Proposed Purchase of Shares

14 January 2019

Seafox International Limited ('Seafox'), a leading global offshore jack-up company providing services to support the oil & gas and renewable industries, today announces that it intends to acquire at least 47,054,097 shares representing 13.45% of the total share capital of Gulf Marine Services Plc ('GMS') at a price of 18 pence per share. Seafox hoped to acquire up to 25% of the total share capital of GMS and intended to reach the current intended shareholding level by purchasing shares from a number of existing shareholders. Seafox confirms it will not proceed with this purchase if it is unable to reach the intended shareholding level.

Following completion of this purchase, Seafox confirms it will not purchase any shares (other than from GMS itself) above 18 pence per share for a period of 60 days.

GMS is a leading provider of advanced self-propelled self-elevating support vessels (SESVs) that serves clients in the oil & gas and renewable energy industries across the globe, including those in the Middle East, South East Asia, West Africa and Europe.

In its Trading Update released on 19 December 2018, GMS noted the delay in signing of recently awarded contracts, uncertain trading conditions and anticipated breach of certain banking covenants at the end of 2018. GMS said it has commenced discussions with its banking syndicate to address the expected covenant breach with the aim of establishing an appropriate long-term capital structure for the business.

Seafox has been seeking new investment opportunities to deepen its capabilities globally. In light of the recent developments at GMS, Seafox has decided to build a strategic shareholding in GMS and will seek that the GMS board includes investor representation.

Seafox has not had any discussions with the GMS Board in relation to its acquisition of the shares in the GMS.

In connection with Rule 2.8 of the Takeover Code (the 'Code'), Seafox also announces that it does not intend to make an offer for GMS.

Contacts

Seafox International Ltd

Erlend Johnston +971 4 394 8668

Numis Securities Ltd (broker to Seafox)

Ben Stoop +44 (0)20 7260 1000

Tom Ballard

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Gulf Marine Services plc published this content on 14 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 January 2019 10:03:07 UTC