The company, majority owned by regional private equity firm
In addition, four of the company's shareholders – including two
The float, which is expected to be completed before the end of next month, will value the company in excess of
Investor presentations are expected to start by the end of this month, the source said.
The share float is understood to be primarily targeted at
GMS plans to use the proceeds of the float to buy the vessel Keloa for
The company operates a fleet of self-propelled self elevated support vessels (SESVs), which are used for offshore oil and gas platform refurbishment and maintenance, well intervention work and offshore wind turbine maintenance.
"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," said the GMS chief executive
"This gives us confidence to proceed with the planned expansion of our fleet which the net proceeds of the IPO [initial public offering] will help to accelerate."
GMS's revenues rose to
The company's planned float comes amid tough times for the oil and gas service sector, which saw a series of profit warnings in the second half of 2013, which might dampen appetite for GMS shares, according to a
"They'd have to produce a very compelling argument, as it's perceived as not the easiest environment to operate in," he said.
"More than just the solid fundamentals, investors will ask whether the company plans to redistrubute earnings to shareholders, or whether the cash raised will be sucked up in a bid for expansion."
JP Morgan Cazenove is joint bookrunner and
Rothschild is acting as financial adviser to GMS.
As many as six
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