News Column

Gulf Marine Services PLC - Announcement of Intention to Float on the London Stock Exchange

February 18, 2014



ENP Newswire - 18 February 2014

Release date- 17022014 - Gulf Marine Services PLC, operator of one of the largest independent self propelled Self Elevated Support Vessel fleets globally with a focus on the MENA region and Northwest Europe, today announces its intention to proceed with an initial public offering.

GMS intends to apply for admission of its ordinary shares to the premium segment of the Official List of the UK Listing Authority and to trading on the main market of the London Stock Exchange.

GMS operates a core fleet of nine SESVs which are four-legged self-propelled vessels with a large deck space, crane capacity and accommodation facilities that can be adapted to the requirements of the Company's clients. These 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) and offshore oil and gas platform installation and offshore wind turbine installation (which are Capex-led activities).

GMS charters its SESVs to a high quality client base of leading national and international oil companies and broader oil and gas services companies in the MENA region and in Northwest Europe. In Northwest Europe, GMS also charters SESVs to leading offshore renewable energy companies and installation contractors to support the construction and maintenance of windfarms. GMS has been operating since 1977 and was acquired by its current shareholders in 2007.

GMS's fleet of SESVs is technically advanced and amongst the youngest in the industry, with an average age of nine years compared to 16 years for its peers1. GMS believes that the flexibility and efficiency of GMS's vessels maximises productive time for clients and allows a premium day rate to be secured. GMS's SESVs are self-propelled, without the need for tug support and anchor handling and can be mobilised more swiftly than non-propelled and three-legged jackup barges.

The Company owns seven of its SESVs and currently leases two SESVs (with options to buy). GMS's fleet is categorized by size into Large vessels and Small vessels with a third class, the Mid-Size vessel, to be added in 2015.

The Company services a blue-chip client base through long-term contracts, with an average current contract duration of 2.8 years as at 31 December 2013, including client options to extend, and with an average utilisation of 90% from 2008-2013. The Company has a current order book of U.S.$434 million including options to extend. Since 2007, clients have exercised extension options at a rate of approximately 89%, which provides high revenue visibility.

The Company believes that the demand in its areas of operations for its vessels is increasing materially and that this represents a significant opportunity for the business to continue to grow. GMS therefore plans to add up to a further six vessels to its fleet over the next three years as the Company continues to target long term client contracts and to pursue strategies to expand its market positions.

Business Highlights

A technologically advanced fleet of modern four-legged self-propelled SESVs operated by highly skilled employees.

Core fleet of nine SESVs with a further six planned for delivery between now and H1 2016.

GMS's Small vessels comprise the K-Class SESVs (seven vessels in the fleet) and are the backbone of the fleet, designed to operate in the MENA region at water depths of up to 45 metres. GMS plans to add a further vessel to the Small vessel fleet, which will have water depth capability of 45 metres together with enhanced capabilities, including a larger deck than GMS' current Small vessels and an extra engine to give higher power and propulsion redundancy. Delivery of this vessel is scheduled for May 2015.

GMS's Large vessels comprise the E-Class SESVs (two vessels in the fleet) which were introduced into service in 2010 and 2011, and are a larger vessel that was designed and outfitted by GMS. The E-Class vessels are the flagships of the fleet and are designed to operate in harsh weather environments and in water depths of up to 80 metres. A new E Class vessel is currently under construction by GMS and scheduled for delivery in Q4 2014 with a further vessel planned for delivery in H1 2016.

The Company has also designed a new Mid-Size vessel, the S-Class. The S-Class vessel is a smaller version of the E-Class vessels and is designed to operate in harsh weather environments and in water depths of up to 55 metres. GMS plans to build three S-Class vessels with the first scheduled to be delivered in Q2 2015. The Company has commenced construction on two of these vessels and will look to commence construction on the third in late 2014.

Attractive outlook for increased demand for GMS vessels, predominantly driven by their premium capabilities as well as market growth underpinned by the need to maintain ageing oil and gas infrastructure and increasing use of enhanced oil recovery techniques to offset declining production profiles.

