Gulf Marine Services welcomes Mohammed Bississo to its Board as Non-Executive Director and announces Stuart Jackson as upcoming CFO

– UAE, Abu_Dhabi – Gulf Marine Services (LON: GMS), the leading provider of advanced self-propelled self-elevating support vessels servicing the offshore oil, gas, and renewable energy sectors, today announced the appointments of Stuart Jackson and Mohammed Bississo to the Board of Directors.

The Board announced that Mohammed Bississo will be appointed a Non-Executive Director of the Company with effect from March 2019, while Stuart Jackson will be appointed Chief Financial Officer of GMS, effective from early summer 2019, and Mr Jackson will also join the Board of Directors.

Simon Heale, Chairman of GMS, said: “We are delighted to welcome both Mr Jackson and Mr Bississo, with their notable financial and industry experience, to the GMS Board. Stuart brings a deep knowledge of capital restructuring in the oilfield services sector and of the vital role of communications in public markets. Mohammed, too, will be a valuable addition to our Board and, particularly given his expertise in the UAE financial sector, most helpful in our engagement with the Company’s local banking syndicate.”

About Mohammed Bississo

Mr Bississo currently co-heads Kasamar Holdings, an Abu Dhabi-based family office that owns 9.82% of GMS through Castro Investments Ltd. He previously spent more than six years at one of the leading mid-market alternative investments firms, based in Abu Dhabi, UAE, as a member of the private equity group.

Mr Bississo has a BSc in Computer Science from the University of California Irvine, and an MBA from Duke University.

GMS continues to engage with all shareholders with a view to potential further strategic non-executive director appointments whilst always having regard to the overall appropriate composition of the Board.

About Stuart Jackson

Mr Jackson has been Chief Financial Officer (CFO) of LSE, NASDAQ, OSE, and AIM listed companies for the past 20 years. He has more than 30 years’ experience in the international energy sector covering exploration & production, power generation, and offshore services, and at CFO level has led the successful capital restructuring of a number of businesses including Bibby Offshore Holdings Limited, CEONA Pte and Acergy SA (now Subsea 7). In addition to his strong track record in the EPC, IMR and offshore engineering sectors, Mr Jackson has also held CFO roles in the telecommunications and pharmaceutical industries.

Mr Jackson is a Fellow of the Chartered Institute of Management Accountants and has a BSc (Hons) degree in Accounting and Financial Management from Loughborough University.

About Gulf Marine Services PLC

Gulf Marine Services PLC, a company listed on the London Stock Exchange, was founded in Abu Dhabi in 1977 and has become the world’s leading provider of advanced self-propelled self-elevating support vessels. 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, and Europe.

The GMS core fleet of 13 SESVs is amongst the youngest in the industry, with an average age of eight years. The vessels support GMS’ 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 categorized by size – Small, Mid-Size and Large Class – 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. In addition, an innovative well workover cantilever system commissioned on a Large Class SESV in 2017 allows GMS to increase the well intervention activities carried out from the vessel and to supplant higher cost non-propelled drilling rigs.

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