Abu Dhabi-based Gulf Marine Services (GMS) intends to float new shares on the London Stock Exchange, in part to fund new vessels which will target installation and maintenance work in the European offshore wind sector.
largest role in the industry to date was the turbine installation work its
jack-up vessel Endeavour performed for Statoil and Statkraft’s 317MW
Sheringham Shoal project during 2011-2012.
Endeavour is one of GMS’s two “E-class”
jack-up barges – the largest models in its fleet of seven wholly-owned vessels,
and the most relevant to offshore wind – with a third under construction and
expected to enter operation later this year, and a fourth in 2016.
and her sister ship the Endurance have 230-tonne cranes and can operate
in water depths up to 65 metres, while GMS’s new E-class vessel – the Enterprise
– will have a 400-tonne crane and be capable of installing turbines in depths
of 80 metres.
wind remains a relatively niche area for GMS, whose core focus is offshore oil
and gas. But the company cites the growing offshore wind market as one of the
reasons for its initial public offering, with much of the money raised to be
ploughed into new vessels.
Straughen, a former member of the UK’s Offshore Cost Reduction Task Force, is
listed as a non-executive director of GMS.
The IPO is
expected to be worth at least $250m, including $100m of new shares and an
as-yet-undetermined number of shares to be sold by the company’s private-equity
backers, according to Reuters.
the flotation is expected to value the company – which also owns a shipyard in
Dubai – at a minimum of $1bn.
Capital, an Abu Dhabi-based private-equity firm, owns 79% of GMS at present.