Average age of nine years for existing fleet relative to industry average of 16 years.

GMS believes the technological capabilities of its SESVs, as well as their flexibility, deliver greater operational efficiencies than older SESVs or alternative vessels, providing significant time and cost savings for clients, and supporting high utilisation and premium day rates.

Demand for SESVs expected to grow and GMS intends to add six further SESVs between now and H1 2016 across the Large, Mid-Size and Small categories in order to satisfy this anticipated demand.

Majority of SESV activity is driven by well intervention and maintenance and refurbishment of oil and gas platform top-sides.

64% of oil and gas platforms in the Middle East and North Africa and Northwest Europe are 20 years or older, requiring maintenance and/or upgrades.

Increasing use of enhanced oil recovery techniques using well intervention activities to offset declining production profiles.

Furthermore GMS intends to expand its areas of operations to include West Africa and Southeast Asia where the Company believes there will be demand for its SESVs.

Future demand expected from offshore wind turbine maintenance activities.

Revenue visibility from a contract backlog, with high quality long-term clients.

Average contract length as at 31 December 2013 of 2.8 years, including options to extend.

Contracts typically last between six months and five years.

U.S.$434 million revenue backlog at 31 December 2013 including U.S.$205 million which relates to option extensions. Since 2007 c.89% of contract extension options have been exercised.

Total backlog has an average contract duration of approximately 2.2 years, including client options to extend.

Integrated business model provides a capital cost and flexibility advantage.

Construction capability comprises a core highly skilled and experienced technical management team of 15 as well as a 34,820m2 quayside fabrication and construction yard in Abu Dhabi, allowing up to three vessels to be under construction or modification at any given time.

Seven of the Company's current SESVs were constructed at the facility.

Integrated business model has allowed the Company to construct new SESVs for less than in a third party ship yard and with greater build flexibility.

GMS's facility allows modifications requested by clients and new vessel construction to be tailored to GMS's timing requirements as opposed to a third party yard schedule.

High Health, Safety and Environmental Industry Standards.

Operational for two consecutive years without an LTI (2011 and 2012) and a safety record that has been superior to the industry average since 2007.

Commitment to developing, nurturing and sustaining a culture that targets 'no harm to people or the environment'.

HSE record and Safety Case is a key component in the contract tendering requirements of clients.

A successful Financial and Operational Model.

Revenues grown from U.S.$106.9 million in 2011 to U.S.$184.3 million in 2013, representing a CAGR of 31.3%.

Adjusted EBITDA grown at a CAGR of 33.9% from 2011 to 2013.

Strong Adjusted EBITDA margins in the order of 66% from 2011 to 2013.

Fleet grown from four to nine SESVs in 2008 to 2013 period including the addition of the newer and more advanced Large vessels.

High profitability and cash conversion ratio (approximately 90%).

Investment decisions for new SESVs based on meeting a ROIC target of at least 20% and payback within five years.

Prudent approach to borrowing with target leverage not to exceed 3x (Net Debt to LTM Adjusted EBITDA) even during initial peak capital expenditure periods.

From 2014 onwards, the Company intends, subject to available distributable profits and shareholder approval, to pay annual dividends based on an initial targeted payout ratio of 10 per cent. of the Company's consolidated post-tax profit from its ongoing business.

A highly qualified, internationally experienced and committed management team with a proven track record of growing the business and creating value.

Management team has combined experience of over 125 years in the marine services sector.

The current senior management team of GMS has delivered the successful expansion of the business, including the development and construction of two Large vessels and the development of the Mid-Size vessel.

GMS's current senior management team has broadened the client base and has overseen the entry into new markets namely, Northwest Europe and Saudi Arabia.

In addition, the current senior management team has consistently delivered Adjusted EBITDA growth since its appointment.

Highlights of the Global Offer

Intention to list on the premium segment of the Official List and it is expected that following listing the Company will become eligible for inclusion in the FTSE UK indices.

