Gulf Marine Services Share Chat (GMS)

i am not a trader not got the time to look for quick profits,liked the way this company were heading and hoping that by end of month this is in the mid 20s

Then hang in there Jeremy and stop fuelling disquiet and nervousness since that appears to be the trait of Traders. I assume that you bought in here, seeing the returns that await those who hold. Or were you just looking for a quick profit as might a Trader? In the scale of things, given what's at stake, another week or so shouldn't be causing anyone any discomfort except, maybe, day Traders.

the bots can play a part but normally it is to get low then buy and sell high ,but not seeing this peaking and troughing only going down.
last thing i want as i want to make money

What makes you say that and, presumably, think that Jeremy? What I'm seeing is a very low number of very modest trades and hyper-activity on the part of the Bots again, driving the SP down. Timmy's got the right idea - hold until 18th March (later, if necessary, to allow for publication of the Results and the outcome of negotiations with the Banking Syndicate) and let's see how matters then stand. Come what may, this stock remains undervalued and the SP manipulated by Bot activity. Value will be restored and those of us holding will be rewarded for doing so. It may not happen on the 19th March but happen it will. The market, which dispensed an overdose of medicine, will see to that!

Im sure the 18th will shed some light on where this is going. Til then im holding tight.

this boat is starting to sink

GMS is and always has been operationally profitable. The only thing that has impacted bottom line profits is the debt servicing and that's only occurred since the collapse in POO. POO ain't going up any time soon - the frackers are constraining the price. Nevertheless, the fact that the recently announced, delayed, Contracts have been put to bed should give us all cause not just for comfort but celebration. It reflects on the trauma caused by Seafox's intervention that this news has been received in a luke warm way. New work for the vessels will emanate from the offshore wind farm sector while there will remain demand for the servicing and decommissioning of oil rigs, even if exploration has been curtailed. The problem, such as it is and as I see it, is that day rates have been set by reference to the Co's exigencies, rather than market predicated day rates curtailing the Co's excesses. This is all changing. That's partly but not entirely due to Seafox's intervention. Would the BoD have set about the cost-cutting exercise that it's now engaged in had it not been for that intervention? Moot point but I think that we can all agree that the Co will be on a firmer footing once the exercise is complete. We need to see what the Co has worked out with the Banking Syndicate sooner than the GM. And I, for one, would like to see the Results however good or bad they may be. A new deal with the Banking Syndicate will sweeten a set of bad results. So, either a wabbit, please, or a spoonful of sugar!

well my broker (AJ BELL) didn't send any tick form through for the vote even after email them last week. so i would send off to the address below.if you want to vote!
looking at all the run of sells this morning looks like some people are getting nervous and want out?
all i can add is hold your shares.
not long now.
best of luck for the week ahead.

All duly completed forms of proxy must be received by post or, during normal business hours only, by hand, by the Registrar, Equiniti Limited, at Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, by no later than 9.00 a.m. on Thursday, 14 March 2019.

there are several things that probably will....could. there are probably some I cant think of.
the chairman being appointed. is probably one big definite one no matter what the outcome of anything else will make a difference.

what will it take to get this share moving fast?

have to admit.
20 million in savings would definitely push GMS back into profit.....

http://www.morningstar.co.uk/uk/news/AN_1552067559874041400/update-ithmar-withdraws-resolution-to-reshuffle-gulf-marines-board.aspx

http://www.morningstar.co.uk/uk/news/AN_1552058351463731100/update-gulf-marine-services-shareholder-seafox-stands-by-resolutions.aspx

http://www.morningstar.co.uk/uk/news/AN_1552038546832875400/gulf-marine-finds-usd6-million-of-savings;-looks-at-refinance-options.aspx

http://tools.morningstar.co.uk/uk/stockreport/default.aspx?tab=3&vw=story&SecurityToken=0P00012E77%5D3%5D0%5DE0WWE%24%24ALL&Id=0P00012E77&ClientFund=0&CurrencyId=BAS&story=405631743840641

best of luck for the week.

StockMarketWire.com - Support-vessel supplier Gulf Marine Services said its lenders had agreed to amend its financial covenant schedule, though it still did not expect a recovery in its trading performance in 2019.

The company said it now expected to be in full compliance with all of its covenants when they are tested against its audited 2018 financial results.

Gulf Marine Services had previously announced the award of three long-term contracts in the Middle East and North Africa region, each with a charter period of five years.

