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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Gulf Marine Services Plc | LSE:GMS | London | Ordinary Share | GB00BJVWTM27 | ORD 2P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.20 | -0.86% | 23.10 | 22.90 | 23.30 | 23.80 | 22.90 | 23.80 | 752,086 | 16:35:09 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Ship Building And Repairing | 133.16M | 25.33M | 0.0249 | 9.36 | 236.82M |
From Apr 2019 to Apr 2024
TIDMGMS
RNS Number : 3785C
Gulf Marine Services PLC
13 April 2017
Gulf Marine Services PLC
("Gulf Marine Services", "GMS", "the Company" or "the Group")
POSTING OF 2016 ANNUAL REPORT AND NOTICE OF ANNUAL GENERAL MEETING
The Company advises that the 2016 Annual Report, including the Notice of the 2017 Annual General Meeting and Proxy Form, has been mailed to its shareholders. The 2016 Annual Report is available on the Company's website at www.gmsuae.com. The Company will hold its AGM on Tuesday, 16 May 2017.
In accordance with Listing Rule 9.6.1R, copies of these documents have been submitted to the UK Listing Authority via a National Storage Mechanism and will shortly be available to the public for inspection at www.morningstar.co.uk/uk/NSM.
In accordance with Disclosure and Transparency Rule 6.3.5, additional information is set out in the appendices to this announcement. This information is extracted from the 2016 Annual Report. The appendices should be read in conjunction with the Company's Preliminary Results Announcement, issued at 07:00 on 28 March 2017, RNS Number 6781A. This material is not a substitute for reading the full 2016 Annual Report.
Appendix A
Statement of Directors' Responsibilities
The following responsibility statement is repeated here solely for the purpose of complying with DTR 6.3.5. This statement relates to and is extracted from page 65 of the 2016 Annual Report.
These responsibilities are for the full 2016 Annual Report and not the extracted information presented in this announcement or otherwise.
"We confirm that to the best of our knowledge:
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-- the financial statements, prepared in accordance with
the relevant financial reporting framework, give a
true and fair view of the assets, liabilities, financial
position and profit or loss of the Company and the
undertakings included in the consolidation taken as
a whole;
-- the strategic report includes a fair review of the
development and performance of the business and the
position of the Company and the undertakings included
in the consolidation taken as a whole, together with
a description of the principal risks and uncertainties
that they face; and
-- the annual report and financial statements, taken
as a whole, are fair, balanced and understandable
and provide the information necessary for shareholders
to assess the Company's performance, business model
and strategy."
Duncan Anderson John Brown
Chief Executive Officer Chief Financial Officer
27 March 2017 27 March 2017
Appendix B
Principal risks and uncertainties
The following has been extracted from pages 19 to 21 of the 2016 Annual Report:
The principal risks and uncertainties facing the Group in the short to medium term are set out below, together with the principal mitigation measures. These risks are not intended to be an exhaustive analysis of all risks that may arise in the ordinary course of business or otherwise.
Risk profile Mitigation, monitoring and
assurance
------------------------------------- -------------------------------------
STRATEGIC
----------------------------------------------------------------------------
The macroeconomic environment Construction and modification
influences the demand for flexibility for clients
our services. A sustained Our vessels are built to
period of low oil prices be as flexible as possible
could affect the demand allowing us to compete for
for the Group's oil extraction a wide share of the market,
support services. This could helping us to maximise utilisation
lead to lower utilisation levels and charter day rates.
or lower charter day rates The Group is also able to
causing profit margins to more easily modify assets
fall. in its own yard to satisfy
client requirements where
Significant changes in the necessary.
market-place as a result
of the actions of our competitors Focus on low cost of production
or the entrance of new competitors areas such as MENA
may jeopardise our market A substantial proportion
share or adversely affect of the Group's client base
utilisation levels or charter and revenues are generated
day rate levels achieved. in the MENA region, where
the cost of oil production
Over-exposure to any one is generally lower than
geographic market or loss in other parts of the world.
of a major client or a reduction
in activity of a major client Growth and expansion
could impact our performance. The Group has expansion
of its geographical footprint
as one of its long term
strategic aims as it seeks
to diversify into other
markets. Where possible
we strive to have a geographical
balance of our operations
by not limiting our portfolio
of clients to one country.
