Business
Decrease in Financing Charges
Decrease in Financing Charges.
About this update from Gulf Marine Services Plc
[{"type":"text","content":"\n\n \nJuly 18th, 2023\n \n \n \nGulf Marine Services PLC\n('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')\n \nLower Financing Charges\n \n \nGulf Marine Services (GMS), a renowned provider of self-propelled and self-elevating support vessels for the offshore oil, gas, and renewables sectors, is delighted to announce that PIK has stopped to accrue as of the second quarter, as a result of net leverage dropping below 4:1.\n \nThis means that moving forward, the cost of funds will decrease by 340 bps.\n \n \nMansour Al Alami, GMS Executive Chairman, expressed his enthusiasm for reaching this milestone, stating:\n \n\"We are delighted to make this announcement that confirms that our continuous commitment to deleverage is successful in moving value from lenders to shareholders. Reaching this milestone will enable us to better face all other challenges while continuing our deleveraging journey.\"\n \nFor further inquiries or information, please do not hesitate to contact us.\n \n-ENDS-\n \n \n\n\n\nEnquiries:\n\nGulf Marine Services PLC\nMansour Al Alami\nExecutive Chairman\n\n\n\nTel: +44 (0)20 7603 1515\n\n\n\n\nCelicourt Communications\nMark Antelme\nPhilip Dennis\n\n\nTel: +44 (0) 208 434 2643\n\n\n\n \nNotes to Editors:\n\nGulf Marine Services PLC, a company listed on the London Stock Exchange, was founded in Abu Dhabi in 1977 and has become a world 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 Qatar. The Group's assets are capable of serving clients' requirements across the globe, including those in the Middle East, South East Asia, West Africa, North America, the Gulf of Mexico and Europe.\n\nThe 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).\n \nThe SESV...