Abu Dhabi’s Gulf Marine Services (GMS) plans to raise more than US$100 million via a share float on the London Stock Exchange.
The company, majority owned by regional private equity firm Gulf Capital, expects to generate $100m from the issue of new shares, it said yesterday.
In addition, four of the company’s shareholders – including two Gulf Capital investment vehicles – are each expected to sell an undisclosed proportion of their shareholdings as part of the offer.
The float, which is expected to be completed before the end of next month, will value the company in excess of $1 billion, according to a source close to the process.
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 United Kingdom and European investors.
GMS plans to use the proceeds of the float to buy the vessel Keloa for $37.5m and repay about $20m of shareholder loans.
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 Duncan Anderson.
“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 $184.3m in 2013, up from $106.9m in 2011. The company reported adjusted Ebitda (earnings before interest, taxes, depreciation and amortisation) growth of 32.4 per cent from 2011 to 2013.
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 London-based oil and gas analyst.
“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.”
Bank of America Merrill Lynch and Barclays Bank have been named as joint global coordinators, joint bookrunners and joint sponsors of the share offer.
JP Morgan Cazenove is joint bookrunner and Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank are co-lead managers.
Rothschild is acting as financial adviser to GMS.
Gulf Capital acquired its stakeholding in GMS in 2007; the firm had looked to offload a 79-per cent stake in the company in 2012, but talks with two would be suitors collapsed in June in that year due to financing issues and differences over valuation.
As many as six UAE companies are planning to go public during 2014, raising as much from Dh8bn in share sales, according to comments from Majd Maaiteh, the head of securities at National Bank of Abu Dhabi earlier this week.
jeverington@thenational.ae
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Company profile
Date started: Founded in May 2017 and operational since April 2018
Founders: co-founder and chief executive, Doaa Aref; Dr Rasha Rady, co-founder and chief operating officer.
Based: Cairo, Egypt
Sector: Health-tech
Size: 22 employees
Funding: Seed funding
Investors: Flat6labs, 500 Falcons, three angel investors
Company%20Profile
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New process leads to panic among jobseekers
As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.
“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.
Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE.
“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.
“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”
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SPECS
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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COMPANY%20PROFILE
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SRI LANKA SQUAD
Upul Tharanga (captain), Dinesh Chandimal, Niroshan Dickwella
Lahiru Thirimanne, Kusal Mendis, Milinda Siriwardana
Chamara Kapugedara, Thisara Perera, Seekuge Prasanna
Nuwan Pradeep, Suranga Lakmal, Dushmantha Chameera
Vishwa Fernando, Akila Dananjaya, Jeffrey Vandersay
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
COMPANY%20PROFILE%20
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
World Cup warm up matches
May 24 Pakistan v Afghanistan, Bristol; Sri Lanka v South Africa, Cardiff
May 25 England v Australia, Southampton; India v New Zealand, The Oval
May 26 South Africa v West Indies, Bristol; Pakistan v Bangladesh, Cardiff
May 27 Australia v Sri Lanka, Southampton; England v Afghanistan, The Oval
May 28 West Indies v New Zealand, Bristol; Bangladesh v India, Cardiff
Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
Company%20profile
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COMPANY%20PROFILE
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Quick%20facts
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now