Board Change and New Appointment

5 February 2021

Gulf Marine Services PLC

('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')

Board Change and New Appointment

GMS, a leading provider of advanced self-propelled, self-elevating support vessels serving the offshore oil, gas and renewables industries, is pleased to announce the following board change and appointment.

Deputy Chairman

Hassan Heikal has agreed to step into the role of Deputy Chairman of the Group, with immediate effect. Hassan joined the Board in November 2020, as a Non-Executive Director.  He has extensive experience in finance, having been co-founder and Co-CEO of EFG Hermes, a leading investment bank based in the Middle East.

Non-Executive Director

Jyrki Koskelo is joining the Group as an Independent Non-Executive Director, again with immediate effect. Jyrki brings extensive additional business advisory experience to the Board, having had a distinguished career in public and private finance, across multiple markets.

Jyrki is currently a Board member, and chair of the Investment Committee, of Africa Agriculture and Trade Investment Fund, based in Luxembourg.  He is also a Board member of EXPO Bank, the Czech Republic, part of the Expobank Group, a member of the Supervisory Board of FIBank, Bulgaria, and Chairman of Invest Solar, an investment vehicle focused on Botswana.  

Between 1987 to 2011, Jyrki held various senior positions within the Washington based International Finance Corporation, part of the World Bank Group and the largest global development institution focused on the private sector in developing countries. He has also previously been a Senior Advisor to the Al Jaber Group, a Board member of the African Banking Corporation and a Board member of the African Development Corporation.  

There are no additional matters requiring disclosure under Rule 9.6.13R of the Listing Rules.

Commenting, Mansour Al Alami, Executive Chairman of GMS, said:

"We are delighted that Hassan has agreed to step into the role of Deputy Chairman and that Jyrki has agreed to join the Board of GMS. Both Hassan and Jyrki have extensive and relevant experience that will be invaluable to the Board and the development of the wider Group".

-ENDS-

Enquiries:

Notes to Editors:

Gulf Marine Services PLC, a company listed on the London Stock Exchange, was founded in Abu Dhabi in 1977 and has become a world leading provider of advanced self-propelled self-elevating support vessels (SESVs).  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, North America, the Gulf of Mexico and Europe.

The GMS fleet of 13 SESVs is amongst the youngest in the industry, with an average age of eight years. The vessels support GMS's 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 - K-Class (Small), S-Class (Mid) and E-Class (Large) - 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.

Gulf Marine Services PLC's Legal Entity Identifier is 213800IGS2QE89SAJF77

www.gmsuae.com

Disclaimer

The content of the Gulf Marine Services PLC website should not be considered to form a part of or be incorporated into this announcement.