Abu Dhabi-based oil services firm Gulf Marine said on Monday it plans to launch an initial public offering on the London Stock Exchange. The company said it expects that net proceeds from the issue of new shares will be $100 million.
It plans to use the proceeds to purchase the a new vessel for $37.5 million and to repay about $20 million in existing shareholder loans. The remaining net proceeds will be used, together with existing committed bank facilities and cash generated from operations, to fund its new-build programme.
Gulf Marine Services operates a core fleet of nine SESVs which are four-legged self-propelled vessels with a large deck space, crane capacity and accommodation facilities.
The company services a blue-chip client base through long-term contracts, and has a current order book of $434 million including options to extend.
The company said it 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.
Revenues grew from $106.9 million in 2011 to $184.3 million in 2013, the company added in a statement.
