Director/PDMR Shareholding

RNS Number : 0124T

Gulf Marine Services PLC

23 March 2016

 

Director/PDMR Shareholding

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS

Gulf Marine Services PLC

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

In accordance with the requirements of DTR 3.1.2R, Gulf Marine Services announces that each of the following persons, each being a Person Discharging Managerial Responsibility (a "PDMR"), has on 23 March 2016 been granted awards over Ordinary Shares of 10 pence under the Company's Long Term Incentive Plan ("LTIP").

Pursuant to the Rules of the LTIP, Awards may only be made at certain prescribed times. The relevant percentage of salary in respect of the LTIP Awards referred to below is based upon a share price of 71 pence being the Company's closing share price on 22 March 2016.

Director/PDMR	No. of Shares over which Awards granted on 23 March 2016	Percentage of Basic Salary
Duncan Anderson (Director)	677,168	150%
John Brown	428,993	125%
Mark Preston	321,894	125%
Andy Robertson	316,047	125%
Simon Cook	316,351	125%

The above Awards should ordinarily vest on or around the third anniversary of the date of grant but only to the extent that certain performance conditions are satisfied by the Company during that period.

No consideration was payable by the above individuals for the grant of the above Awards.

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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 the leading provider of self-propelled self-elevating support vessels (SESVs) in the world.  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 the Middle East, South East Asia, West Africa and Europe.

GMS' current new build programme to increase the fleet size by 66% to 15 vessels is almost complete, with the final vessel scheduled for delivery at the end of 2016.   Further additions to the fleet will be driven by our assessment of market demand.     

The Group's SESV fleet, which currently comprises 14 vessels, is technically advanced and amongst the youngest in the industry, with an average age of seven years. The SESVs are four-legged vessels 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 that can be adapted to the requirements of the Group's clients.

These vessels support GMS' 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) and offshore oil and gas platform installation and offshore wind turbine installation (which are capex-led activities).

The fleet is categorised by size into Large Class vessels (operating in water depth of up to 80m, with crane capacity of up to 400 tonnes and accommodation for up to 300 people) and Small Class vessels (operating in water depth of up to 45m, with crane capacity of up to 45 tonnes and accommodation for up to 300 people).  A new third class, the Mid-Size Class vessels (operating in water depth up to 55m, with crane capacity of up to 150 tonnes and accommodation for up to 300 people) was added to the fleet in 2015.

Demand for GMS' vessels is predominantly driven by their premium capabilities as well as market growth underpinned by the need to maintain ageing oil and gas infrastructure and increasing use of enhanced oil recovery techniques to offset declining production profiles.

www.gmsuae.com 

Enquiries:

For further information please contact:

Gulf Marine Services PLC	Bell Pottinger
Duncan Anderson	Rollo Crichton-Stuart
John Brown	Tel: [phone]
Tel: [phone]
Anne Toomey Tel: [phone]

 

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