The Company's net proceeds from the issue of New Shares pursuant to the Offer are expected to be U.S.$100 million, and are intended to be used to purchase the Keloa (a Small vessel currently leased by GMS, which GMS has the option to purchase) for U.S.$37.5 million and to repay circa.

U.S.$20 million in existing shareholder loans, which represents all shareholder loans currently outstanding. The remaining net proceeds will be used, together with existing committed bank facilities and cash generated from operations, to fund GMS's new-build programme.

Gulf Capital, one of the leading alternative asset management firms in the Middle East, through its subsidiaries, Green Investment Commercial Investments LLC and Ocean Investments Trading LLC, Horizon Energy LLC and Al Ain Capital LLC (together, the 'Selling Shareholders') are each expected to sell a proportion of their shareholding in the Offer.

Duncan Anderson, Chief Executive Officer of GMS, said: 'We continue to deliver on our strategy of providing our clients with the most efficient and flexible SESVs in our target regions. With our focus on long-term client contracts and high utilisation, we have delivered consistent EBITDA growth since 2007. Our vessels are in high demand by our clients and we believe demand for our vessels, and for the SESV market as a whole, will continue to increase significantly over the rest of the decade. This gives us confidence to proceed with the planned expansion of our fleet which the net proceeds of the IPO will help to accelerate.'

In connection with the Offer, BofA Merrill Lynch and Barclays Bank PLC are Joint Global Co-ordinators, Joint Bookrunners and Joint Sponsors, J.P. Morgan Cazenove is Joint Bookrunner and Abu Dhabi Commercial Bank PJSC and Abu Dhabi Islamic Bank PJSC are Co-Lead Managers. Rothschild is acting as financial adviser to the Company. Full details of the Offer will be included in the Prospectus, expected to be published in due course.

Contact:

GMS

Duncan Anderson

John Brown

Tel: +971 2 502 8888

Barclays Bank PLC

Makram Azar

Mark Astaire

Alex de Souza

Bertie Whitehead

Tel: +44 (0)20 7623 2323

Notes to Editors

Key strengths of GMS

A technologically advanced fleet of modern self-propelled SESVs operated by highly skilled employees.

GMS's self-propelled four-legged SESV fleet is among the most modern and sophisticated in the industry.

Fleet of nine vessels with further six planned new SESVs for delivery between now and 2016, across the Company's Large, Mid-Size and Small categories.

GMS's Small vessels comprise the K-Class SESVs (seven vessels in the fleet), which are the backbone of the fleet and are designed to operate in the MENA region at water depths of up to 45 metres. The Small vessels are well suited to the Arabian Gulf market and have an operational track record spanning decades. The average age of the Small vessels operated by GMS is ten years (seven years, if the oldest vessel, Naashi, is excluded).

The Small vessels can travel at four knots, have the capability to accommodate 150 people (which can be expanded to 300), have a crane capacity of 36-45 tonnes and have a 650m2 deck area. In addition, GMS has signed a finance lease in respect of a bareboat charter for an enhanced Small vessel, which will have water depth capability of 45 meters and a larger deck than GMS' current Small vessels, with delivery expected in May 2015.

The Company's Large vessel category comprises the E-Class SESVs (two vessels in the fleet).

The Large vessels are larger vessels that were designed and constructed by GMS and introduced into service from 2010. The Large vessel is the flagship of the fleet and is designed to operate in harsh weather environments and in water depths of up to 80 metres. A new Large vessel is currently under construction by GMS and scheduled for delivery in Q4 2014 with a further vessel planned for delivery in H1 2016.

In addition to harsh weather capability, the Large vessels are DP2 equipped, allowing fast and precise positioning next to client's assets. The average age of the Large vessels operated by GMS is three years. The Large vessels can travel at eight knots, have the capability to accommodate 150 people (which can be expanded to 300), have a crane capacity of 300-400 tonnes and have a 1,035m2 deck area.

