GPS Plans to Join AIM with Float
GPS is an established provider of technology-based process facility solutions to the upstream oil and gas production and processing industry. Its principal businesses focus on the fast growth sectors in oil services solutions, comprising i) the supply of modular process plant ii) turnkey design, procurement, engineering & construction, and iii) commissioning and ongoing operation support.
Specific expertise within GPS lies in the design and supply of gas/liquid/solid separation equipment, Floating Production Storage Offloading (FPSO) topsides and offshore Mobile Operating and Production Units (MOPU), onshore Early Production Facilities (EPF) and electrical and instrumentation systems.
FPSO vessels are designed to take all of the oil or gas produced from a nearby subsea well or platform, process the off take through the topside processing equipment, and store until a further shuttle vessel transports the products to shore. FPSOs have become an increasingly important part of a production plan, as global oil exploration moves further offshore into deeper waters. The Directors believe that the FPSO topside market will continue to expand over the next ten years with the majority of conversion, from tanker to FPSO, being carried out in Dubai, Singapore or Malaysia.
GPS also has a lease, operate and maintain division, which provides MOPUs and EPFs to exploration and production companies. This diversifies the Group's revenues in addition to capitalizing on the currently buoyant rig day rates.
GPS has a blue chip client base including Addax, Occidental, Royal Dutch Shell, Fred Olsen, Petrofac, Petronas Carigali, Murphy Oil Corporation, Talisman, Nexen, DNO, SBM, Modec, Santos, Tanker Pacific, Premier Oil, Bergesen, NIOC, and OMV.
GPS has over 450 international employees, located in key oil service centers of the world. GPS operates from Dubai, Kuala Lumpur and Singapore, where the majority of FPSO construction occurs, and has specific fabrication facilities at Batam Island, Indonesia and Mussafah docks at Abu Dhabi. The Group has a sales presence in Houston, Calgary, Jakarta and Tehran.
Evolution is acting as Nominated Adviser and Broker to GPS in relation to the proposed placing and admission to AIM.