Gulf Marine Services welcomes Tim Summers to its Board as Non-Executive Chairman

– UAE, Abu_Dhabi –  Gulf Marine Services plc (LON:GMS) today announced the appointment of Timothy Summers as Non-Executive Chairman, effective 1 April, 2019.

Duncan Anderson, Chief Executive Officer for Gulf Marine Services, said: “It is a great pleasure to welcome Tim to GMS. As our new Chairman, he brings valuable and broad experience, in both our sector and our clients’ sectors, and has led businesses through phases of operational transition and financial restructuring. We look forward to his leadership as the Board and management team bring forward the detailed plan to address the Company’s operational performance, its governance and capital structure.”

Mr Summers brings extensive industry experience with thirty years in oil & gas, oilfield services and the manufacturing and engineering sectors. He has held a variety of Executive and Board roles with BP, TNK-BP, Renova AG, and Sulzer AG. He was Chairman of KCA-Deutag and of the Swiss listed engineering firm, Oerlikon AG. He is presently Non-Executive Chairman of the privately-held oil & gas independent, New Age Limited. He is a Chartered Engineer, a Fellow of the IChemE and the IMMM.

Timothy Summers, Non-Executive Chairman designate, Gulf Marine Services, said: “I am delighted to be joining Gulf Marine Services at this time, and I look forward to working with the Board and management team to build sustainable value in the interests of all shareholders.”

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 categorised 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 it can offer from the vessel and to supplant higher cost non-propelled drilling rigs.

For more information : http://www.gmsuae.com

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