Published: February 21, 2014
UAE shipping firm set to raise US$100mn from share listing.
UAE-based Gulf Marine Services (GMS), which operates a fleet of specialised vessels for use in the oil and gas sector, is set to raise US$100mn by listing on the London Stock Exchange.
The company, which operates mainly in the Middle East and Northern Europe, runs a fleet of nine self-elevated support vessels (SESV), specialised ships used in the installation and maintenance of oil and gas rigs
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Funds from the IPO will go on the US$37.5mn purchase of Keloa, a small vessel that the company is currently leasing but has the option to buy, with an additional US$20mn going on the repayment of outstanding shareholder loans. Remaining funds will go on the company’s new build programme.
Bank of America Merrill Lynch and Barclays are joint global coordinators, joint bookrunners and joint sponsors; JP Morgan Cazenove is joint bookrunner, and Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank are co-lead managers. Rothschild is acting as financial adviser to the Company.