The Company has designed a new Mid-Size vessel, the S-Class SESV. The Mid-Size vessel is a smaller version of the Large vessels and is designed to operate in harsh weather environments and in water depths of up to 55 metres. Three Mid-Size vessels are planned to be constructed with the first scheduled to be delivered in Q2 2015. Similar to the Large vessels, the Mid-Size vessel will be DP2 equipped to allow fast precision movements. It is expected that the Mid-Size vessel will be capable of travelling at seven knots, will have the capability to accommodate 150 people (which could be expanded to 300), a crane capacity of 150 tonnes and have a 807m2 deck area.

Attractive outlook for increased demand for GMS's vessels predominantly driven by their premium capabilities as well as market growth driven by the need to maintain an ageing oil and gas infrastructure and the increased use of enhanced oil recovery techniques to offset declining production profiles

Current fleet of nine vessels has an average age of nine years (the industry average is 16 years6) and, assuming the timely delivery of the six planned new SESVs, the average age of the SESV fleet is expected to fall to five years by 2016.

GMS believes the technological capabilities of its SESVs also deliver greater operational efficiencies than older SESVs or alternative vessels, leading to significant time and cost savings for clients. GMS believes that this in turn makes the Company's SESVs attractive for its clients, leading to high utilisation and premium day rates.

Majority of SESV activity is driven by well intervention and maintenance and refurbishment of oil and gas platform top-sides. Of the 1,089 oil and gas platforms in MENA and Northwest Europe, 64% are 20 years or older, according to Douglas-Westwood Ltd.

Demand for SESVs in the Company's operating regions is expected to grow by 42% from 29,245 vessel days in 2013 to 41,386 days in 2020 as efforts to maintain declining well production profiles continue across the Company's core regions, in particular in Northwest Europe, according to Douglas-Westwood Ltd. The introduction of EOR techniques, particularly in the MENA region, is also expected to contribute to the growth in vessel days.

Demand for GMS' SESVs, while primarily driven by the level of topside repair and maintenance and well intervention, is augmented by wind turbine installation and subsequent maintenance. The outlook by Douglas-Westwood Ltd for this type of activity in the Company's current regions of operation is forecast to increase materially over the coming five year period. Significant revenue visibility from a substantial contract backlog with high quality, long-term Clients

The Company has strong, well established relationships with blue-chip clients, including NOCs, IOCs, EPC contractors and OEMs, in the MENA region and Northwest Europe.

GMS has high visibility on medium-term earnings and cash flows from long-term contracts which typically include an option for the contract to be extended. The average length of contracts as at 31 December 2013 was 2.8 years, including options to extend.

Since 2007, 89% of the Company's contract extension options have been exercised.

The Company's revenue backlog at 31 December 2013 was U.S.$434 million, of which U.S.$228 million comprised firm contracts and U.S.$205 million comprised extension options. The total backlog has an average contract duration of approximately 2.2 years, including options to extend. Integrated business model provides a capital cost and flexibility advantage

The Company's construction capability comprises a core technical management team of 15 with extensive experience working on marine vessels, as well as a 34,820m2 quayside fabrication and construction yard in the Mussafah industrial area in Abu Dhabi.

Seven of the Company's current SESVs were constructed at GMS' Mussafah facility. The integrated business model has allowed the Company to construct new SESVs for the fleet for a lower cost than in a third party ship yard and with greater build flexibility.

The in-depth knowledge of constructing the Company's SESVs provides a number of additional operational benefits: it allows the Company to maintain and operate the SESVs more effectively; it provides more flexibility to the new build construction timetable and it allows the Company to more efficiently and quickly make modifications to vessels to meet specific client requirements.

High Health, Safety and Environmental Industry Standards

GMS believes that it is a leader in Health, Safety and Environment thanks to its senior management's commitment to develop, nurture and sustain a culture that targets 'no harm to people or the environment'.

The Company has achieved an important milestone of being operational for two consecutive years without an LTI (2011 and 2012) and a safety record that has been superior to the industry average since 2007.

HSE track record and UK North Sea Safety Case is a key component in the contract tendering requirements of clients.

A successful Financial and Operational Model

The Company has a strong financial track record, growing revenues from U.S.$106.9 million in 2011 to U.S.$184.3 million in 2013, representing a CAGR of 31.3% over this period.

