Oilfield services firm Gulf Marine Services reported Monday that it plans to raise $100 million via an initial public offering on the London Stock Exchange.
Gulf currently operates a fleet of nine self-elevated support vessels (SESVs) for activities that include well intervention, oil and gas platform installation and platform refurbishment and maintenance. The firm intends to use approximately $37.5 million of the funds raised to buy the Keloa – a small vessel that is currently leased to Gulf and which Gulf has the option to purchase. The bulk of the remaining funds will be used to help fund Gulf's new build program.
Gulf said that demand for SESVs is expected to grow and so it intends to add six more SESVs to its operation between now and mid-2016. The firm had a revenue backlog amounting to $434 million as of December 31, 2013.
Gulf CEO Duncan Anderson commented in a company statement:
"With our focus on long-term client contracts and high utilisation, we have delivered consistent EBITDA growth since 2007. Our vessels are in high demand by our clients and we believe demand for our vessels, and for the SESV 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."
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