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Gulf Marine Services pursuing $100m London listing

Gulf Marine Services pursuing $100m London listing
Gulf Marine Services (GMS) has announced it intends to launch an initial public offering (IPO) on the London Stock Exchange.

The Abu Dhabi-based owner and operator of self-elevated support vessels (SESVs) expects to net $100m from the issue of new shares.

GMS's core fleet of nine SESVs operates mostly in the Middle East and North Africa, as well as Northwest Europe. The self-propelled, four-legged, DP2 jack-ups offer accommodation, construction and well intervention services to offshore oil and gas installations, as well as installation and maintenance services to offshore wind farms.

The company has a 37 year history, with revenues growing from from $106.9m in 2011 to $184.3m in 2013 with compound annual growth rates of revenue and EBITDA above 30%.

"With our focus on long-term client contracts and high utilisation, we have delivered consistent EBITDA growth since 2007. " commented Duncan Anderson, ceo of GMS.

"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. This gives us confidence to proceed with the planned expansion of our fleet which the net proceeds of the IPO will help to accelerate."

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