Gulf Marine Services PLC ('GMS' or the 'Company') announces that it yesterday received a letter from the agent on behalf of all six lenders (the 'Bank Letter') in relation to the votes of Seafox International Limited ('Seafox'), Mazrui Investments LLC ('Mazrui'), and Horizon Energy LLC ('Horizon') at the Company's recent annual general meeting.

The Bank Letter rejects the statements made by Seafox on 13 July 2020 with regards to the common terms agreement announced by the Company on 10 June 2020, and expresses the lenders' concern that Seafox is 'publicly disseminating a view which the lenders and the Company do not share at this critical juncture.'

The common terms agreement was thoroughly discussed, heavily negotiated and agreed in good faith by all parties. Under the agreement, GMS's lenders have committed to provide additional funding to the Company, to assist management in delivering the agreed business plan and the associated working capital needs, to the benefit of all stakeholders. Both the Board and the lenders remain committed to its terms. As set out in the Bank Letter, the lenders' expectation that the Company will continue to perform its obligations under the common terms agreement will continue regardless of the composition of the Company's Board of Directors or the appointment of new Directors.

Tim Summers, Executive Chairman, said: 'The revised debt structure agreed with our banks in June provides a platform for GMS to sustain its upward trajectory and continue to drive growth as oil and gas markets stabilize. GMS's Board and its banks are fully aligned in ensuring that the financial foundation of the business remains stable and robust, which is essential for the future success of the Company. The Board's commitment to creating value for all stakeholders is unwavering.'

Contact:

Jade Mamarbachi

Tel: +44 (0) 20 7404 5959

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. 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.

ABOUT GMS

GMS, 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 and Saudi Arabia. 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, 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).

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 of the Group's clients.

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