In addition we are further
expanding the range of well
activities that our vessels
can perform. The Group recently
developed the cantilever
concept for its Large Class
vessels. It is anticipated
that this concept should
significantly expand our
service offering, allowing
the Group to compete for
a greater range of well
services work. It remains
the intention of the Group
to further expand the fleet,
subject to future market
demand.
Opex v capex
The Group provides cost-effective
services mainly in the opex
phase of oil companies'
budgets, supporting long-term
oil production which historically
has tended to be less cyclical
than capex phase work.
Cost management
The Group is focused on
controlling costs in order
to help achieve appropriate
profit margins whilst having
the ability to offer competitive
pricing to clients.
------------------------------------- -------------------------------------
COMMERCIAL
----------------------------------------------------------------------------
The reliance of the Group Flexibility and innovation
on a limited number of blue We seek to continually improve
chip clients may expose our offering through innovation
us to losses in the event including new vessel designs
of client relationship disruptions. and specification improvements
by responding directly to
The Group may not be able client feedback.
to win new contracts or
retain existing contracts Market knowledge and operational
including clients not opting expertise
to exercise contractual The Group has a clear record
option periods because of of established long term
the actions of competitors. relationships in the MENA
This could lead to lower region and North West Europe,
vessel utilisation or lower which helps provide a clear
charter day rates causing understanding of our clients'
profit margins to fall. requirements and operating
standards. We believe that
The Group may not be able the Group continues to have
to secure long term contracts a competitive edge over
or certain clients could most other alternative providers
cancel contracts, which of vessels through our operational
may lead to commercial downtime expertise and the high quality
between contracts and lower specifications of our offshore
overall average utilisation. solutions.
Tender approach
We compete in tenders for
all vessels nearing the
end of their firm contracts,
ensuring that, if a client
chooses not to exercise
their option, other opportunities
should not be missed. The
Group continually monitors
and tracks its pipeline
of new contract opportunities.
When negotiating contracts,
where possible, the Group
seeks to exclude client
termination rights. In addition,
our robust operating standards
result in minimal downtime
which helps ensure that
clients are not given cause
to cancel contracts through
non-performance.
------------------------------------- -------------------------------------
FINANCIAL
----------------------------------------------------------------------------
Macro and micro economic Key performance indicators
events, such as a sustained (KPIs)
low oil price, may impact Transparent KPIs are used
our ability to raise finance, for reporting to track progress.
achieve forecast, effectively The KPIs are reviewed regularly
manage our working capital to ensure Management has
and service our financial all the necessary information
obligations. to make timely financial
decisions.
A sustained reduction in
charter day rates and/or Availability of funding
utilisation levels could The Group has a committed
lead to a breach in certain banking facility in place
debt covenants. that provides access to
funding and now that the
Failure of the Group to current new build programme
service its debts and comply is coming to an end, the
with debt covenants could Group is forecast to begin
result in negative repercussions deleveraging.
for the Group including
restriction of funding. Policies and procedures
We adhere to Group-wide
The Group may use external financial and accounting
funding in financing major policies which underpin
projects, and inability our approach to risk management.
to obtain the required funding
may hamper the successful Management and Board reporting
undertaking of capital-intensive The Management and the Board
projects regularly monitor the Group's
debt obligations and funding
requirements and seek to
ensure that sufficient funds
are always in place to meet
the needs of the business
as well as maintaining adequate
headroom over debt covenants
thus minimising the risk
of breach.
------------------------------------- -------------------------------------
HEALTH, SAFETY, SECURITY, ENVIRONMENT AND QUALITY
----------------------------------------------------------------------------
The Group may suffer commercial Safety awareness
and reputational damage Safety and assurance continues
as a result of an environmental to be a top priority and
or safety incident involving is underpinned by our HSSEQ
our employees, visitors management system and strong
or contractors. safety-focused culture.
Management ensures appropriate
Our operations have an inherent safety practices and procedures,
safety risk due to our offshore disaster recovery plans
operations. We have a fundamental and the insurance coverage
obligation to protect our of all commercial contracts
people and recognise the are in place both prior
implications of poor safety to acceptance and during
procedures. contract delivery.