GMS grew at an Adjusted EBITDA CAGR of 33.9% from 2011 to 2013 and has generated strong Adjusted EBITDA margins, in the order of 66%.

The Company has a high profitability and cash conversion ratio (approximately 90%).

The Company has generated high returns on invested capital from its SESVs as a result of a combination of GMS's disciplined investment approach, using its in-house fabrication facility and a strong focus on efficient and effective operational management. The Company bases its investment decisions for new SESVs on meeting a ROIC target of at least 20% and payback within five years.

Prudent approach to borrowing with target leverage not to exceed 3x (Net Debt to LTM Adjusted EBITDA) even during initial peak capital expenditure periods.

From 2014 onwards, the Company intends, subject to available distributable profits and shareholder approval, to pay annual dividends based on an initial targeted payout ratio of 10 per cent. of the Company's consolidated post-tax profit from its ongoing business.

A highly qualified international experienced and committed management team with a proven track record of growing the business and creating value

GMS's management team has a combined experience of over 125 years in the marine services sector, gained across Europe, Africa, the Mediterranean, the Middle East and South East Asia.

With the assistance of its skilled employees, since joining GMS in 2007 and 2008, the senior management team has developed, constructed and operated two Large vessels; entered two new markets of Northwest Europe and Saudi Arabia and consistently delivered earnings and Adjusted EBITDA growth.

Details of the Global Offer

The Global Offer will comprise an offer of Shares to institutional investors in qualifying jurisdictions (in the UK and elsewhere outside of the United States under Regulation S under the US Securities Act of 1933 and to qualified institutional buyers in the United States in reliance on Rule 144A under the U.S. Securities Act).

The Company's net proceeds from the issue of New Shares pursuant to the Offer are expected to be U.S.$100 million, and are intended to be used to purchase the Keloa (a Small vessel currently leased by GMS, which GMS has the option to purchase) for U.S.$37.5 million and to repay circa.

U.S.$20 million in existing shareholder loans, which represents all shareholder loans currently outstanding. The remaining net proceeds will be used, together with existing committed bank facilities and cash generated from operations, to fund GMS's new-build programme.

Gulf Capital, one of the leading alternative asset management firms in the Middle East, through its subsidiaries, Green Investment Commercial Investments LLC and Ocean Investments Trading LLC, Horizon Energy LLC and Al Ain Capital LLC (together, the 'Selling Shareholders') are each expected to sell a proportion of their shareholding in the Offer.

Each of the Company, its Directors, the Selling Shareholders and certain other senior management of the Group will agree to customary lock-up arrangements in respect of their holding of Shares for a specified period of time following Admission.

Full details of the Global Offer will be included in the prospectus expected to be published in the coming weeks.

Intention to list on the premium segment of the Official List and it is expected that following listing the Company will become eligible for inclusion in the FTSE UK indices.

GMS Board of Directors

The Board is committed to high standards of corporate governance. The Company will report to its shareholders on its compliance with the UK Corporate Governance Code in accordance with the Listing Rules. It is expected that the Company will be compliant with the UK Corporate Governance Code upon Admission.

The named members of the Board are expected to be:

Simon Heale - Independent Non-Executive Chairman - Aged 60

Mr Simon Heale is a Chartered Accountant with a degree in Philosophy, Politics and Economics from Oriel College, Oxford. Mr Heale was appointed to the Board of Kazakhmys plc in 2007 and has been Chairman since 2013. He has been a Non-Executive Director of Coats Plc since 2011, and is currently its Senior Independent Director. He has also been a Non-Executive Director of Marex Spectron since 2007.

He served on the boards of PZ Cussons and Morgan Advanced Materials from 2007 to December 2013 and 2005 to March 2014, respectively. Mr Heale has extensive experience in senior executive roles, including as Chief Executive of the London Metals Exchange from 2001-2006 and as Chief Operating Officer and Finance Director of Jardine Fleming Ltd from 1997-2001. Mr Heale is also a trustee of Macmillan Cancer Support.

