Gulf Marine Services Share Discussion Threads

[dgwinterbottom] 19/5/2014 07:43

Rob - I looked at the flotation document and gained the impression that three shareholders have about 99%:

Green Investment Commercial Investments LLC 79 per cent.
Al Ain Capital LLC (formerly Al Bateen Investment Company LLC) 10 per cent.
Horizon Energy LLC 10 per cent.

Would my interptretation be correct such that htere is very little free shares available in the market?

[robthebruce] 16/5/2014 14:38

Actually, I just looked again at the floatation document and the large shareholders like Gulf Capital are locked in for 6m. Anyone thinking of investing here should read the document. It has everything you could want to know about GMS in it including information about the industrial sector. Priceless info. Really bullish stuff.

[mrmomentumt] 16/5/2014 11:29

Agreed; if we look at the indices volatility at present, good companies have seen 5-10% wiped off their prices in the last couple of days. GMS has pretty much held its own. A good time to buy is when shares like this are under the radar and GMS is just that. If the trading statement had raised any questions I might be nervous. But it was very upbeat and confirmed all is in order. If it does go into the FTSE250 too, it will become much more popular as funds buy in and lead to the share price pushing ahead. A nice steady buy and hold for me which I am happy to hold for years unless the story changes. As and when it begins to rise, I am happy to top up.

[robthebruce] 16/5/2014 07:27

Thanks, roll. Fingers crossed.

[rolo7] 15/5/2014 22:55

This is going into fste250 with ease in june liquidity permitting the index trackers will mop the shares up. Gms so strong today as fste 250 down 358pts

[robthebruce] 15/5/2014 20:31

If someone has L2 access I would be interested in their view of recent trading patterns. Is someone consistently placing selling orders by AT? I have noticed the repeated 963 trades throughout the day. I am also struck by the comment made a month or so ago by a poster who sold out his holding because he was concerned that selling by private equity shareholders could depress the share price for the next year or so. Anyone any thoughts on this? I would have expected the share price to have responded better to the recent trading statement than it has. Could this go on for years?

[robthebruce] 14/5/2014 17:40

I don't think there is any correlation with the oil price as this is about the maintenance of existing rigs. In fact if the oil price looked as though it might be depressed for some time, companies might take advantage of a lull to take plant offline to do their routine maintenance. Also, there are some areas of the world where existing plant is knocking on a bit so maintenance requirements are high. The company are especially targeting those areas.

[mintitan] 14/5/2014 16:50

No worries DG.

[dgwinterbottom] 14/5/2014 15:29

Thanks Minititan - I see where you are coming from, I was wary that they might "over order" the ships and end up having to lay them up with consequent o/heads. I agree this may be the case with tankers as did happen, but not with maintenence ships etc!!

[mintitan] 14/5/2014 13:52

I don't think the oil price has much to do with GMS's operations as either way their services are required. I think if the world stopped producing and processing oil, that would be a different matter. But that is not on the cards for a long long time I think!

[dgwinterbottom] 14/5/2014 07:41

The gearing is quite significant which is probably new ship commitments, whilst cushioned somewhat by good cahsflow, a drop in the oil prce and a retrenchment in the industry could cause a problem. Any thoughts on this?

[seans66] 09/5/2014 14:53

Also got a decent mention by Martin Waller in his Tempus column in The Times today.

[mintitan] 09/5/2014 13:40

Thanks robthebruce. Would be nice to see it tipped soon for a nice push. Inevitable at some point I think.

[robthebruce] 09/5/2014 11:16

And in the telegraph

[robthebruce] 09/5/2014 11:13

Some comment in the press:

hxxp://gcaptain.com/gulf-marine-services-eyes-expansion-asia-west-africa-new-vessels-planned/

[nurdin] 09/5/2014 09:48

Have dipped my toe here...:o)

[mintitan] 09/5/2014 07:13

Yes robthebruce it is. On the back of the IMS, I would expect to see some press comment over the next week or so and the profile of GMS raised accordingly.

[robthebruce] 08/5/2014 20:23

The key to this is asset utilisation rates and the introduction of new build vessels. Good to see both aspects of the business are doing well.

[robthebruce] 08/5/2014 16:44

After such a nice update, it would be good if there was a bit of press comment.

[mintitan] 08/5/2014 07:51

Great IMS. Like you said rogash, very reassuring that demand is so strong they could relocate the vessel without a lag. I would expect some nice contract wins to support the tender activity too which should give the company more recognition and and the share price a further push. Good work GMS!

[rogash] 08/5/2014 07:38

Amazing they could re-allocate a vessel so quickly.

[robthebruce] 08/5/2014 07:27

Good RNS

INTERIM MANAGEMENT STATEMENT



Gulf Marine Services (LSE:GMS), the leading provider of self-propelled self-elevating support vessels serving the offshore oil, gas and renewable energy sectors, today publishes its Interim Management Statement for the period 1 January to 7 May 2014.



Operations



We continue to see high demand for our services with a strong pipeline of opportunities. The Group has a very significant backlog (the order book at the end of March 2014 was $395 million comprising of firm and extension options) providing good visibility on future earnings. Current trading is in line with expectations.



During Quarter 1, the Group achieved overall fleet utilisation of 95%. Against this background, a short-term oil and gas contract in the North Sea (3 month time period) for one of our Large size vessels was scheduled to commence in February 2014; although our vessel was ready, the customer delayed the start date and the work will now not proceed. In the meantime, we have redeployed the vessel on short term wind farm work which replaces the period initially envisaged. We are continuing to seek follow-on work for this vessel. Opportunities for new contracts across the fleet remain buoyant, particularly in the Middle East, and the Group is optimistic that its business development activities will generate further new leads and work.



The new build programme remains on schedule and on budget. We achieved some key milestones within the period including the delivery in February of the hull for GMS Enterprise to our yard in Abu Dhabi, where it is currently being fitted out with completion scheduled for September. At the beginning of May we also commenced construction in China of the hull for our first Mid-Size vessel GMS Shamal.



Financial Position



The Group has both a strong balance sheet and a robust cash generating position which provides a good platform for growth. The balance sheet was recently bolstered with equity capital through the successful Initial Public Offering (IPO) on 19 March 2014. The IPO raised gross proceeds of approximately $110 million, which will be used to further advance the new build programme. As at the end of March 2014, the Group had net debt of $165 million (cash of $105 million, bank debt of $270 million) together with undrawn bank facilities of $130 million.



Duncan Anderson, Chief Executive Officer of GMS, commented:



"Following our successful IPO, we continue to see strong demand for our assets in brownfield oil and gas recovery, well services and maintenance. Our new build projects remain on schedule to meet extensive tender demand going forward which will further strengthen our long term order book in 2014 and 2015."



- ends -

[robthebruce] 07/5/2014 22:30

Lol No, not the naked trader. I wanted the name RobbyB but it was taken. After a poor few weeks over at blinkx, I am ready for a more reliable share, hopefully like GMS.

[modform] 07/5/2014 21:43

You are not the naked trader Robby, just spelling your name with y rather than ie. The company is in the neish market, with double digit growth, and low pe. The type of company you want in the current climate

[robthebruce] 07/5/2014 10:46

Hi, I have bought a few of these this morning. They look like a good prospect and appear to have been overlooked IMHO, perhaps because they are new to the market and people want a bit of prior history. However, their business is not reliant on the oil price, their vessels offer significant advantages over the competition and they seem to be targeting geographic areas with good growth prospects. I am looking forward to the trading update. Cheers, Robby.