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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.40 | -1.86% | 21.10 | 21.20 | 22.40 | 21.90 | 21.10 | 21.50 | 730,720 | 16:35:19 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Ship Building And Repairing | 133.16M | 25.33M | 0.0249 | 8.59 | 217.51M |
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:
-- 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
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April 13, 2017 02:00 ET (06:00 GMT)
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