Duncan Anderson - Chief Executive Officer - Aged 50

Mr Duncan Anderson joined GMS in October 2007, is a UK Chartered Engineer with a post graduate degree in Marine Machinery Monitoring Control. He brings a wealth of experience, spanning over 33 years, to the executive team gained from his prior role as Chief Operating Officer at the UAE based Lamnalco Group where he managed a fleet of 90 vessels, as well as increasing their client base in West Africa and the Middle East.

Mr Anderson was also Chief Operating Officer of Gulf Offshore North Sea where he operated the largest OSV fleet in the region. In his role as Chief Executive Officer, Mr Anderson is responsible for managing the future growth of GMS stemming from the projected increase in demand in marine offshore-related projects in the oil, gas and renewable energy sectors.

Dr Karim El Solh - Non-Executive Director - Aged 44

Dr Karim El Solh is the co-founder and Chief Executive Officer of Gulf Capital, one of the leading alternative asset management firms in the Middle East. Dr El Solh is also the Chairman of Metito, co Managing Partner of Gulf Related and formerly the Chairman of Maritime Industrial Services. He previously served as Chief Executive Officer of the National Investor. Dr El Solh has a B.S. in Civil Engineering from Cornell University, an MBA from Georgetown University and a Ph.D. (summa cum laude) in Economics (privatisation) from the Institute D'Etudes Politiques de Paris.

H. Richard Dallas - Non-Executive Director - Aged 61

Mr H. Richard Dallas is currently a Managing Director of Gulf Capital, which he joined in 2007. Mr Dallas previously served as Chief Executive Officer of Oryx capital and as a partner of Gibson, Dunn & Crutcher. Mr Dallas holds an A.B. in Economics, with honours, from Stanford University and a J.D. from the University of Southern California.

Simon Batey - Independent Non-Executive Director - Aged 60

Mr Simon Batey is currently Senior Independent Director and Audit Committee Chairman of Telecity Group plc. Mr Batey was a Non-Executive Director of Arriva plc, BlackRock New Energy Investment Trust plc and THUS Group plc, as well as a member of the Postal Services Commission (Postcomm), responsible for the regulation of the UK postal services sector. He is a Chartered Accountant, having spent 12 years in professional practice with Armitage & Norton, (now part of KPMG) latterly as a partner.

Mr Batey has over 20 years' experience in a number of senior finance roles in industry. Between 2000 and 2006, he was Group Finance Director of United Utilities plc and, from 2006 to 2007 he was Chief Financial Officer of Thames Water Utilities Limited. Mr Batey has an MA in Geography from Keble College, Oxford.

Mike Straughen - Independent Non-Executive Director - Aged 64

Mr Mike Straughen has been an Executive Director of John Wood Group PLC for 7 years, where he has been Chief Executive of the Engineering Division and has recently become the Group Director of HSSE. Mr Straughen was previously with AMEC for 25 years, latterly as Group Managing Director. He was a member of PILOT, the UK Government Oil & Gas Advisory Board, from 2000 - 2007 and was Chairman of the Energy Industry Council from 2002 to 2007.

He was recently a member of the UK Government's Offshore Wind Cost Reduction Task Force, and is currently a member of the Scottish Government'sEnergy Advisory Board. He has a BSc (Hons) Degree in Mechanical Engineering, is a Chartered Engineer and is a member of the Energy Institute.

W. Richard Anderson - Independent Non-Executive Director - Aged 60

Mr W. Richard Anderson is a Non-Executive Director of Soma Oil & Gas Holdings since December 2013. He has 32 years' experience in oil and gas industry related finance and management. Mr Anderson is on the board of Eurasia Drilling Company, where he has been Chief Financial Officer since July 2008, and he is also Chairman of the board of Vanguard Natural Resources LLC (NASDAQ). He was President and Chief Executive Officer of Prime Natural Resources, Inc. from 2002 until 2007. Mr Anderson is a Certified Public Accountant, and has a Bachelor of Science in Business from University of Colorado, magna cum laude, and a Masters in Taxation from the University of Denver.

