REG - Gulf Marine Services - Issue of Warrants

Gulf Marine ServicesAnnouncement

03/01/2023 07:00

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RNS Number : 4041L  Gulf Marine Services PLC  03 January 2023

 

January 3, 2023

 

 

 

Gulf Marine Services PLC

("Gulf Marine Services", "GMS"," The Company" or "the Group")

 

 

Warrant Issuance

 

 

As previously reported, the Company was obliged to issue warrants ("Warrants")
to the Company's consortium of lending banks ("Lenders") by 2 January 2023
pursuant to the terms of the 2021 common terms agreement ("CTA"), in the
absence of the Company raising at least U.S.$50 million in new equity by 31
December 2022.

 

In accordance with the terms of the CTA, the Company issued the Warrants to
the Lenders on 2 January 2023.

 

In advance of the issuance of the Warrants, the calculation agent redetermined
the final exercise price of the Warrants and the total number of ordinary
shares that would be issued to the Lenders if all of the Warrants were
exercised.

 

Pursuant to the recalculations provided by the calculation agent, the
Warrants, if fully exercised, would entitle the Lenders to subscribe for
137,075,773 ordinary shares of 2 pence each in the capital of the Company at
an exercise price of £0.0575 per share.  The Warrants are exercisable by the
Lenders at any time until 30 June 2025.  The aforementioned figures replace
the figures referred to in the RNS Announcement dated 14 December 2022.

 

 

-ENDS-

 

Enquiries:

 

Gulf Marine Services PLC Tel: +44 (0)20 7603 1515

Mansour Al Alami

Executive Chairman

 

Celicourt Communications Tel: +44 (0) 208 434 2643

Mark Antelme

Philip Dennis

 

 

Notes to Editors:

 

Gulf 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. The GMS fleet of 13 SESVs is amongst the youngest in the industry.
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).

 

The SESVs are categorised by size ‐ K‐Class (Small), S‐Class (Mid) and
E‐Class (Large) ‐ 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 ofthe Group's clients.

 

Gulf Marine Services PLC's Legal Entity Identifier is 213800IGS2QE89SAJF77

www.gmsplc.com

 

Disclaimer

The content of the Gulf Marine Services PLC website should not be considered
to form a part of or be incorporated into this announcement.

 

Cautionary Statement

This announcement includes statements that are forward‐looking in nature.
All statements other than statements of historical fact are capable of
interpretation as forward‐looking statements. These statements may
generally, but not always, be identified by the use of words such as 'will',
'should', 'could', 'estimate', 'goals', 'outlook', 'probably', 'project',
'risks', 'schedule', 'seek', 'target', 'expects', 'is expected to', 'aims',
'may', 'objective', 'is likely to','intends', 'believes', 'anticipates',
'plans', 'we see' or similar expressions. By their nature these
forward‐looking statements involve numerous assumptions, risks and
uncertainties, both general and specific, as they relate to events and depend
on circumstances that might occur in the future. 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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