Gulf Marine Services Share Discussion Threads

[koolio] 03/4/2014 20:23

hxxp://www.gustomsc.com/attachments/article/154/GustoMSC%20Ref.%20List%20Eqt%20-%20Jacking-Fix.systems.V14.02.pdf

What I did not understand from the prospectus was that GMS have 2 mid size units under construction for delivery in 2015.

Edit. I should have read from page 1 and not started at page 84.

[modform] 03/4/2014 19:25

In the long run it makes very little difference between 135 and 147, the problem is it may shoot a lot higher and then you won't buy at at a higher price hoping it will come down and never will, human nature. Good luck.

[sagarn] 03/4/2014 18:35

Be surprised if it went to 135ish but good luck!

[wipo1] 03/4/2014 14:25

I am still watching,seems a lot of stock on offer atm. Looking to buy around 135p ish

[lennonsalive] 03/4/2014 11:52

Well, sometimes investors would rather buy penny share that's drilling for oil/water, making no money and is looking for more cash. Rather than a company making money and going forward.

[modform] 01/4/2014 19:03

Such a low valuation for this company, don't understand why, in particular when they they deal with the cartel of opec, it's almost like a guaranteed income. Good luck all.

[shauney2] 01/4/2014 09:35

dewtrader,
have you got the right thread?

"GMS operates a core fleet of nine boats which can be jacked up on four legs to support operations at oil and gas platforms"

Expand on dodgy.

[lennonsalive] 01/4/2014 08:43

What's dodgy about it?

Oil servicing company, making money.

[lennonsalive] 01/4/2014 08:43

What's dodgy about it?

Oil servicing company, making money.

[koolio] 01/4/2014 03:53

The vessels are fairly specialist, the contracts are backed with the government and oil or renewables company money.
Not a leasing business in my opinion.

[dewtrader] 31/3/2014 22:07

Looks a bit of a dodgy leasing business?

[koolio] 28/3/2014 16:55

I bought some of these today. The company is well managed with a good reputation, I would say that they are more vessel owners and managers than oil field services but that is only my opinion, most of their work is for the oil field.

[koolio] 28/3/2014 16:55

I bought some of these today. The company is well managed with a good reputation, I would say that they are more vessel owners and managers than oil field services but that is only my opinion, most of their work is for the oil field.

[ricky46] 27/3/2014 18:02

Bought some of these today, I never even saw these advertised, just read the prospectus these look excellent value.... A few months ago it said these were planning on a $1 billion plus listing so they've gone away cheap got to get to £2 quick I reckon

[tanneg] 24/3/2014 18:48

Nice write up by Robbie Burns today :-

"However my favourite new issue is Gulf Marine Services (GMS)
Looks like the only obviously cheap new issue. It's oils services and I wonder if it could become like another Kentz. I was quite surprised at being able to buy somewhere near the issue price and got most of mine around the 148-151 area.
I intend to sit on these and hoping for at least 50% upside in time barring a market crash".

[koolio] 24/3/2014 12:00

Could someone please explain the over allotment, not sure does it mean that they raised more funds?

The sale of existing shares is expected to raise 98.8 million pounds for the shareholders if no over-allotment is excercised

[sagarn] 21/3/2014 14:07

Anyone aware when the next update from the company is? Thanks!

[tanneg] 15/3/2014 14:31

I'm no expert but figures seem to stack up - I quoted PBT in £ instead of $ but shares still look good value.

[simon gordon] 15/3/2014 12:25

tanneg,

2013
T/O - $184.3m
PBT - $73.3m
PAT - $69.4m

Shares now in issue 349.6m

$69.4m divided by $1.67 = £41.5m divided by 349.6m = 11.8p at 135p = 11.44x.

Bank debt - $254.3m
Finance leases - $83.1m, presume this will be lower after buying the Keloa lease.

I expect debt will increase as they scale up from 9 to 16 rigs.

By 2017 the p/e could be on a low single digit.

Do the above figures stack up?

[tanneg] 15/3/2014 11:47

This seems incredibly cheap or am I missing something? - market cap £472M pre tax profit £73.3M eps 41p.

[simon gordon] 14/3/2014 21:42

GMS targets $100m shares boost

17/02/2014

Abu Dhabi-based jack-up operator Gulf Marine Services is targeting an injection of $100m through a flotation on the London Stock Exchange.

The company, which offers services to offshore wind farms as well as the oil and gas sectors, is targeting an expansion to keep pace with "high demand".

GMS currently operates a core fleet of nine vessels, seven of which it owns and two of which it leases, and plans to add six more vessels over the next three years.

It expects to use the net proceeds from the initial public offering to buy the lease vessel Keloa for $37.5m and repay around $20m in "existing shareholder loans". The remaining funds will be pumped into a newbuild programme.

GMS chief executive Duncan Anderson said: "Our vessels are in high demand by our clients and we believe demand for our vessels, and for the market as a whole, will continue to increase significantly over the rest of the decade.

"This gives us confidence to proceed with the planned expansion of our fleet, which the net proceeds of the IPO will help to accelerate."

[simon gordon] 14/3/2014 21:40

Gulf Marine Services PLC ("GMS" or the "Company"), the operator of one of the largest independent self-propelled Self Elevated Support Vessel ("SESV") fleets globally with a focus on the MENA region and Northwest Europe, today announces the pricing of its initial public offering (the "Offer").

GMS, which is headquartered in Abu Dhabi, operates a core fleet of nine SESVs which are four-legged self-propelled vessels with 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's clients in a broad range of offshore oil and gas platform and wind turbine installation, refurbishment, well intervention and maintenance activities.

~The offer price has been set at 135 pence per Ordinary Share (the "Offer Price").

~Based on the Offer Price, the total market capitalisation of GMS at the commencement of conditional dealings will be approximately £472m.

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