The Board of
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
Contact:
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 (
FURTHER INFORMATION
ABOUT GMS
GMS, a company listed on the
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
These letters of intent are not legally binding and do not constitute an irrevocable undertaking.
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