Gulf Marine Services (GMS) has suspended its CEO Tim Summers over a severance agreement as the company’s new board flexes its muscles.
Gulf Marine Services (GMS)
The dispute between Gulf Marine Services (GMS) and its major shareholder Seafox International shows no signs of receding and have scotched plans for a capital raise.
Gulf Marine Services (GMS) has used its cantilever workover system for the first time, on a live well, reducing the time required for vessel moves.
Seafox International has said moves by Gulf Marine Services (GMS) demonstrated a “flagrant disregard for good governance”.
Voting at Gulf Marine Services’ (GMS) AGM has seen three board members being rejected for reappointment by shareholders – while the company has opted to reappoint two of them anyway.
Gulf Marine Services (GMS) has rejected calls from former suitor Seafox International to allow voting for two of its chosen board members.
Gulf Marine Services (GMS) has reached a deal with its banks to restructure its debt, three weeks ahead of schedule, pushing out maturities until June 2025.
Gulf Marine Services (GMS) has announced a framework agreement with Zakher Marine International, another operator of self-propelled self-elevating support vessels (SESVs) in the Middle East.
Gulf Marine Services (GMS) has formally rejected a “wholly opportunistic” bid for the company from its largest shareholder, Seafox International.
Seafox International has expressed interest in acquiring Gulf Marine Services (GMS) and is now required to make a firm offer – or declare otherwise – by May 28.