Offshore support vessel group Gulf Marine Services has announced plans to launch on the London Stock Exchange as it looks to raise £60million to increase the size of its fleet.
The Abu Dhabi-based firm, which charters self-elevated support vessels across Europe and the Middle East, said it was looking to raise more than £20million to purchase the Keloa vessel it already leases, and to repay £12million in shareholder loans.
The remaining funds would be used with existing cash resources to support the company’s new-build programme after seeing increased demand for its vessels from both the oil and gas sector and increasingly from offshore windfarm construction.
The firm, founded in 1977 and with its UK base in Westhill, said it currently had an order book worth around £260million, and was looking to add up to six new vessels over the next three years.
“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,” said chief executive Duncan Anderson.
“This gives us confidence to proceed with the planned expansion of our fleet which the net proceeds of the IPO will help to accelerate.”
The company already operates a fleet of nine four-legged self-propelled vessels, wich feature large deck space, crane and accommodation for offshore platform refurbishment and maintenance projects.