel and to supplant higher cost non-propelled drilling rigs.
Gulf Marine Services PLC's Legal Entity Identifier is 213800IGS2QE89SAJF77
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Accordingly, the actual results, operations, performance or achievements of the Company and its subsidiaries may be materially different from any future results, operations, performance or achievements expressed or implied by such forward-looking statements, due to known and unknown risks, uncertainties and other factors. Neither Gulf Marine Services PLC nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest the Company or any other entity, and must not be relied upon in any way in connection with any investment decision. All written and oral forward-looking statements attributable to the Company or to persons acting on the Company's behalf are expressly qualified in their entirety by the cautionary statements referred to above.
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