Grant of Post Admission LTIP Awards

RNS Number : 1113H

Gulf Marine Services PLC

14 May 2014

 



Gulf Marine Services PLC

For immediate release                                                                                             14 May 2014

Gulf Marine Services PLC

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

GRANT OF POST ADMISSION LTIP AWARDS

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 8 May 2014 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 Post Admission LTIP Awards referred to below is based upon a share price of 161.75 pence being the Company's closing share price on 8 May 2014.

Director	No. of Shares over which awards granted on 8 May 2014	Percentage of Basic Salary
Duncan Anderson (Director)	184,327	120%
John Brown	117,896	100%
Dennis Pedersen	77,098	100%
Mark Preston	88,463	100%
Andy Robertson	88,127	100%

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 one of the largest providers of self-propelled self-elevating support vessels (SESV) 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.  GMS is working worldwide, with its assets capable of serving clients' requirements in the Middle East, South East Asia, West Africa and Europe.

The Company's SESVs are four-legged vessels that move independently, with no requirement for anchor handling or tug support. They have a large deck space, crane capacity and accommodation facilities that can be adapted to the requirements of the Company'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).

GMS' fleet of SESVs is technically advanced and amongst the youngest in the industry, with an average age of nine years. The fleet is categorised by size into Large vessels and Small vessels with a third class, the Mid-Size vessel, to be added in 2015. GMS plans to add up to six more vessels to its fleet over the next three years as the Company continues to target long term client contracts and to pursue strategies to expand its market positions.

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:

Gulf Marine Services PLC                                                                        Tel: [phone]

John Brown - Group CFO

Anne Toomey - Head of Communications and Investor Relations Executive

Jonathan Gallagher - Corporate Finance Manager

Gulf Marine Services
Mussafah Base,
P.O.Box 46046,
Abu Dhabi,

UAE

 

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