GMS Senior Management Team

John Brown - Chief Financial Officer - Aged 49

Mr John Brown joined GMS in January 2014 and is a Scottish Chartered Accountant. Prior to joining GMS, he was Finance Director for nine years at Bowleven plc, an oil and gas company listed on AIM. Mr Brown's previous appointments include Finance Director for Thistle Mining Inc, a dual-listed Canadian gold mining company, Director at British Linen Advisers, a corporate finance advisory firm, and Finance Director for Paladin Resources, a UK-listed independent oil and gas exploration and production company. He has significant experience both within the oil and gas sector and being the CFO/Finance Director of listed companies.

Andrew Robertson - Finance Director - Aged 40

Mr Andrew Robertson joined GMS in February 2008. He was educated at Robert Gordon University with a BA in Accountancy and Finance and is an associate member of the Chartered Institute of Management Accountants. Prior to joining GMS, he spent six years working in the oil and gas industry for AMEC having taken up postings in the UK, USA and China and had responsibility for finance operations in major oil and gas regions including Europe, Americas, Asia and the Middle East.

These roles had a strong focus on delivering improvement/change to process, practice and procedure. He also has significant marine/shipping experience gained in a variety of finance-related roles with P&O and Coflexip Stena Offshore.

Mark Preston - Commercial Director - Aged 50

Mr Mark Preston joined GMS in August 2008 bringing over 20 years of commercial experience within the marine and offshore industry. He is a Chartered Shipbroker with international business development experience gained in the oil and gas industry. He has undertaken the commercial management and control of large scale projects which include the provision of Early Production Systems and the conversion of a Floating Production and Storage Facility for European clients.

Dennis Pedersen - Chief Operating Officer - Aged 40

Mr Dennis Jul Pedersen joined GMS in February 2013 as General Manager of the company's Aberdeen office and was promoted to Chief Operating Officer in August 2013. Mr Pedersen is a Master Mariner and Towmaster and holds a Master of Business Administration in Oil and Gas Management from Robert Gordon University. From 2011 to 2013, he served as Head of Marine at Fugro Geoteam AS, overseeing all marine matters worldwide. From 2009 to 2011, Mr Pederson served as Fleet Manager and then as Operations Director for Siem Offshore AS. Prior to 2009, he served as General Manager for InterMoor Marine Services and in 2007 and 2008, he was Head of Marine and Diving Control for Maersk Oil and Gas.

John Petticrew - Technical Director - Aged 56

Mr John Petticrew joined GMS in November 2009. Mr Petticrew holds a certificate in Mechanical Engineering from James Watt College. He has over 25 years of experience in the project and new construction management of marine projects, ranging from harbour tugs through naval frigates to major refurbishment and new construction of semi-submersible and jackup oil rigs.

Prior to joining GMS, Mr Petticrew spent seven years in the UAE working for two of the region's largest new construction and repairs companies, as New Building Manager at Dubai Drydocks World and as Senior Project Manager at Lamprell Energy. Prior to this, he spent 17 years with Saint John Shipbuilding, the largest ship repair and construction company in Canada.

Mohammad Antar - Support Services Director - Aged 56

Mr Mohammad Antar joined GMS in August 2007. Mr Antar holds a degree in Business Administration from (Miami University). Mr Antar has over 30 years of services management experience and prior to joining GMS he spent five years as Logistics Manager for ADMA-OPCO. Before becoming Logistics Manager he worked as a Manager in Das Island for 13 years in ADMA-OPCO's Service Division.

Linda Murray - HR Director - Aged 49

Ms Linda Murray joined GMS in October 2011. Ms Murray holds a Master's degree in Business Administration from Thames Valley University and has over 18 years of global HR experience working with numerous organisation cultures, both in the corporate and INGO sector. Prior to joining GMS, Ms Murray was a Director of Transformation with Save the Children UK. Prior to this, Ms Murray was with BP Alternative Energy as Head of HR and Talent Management for the Emerging Consumer Market, a global start up business.


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Source: ENP Newswire


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