Training and compliance
Our employees undergo continuous
training and sensitisation
on operational best practices.
Scheduled maintenance
The Group follows regular
maintenance schedules on
its vessels and the condition
of the vessels is consistently
monitored.
------------------------------------- -------------------------------------
COMPLIANCE AND REGULATION
----------------------------------------------------------------------------
Non-compliance with anti-bribery Code of conduct
and corruption regulations The Group has a Code of
could damage stakeholder Conduct which employees
relations and lead to reputational are required to comply with
and financial loss. when conducting business
on behalf of the Group;
Failure to appropriately this includes anti-bribery
identify and comply with and corruption policies.
laws and regulations and
other regulatory statutes Due diligence
in new and existing markets Prior to venturing into
could lead to regulatory new markets, the Group performs
investigations. substantial due diligence
work and obtains an understanding
of the governing laws and
regulations. Group legal
and external counsel support
are utilised as necessary.
------------------------------------- -------------------------------------
OPERATIONAL
----------------------------------------------------------------------------
There is a risk that the Vessel monitoring
Group's assets may not be The Group constantly monitors
fit for purpose or may fail the condition of the vessels
to operate in the manner and other equipment which
intended by Management. undergo mandatory dry docking
Failure to deliver the expected within the specified timeframes.
operational performance The Group has policies and
could result in reputational procedures in place such
damage, litigation, reduced as the Planned Maintenance
profit margins or loss of System to ensure that the
clients. vessels undergo regular
preventative maintenance.
Changes in the political
regimes, civil and political Emergency plans and insurance
unrest or sanctions in the For all our major assets
jurisdictions in which we and areas of operation,
operate could adversely the Group maintains emergency
affect our operations. preparedness plans. We regularly
review the insurance coverage
over the Group's assets
to ensure adequate cover
is in place.
Constant review
The Group remains vigilant
to potential changes and
risks and may engage with
governments and legal counsel
to ensure a comprehensive
view of our stakeholders
is presented. The Group
constantly monitors the
ever-changing political
landscape in the regions
that are considered volatile
or unpredictable.
------------------------------------- -------------------------------------
PEOPLE
----------------------------------------------------------------------------
The Group's success depends Succession planning
on our ability to attract The Group maintains detailed
and retain sufficiently management succession plans
qualified and experienced for key personnel which
personnel, particularly are monitored by the Group
at senior management levels. HR team. The current macroeconomic
environment has resulted
Failure to attract, develop in a wider external talent
and retain sufficient competent pool available for certain
crew to support our clients' roles within the Group.
needs could result in operational
issues on-board vessels. As the Group's new build
programme has neared completion,
key Technical personnel
who were involved in vessel
construction projects, have
been integrated within the
Operations Department to
assist in vessel modification
and maintenance projects.
This enables the Group to
retain key technical skills
and expertise in our fleet
of high quality vessels.
Learning and development
The Group is committed to
providing bespoke training
and development paths for
key personnel and invests
heavily in learning and
development with a major
focus on regular training
for our safety critical,
senior operational and management
roles.
Competitive remuneration
packages
The Group has a competitive
remuneration structure that
aims to attract, motivate
and retain suitably qualified
personnel through performance-based
reward practices.
------------------------------------- -------------------------------------
INVESTMENTS
----------------------------------------------------------------------------
Delays in completion, or Board oversight
errors in assessing the The Board has oversight
impact of new strategic of approving and monitoring
expansion projects could strategic projects.
result in decreased margins
and market share. Project management
Extensive project management
controls and processes are
adhered to throughout project
life cycles.
------------------------------------- -------------------------------------
Enquiries
For further information please contact:
Gulf Marine Services
PLC Brunswick
Duncan Anderson Patrick Handley -
John Brown UK
Tel: +971 (2) 5028888 Will Medvei - UK
Anne Toomey Tel: +44 (0) 20 7404
Tel: +44 (0) 1296 5959
622736 Jade Mamarbachi -
UAE
Tel: +971 (0) 50 600
3829
www.gmsuae.com
Disclaimer
The content of the Gulf Marine Services PLC website should not be considered to form a part of or be incorporated into this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGMGMDVZNGNZM
(END) Dow Jones Newswires
April 13, 2017 02:00 ET (06:00 GMT)
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