Seafox questions GMS’ management record

Gulf Marine Services has responded to a statement by Seafox International.

Offshore staff

ABU DHABI, UAEGulf Marine Services, a provider of self-propelled self-elevating support vessels (SESVs) to the offshore and renewable markets, has responded to a statement by Seafox International.

Earlier this year, Seafox, based in Hoofddorp, the Netherlands, became a shareholder in GMS, requesting an overhaul to the company’s board, further cost cutting, new board members, and a long-term solution to GMS’ capital structure.

Last Friday Seafox highlighted various other concerns: GMS has countered that in the board’s opinion, the statement contains numerous inaccuracies, displays a lack of understanding of GMS’ business and contains nothing to suggest that the nominees would support the company’s governance.

One of Seafox’s holdings is in MOS Superholdings, which owns two self-propelled vessels that compete with GMS. However, the company claimed that it had no intention of merging any of its portfolio companies into GMS.

In January, GMS announced the start of the first of three new five-year charter awards in the Middle East North Africa region. A Small Class vessel and a Mid-Size Class vessel will start their charters early in 2Q and in mid-3Q 2019, respectively.

03/04/2019

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