Gulf Marine Services PLC (“GMS” or the “Company”), the operator of one of the largest independent self-propelled Self Elevated Support Vessel (“SESV”) fleets globally with a focus on the MENA region and Northwest Europe, has announced the pricing of its initial public offering (the “Offer”).
GMS, which is headquartered in Abu Dhabi, 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 and wind turbine installation, refurbishment, well intervention and maintenance activities.
• The offer price has been set at 135 pence per Ordinary Share (the “Offer Price”).
• Based on the Offer Price, the total market capitalisation of GMS at the commencement of conditional dealings will be approximately £472m.
• The Offer comprises 122,735,402 Ordinary Shares (including 616,415 Ordinary Shares to be issued and allotted to certain Directors of the Company at the Offer Price), excluding over-allotment arrangements.
• Total gross proceeds raised by the Company are expected to be £66.9m (including £0.8m of Ordinary Shares to be issued and allotted to certain Directors of the Company at the Offer Price). The value of Ordinary Shares sold by the Selling Shareholders is expected to be £98.8m, assuming no exercise of the over-allotment option.
• Conditional dealings will commence on the London Stock Exchange at 8.00am today under the ticker GMS (ISIN: GB00BJVWTM27).
• Admission to the premium listing segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange and the commencement of unconditional dealings are expected to take place at 8.00am on 19 March 2014. At Admission, the Company will have 349,527,804 Ordinary Shares in issue. It is expected that the Company will be eligible for inclusion in the FTSE UK Series at the quarterly review in June 2014.
• Following Admission, Gulf Capital PJSC (“Gulf Capital”), through its subsidiaries Green Investment Commercial Investments LLC and Ocean Investments Trading LLC, will hold 51.9% of the Ordinary Shares, Horizon Energy LLC (“Horizon Energy”) will hold 6.5% of the Ordinary Shares and Al Ain Capital LLC (“Al Ain Capital” and together with Gulf Capital and Horizon Energy, the “Selling Shareholders”) will hold 6.5% of the Ordinary Shares, assuming no exercise of the over-allotment option. The Selling Shareholders are subject to a 180 day lock up, subject to certain customary exemptions.
• As stabilizing manager on behalf of the syndicate, Bank of America Merrill Lynch has been granted an over-allotment option of up to 18,317,489 Ordinary Shares, representing approximately 15 per cent of the Ordinary Shares comprised in the Offer.
Commenting on today’s announcement, Duncan Anderson, Chief Executive of GMS said, “we are delighted that our initial public offering has been successful and look forward to the next phase of GMS’s growth. The increased profile and new funds will now provide the scope to exploit the market opportunity that lies before us more swiftly than would previously have been possible. We welcome our new shareholders and look forward to keeping them updated on our progress.”
