Business
TRADING UPDATE
TRADING UPDATE.
About this update from Gulf Marine Services Plc
[{"type":"text","content":"\n \nRNS Number : 2222A Gulf Marine Services PLC 28 May 2019 \n\n \n28 May 2019\nGulf Marine Services PLC\n('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')\n \nTRADING UPDATE \n \nGulf Marine Services (LSE: GMS), the leading provider of advanced self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, provides the following update for the period 1 January 2019 to 27 May 2019, ahead of its Annual General Meeting today.\n \nAs reported in March, the Group is implementing a comprehensive plan to address its governance, operational and capital structure challenges. \n \nSteps have been taken to strengthen the Board with the announcement of five new appointments. Independent Non-Executive Chairman Tim Summers joined the Board on 1 April 2019 and Non-Executive Director Mo Bississo joined on 1 March 2019. Senior Independent Non-Executive Director Mike Turner CBE and Independent Non-Executive Director David Blewden will both join GMS on 1 June 2019. In addition, the Group recently announced the appointment of Chief Financial Officer Steve Kersley with effect from 9 June 2019. Mr Kersley will be based in Abu Dhabi and will also join the Board as an Executive Director, after which the Board will comprise seven members including Chief Executive Officer Duncan Anderson and Independent Non-Executive Director Dr Shona Grant. \n \nCost savings across the business are being made, and GMS is on track to deliver the US$ 6 million target of annualised savings by 2020. The Group continues to engage in a constructive dialogue with its banking syndicate to deliver a refinancing solution that establishes an appropriate long-term sustainable capital structure. \n \nOperationally, the Group is pleased to announce a three-year contract award for one of its K-Class vessels in the MENA region. In addition, a six-month extension has been exercised for an S-Class vessel, and a further four-month extension for a K-Class vessel. The secured backlog1 (comprising firm and extension options) is US$ 218.8 million as at 27 May 2019 (1 March 2019: US$ 239.2 million). \n \nCustomer enquiries are strengthening in the Middle East, with opportunities for the GMS fleet ...