Maritime Industrial Services Acquires Stake in Gulf Marine Services
Maritime Industrial Services(OSE:MIS) enters the marine vessel and jack-up service barge market by acquiring stake in the leading builder and operator of jackup service barges in the Middle East, Gulf Marine Services.
MIS has finalized an acquisition of a strategic partnership and stake in Gulf Marine Services (GMS), an Abu Dhabi company which is the owner of 10 - offshore supply vessels and 3 - jack-up service barges. GMS also has 2 additional jack-up service barges under construction, and plans an aggressive building program in the future to increase its fleet.
MIS will take a 7.45% stake in GMS for an undisclosed amount, and participate with GMS as a strategic partner in the building program for the jack-up service barges, offer support to GMS in the design, project management, construction, maintenance and modification of its jack-up service barge fleet, and provide services crews for future contracts where GMS may combine its marine vessels and service barges with MIS' extensive pool of labor and equipment resources, to pursue a full range of offshore service contracts.
GMS was recently acquired by a consortium of investors led by Gulf Capital PJSC, a large private equity company based in Abu Dhabi. Gulf Capital is also the single largest shareholder of MIS, currently holding 21%. GMS audited financial results for fiscal year 2006 were: Revenues of US$ 22.7 million and Profits of US$ 6.5 million, and for 1st half of 2007, unaudited results delivered Revenues of US$ 11.1 million and Profits of US$ 4.3 million.
Jerry M. Smith, MIS Managing Director said, "This is a small but very good acquisition for MIS which will contribute both growing earnings from its minority holding and additional revenue to MIS in the way of project management services, construction and participation in service contracts. It offers an ideal platform to expand MIS' technical services activities to offshore operators who wish to contract the marine vessels and labor services from a single source. Therefore, MIS is very excited about this stakeholding in GMS and considers it an excellent platform to build its technical services revenues in the future".
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