Abu Dhabi-based Gulf Marine Services (GMS) said its board has unanimously has rejected the unsolicited approach by Seafox International, a leading global offshore jack-up company, to acquire GMS for $32 million.

GMS said it is performing well with refocused and streamlined and that its management and the Board have been strengthened.  It added that new business has been successfully secured with 11 new contracts since the start of 2019 and the backlog stands at $240 million

The Board said it is confident in future value creation as an independent company, noting that all available vessels in the fleet are currently contracted - secured utilisation for 2020 of 76 per cent versus 69 per cent in 2019.

"Operationally and commercially, GMS is in much better shape today than it was 12 months' ago.  The Company is performing well notwithstanding the difficult environment; we have reduced costs and we will continue to reduce them further in 2020,’ said Tim Summers, Executive Chairman of GMS.

“We have agreed in principle a deal with our banks that provides the Company with long-term financial stability.  The Board remains highly confident in the future success of the Company.  Now is not the time for shareholders to sell at a price that is far below the true worth of GMS." – TradeArabia News Service