Smooth transition at GMS hits rocks over severance
Gulf Marine Services (GMS) has suspended its CEO Tim Summers over a severance agreement as the company’s new board flexes its muscles.
Seafox International
GMS drops capital raise plans, faces Seafox board struggle
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.
Seafox raps GMS for defying shareholder vote
Seafox International has said moves by Gulf Marine Services (GMS) demonstrated a “flagrant disregard for good governance”.
GMS defies AGM vote and reappoints directors
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.
GMS rejects Seafox board bid
Gulf Marine Services (GMS) has rejected calls from former suitor Seafox International to allow voting for two of its chosen board members.
GMS restructures debt, plans capital raise
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.
GMS sees off Seafox, allies with Zakher
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.
GMS rejects Seafox offer
Gulf Marine Services (GMS) has formally rejected a “wholly opportunistic” bid for the company from its largest shareholder, Seafox International.
Seafox tees up offer for GMS
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.