The Board of Gulf Marine Services PLC ('GMS' or the 'Company') confirms it has received, on 12 May 2020, an updated letter from Faisal Juma Khalfan Belhoul Alfalasi of Ithmar Capital Partners, covering an additional 2,290,000 GMS shares (0.65 per cent. of GMS issued share capital).

As a result, GMS has now received letters from 13 GMS shareholders who collectively hold 39.44 per cent. of the Company's issued share capital, indicating that they are fully supportive of: GMS and its management; The terms of the proposed amend and extend transaction (the 'A&E Transaction') which have been publicly disclosed and agreed in principle with GMS's lenders and The Company's intention to raise equity to strengthen its balance sheet.

All such shareholders have indicated that they have no current intention to accept any offer on the terms of the current Seafox proposal, being 10 pence per share (or $0.09 if higher).

Contact:

Tim Summers

Tel: +44 (0) 207 603 1515

PUBLICATION ON WEBSITE

In accordance with Rule 26.1 of the Code, a copy of this announcement will, subject to certain restrictions relating to persons resident in restricted jurisdictions, be available at www.gmsuae.com/offer by no later than 12 noon (London time) on the business day following the date of this announcement. For the avoidance of doubt, the content of the website referred to above is not incorporated into and does not form part of this announcement.

FURTHER INFORMATION

Merrill Lynch International ('BofA Securities'), which is authorised by the PRA and regulated by the FCA and the PRA in the United Kingdom, is acting exclusively as corporate broker for GMS and for no one else and will not be responsible to anyone other than GMS for providing the protections afforded to its clients or for providing advice in relation to the matters referred to in this announcement.

Investec Bank plc ('Investec'), which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for GMS and no one else in relation to the Transaction and/or other matters set out in this announcement and will not be responsible to anyone other than GMS for providing the protections afforded to the clients of Investec, or for providing advice in relation to this announcement, the contents of this announcement or any matter referred to herein.

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, Saudi Arabia and the United Kingdom. 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.

The Company's Legal Entity Identifier is 213800IGS2QE89SAJF77.

The letters of intent given by the above GMS shareholders confirm that they have no current intention of accepting an offer of 10 pence per share (or $0.09 if higher) as set out in the Seafox's announcement dated 5 May 2020.

These letters of intent are not legally binding and do not constitute an irrevocable undertaking.

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