The first of the vessels had now commenced operations and the company was finalising the start dates for the remaining two.

Another client had exercised an option to extend the charter of a mid-size class vessel by six months, while a small-class vessel had started a four-month charter and large-class vessel had just won a five-month charter.

Gulf Marine Services said its backlog, including options, would increase to more than $260m, from $121m at the end of August, once all the new charters had commenced.

However, as previously announced, it said it did not expect a recovery in its trading performance in 2019, despite continuing improving levels of utilisation.

'The improving pipeline of opportunities for our fleet provides confidence that the market is starting to recover, albeit that it is more difficult to predict when this improved demand will be reflected in increased charter rates,' chief executive Duncan Anderson said.

'We welcome our banks' cooperation in managing our 2018 covenant obligations and continue to progress ways of addressing the group's long term capital structure.'

also found a dealer rating of hold and a target price of 65p on Hargreaves Lansdowne site but it wont let me copy or paste or put in a link.......

on loans...which look to extend out tp 2023.....
StockMarketWire.com - Gulf Marine Services has agreed a two-year extension to its existing bank facility with final maturity in 2023 and scheduled loan repayments reduced by two-thirds in both 2018 and 2019.

The financial covenants amendments and certain restrictions on capital expenditure and dividend payments previously announced on 9 Aug remain unchanged.

A cash sweep mechanism, effective when the leverage ratio exceeds 4 times EBITDA, has now been established from 2018, where 75% of surplus free cashflow (after adjustment for permitted payments and maintaining a minimum cash balance level) will be applied towards repayment of bank debt.

Chief executive Duncan Anderson said: 'We are pleased to announce this two-year extension to our bank facility and the significant reduction in our capital repayments over the next two years.

'We appreciate the strong support our banking partners have shown for our business model.

'This new agreement will provide the Group with the improved liquidity and the financial flexibility to allow us to benefit from the market recovery.'

there hasn't been much activity in the volume recently,
but someone is sweeping all the shares up at 17p........
may I just remind you ebitda is better than 60 million US
7.5 to 10 times is usually rough guide to market cap.
so 450 to 600 m as a approx.
would indicate a SP of 130 to 170.....ohh come back oil price!!!

Reading it again perhaps I am coming across as too harsh, but I am putting my faith in the present board when they state SEAFOX proposals are NOT in the best interest of present shareholders.
maybe there will be mention of wabbits in the next RNS........if they can slip it in even as a typo I would be comical.

soothing typo "read" something.

I dont know much about SEAFOX.
I do know they are not controlled by shareholders.
I did find this.

Private equity firm NPM Capital is to sell its interest of 35% in Seafox Group to a consortium of foreign investors. Seafox Group is the parent company of Seafox Contractors and Workfox, subsidiaries that are active globally in the market for leasing and operating self-elevating jack-up units and support vessels for the offshore industry. The sale follows on from the recently announced merger between Seafox Group and Millennium Offshore Services. The new combination, which offers 12 ‘jack-up rigs’ (platforms) and 45 temporary accommodation units for offshore, is set to be the largest player in the world in this field.

NPM Capital, along with the Cordia and Van der Lely families, will transfer its shares to the new group of investors.

I thought it was now owned by cordia group. NOT SURE.
personally I think seafox is low balling the SP.
last thing you would want is a person positioned from a firm on a board who can be more opportunistic for someone else with your assets and keep them informed than you are for the shareholders'.
with SEAFOX not being listed the books dont need to be audited independently? figures or proposals may not be all that accurate.......soothing the board has tried to state I think.

I think the important part to note is 58% utilisation up to 72 %. A boat in harbour costs more (to us) than a boat at work. I think the timing of the contracts is key. They might (as they are late in the financial year) just miss this years results.
The GMS share price was only just below 18p when SEAFOX offered 18p in its statement.
Usually they offer double in a statement. It HALTED the SP recovery and SEAFOX was being opportunistic IMHO.
An investment banker on he board may be advantageous if they come with conditions (however the board said it is progressing nicely with the present financiers). It is awkward when the present board doesn't believe and appointment will be in our interests. All I can go on is SEAFOX slammed the brakes on a SP recovery and were not prepared to pay 35p+ a share. As you say perhaps Mr Mazrui has a better chance distancing himself. Then again when your part of a outfit that perhaps thinks to merge or even use things like port facilities and wants to get on the board its hard to know. I think you have to stick by the board at the moment.
A resignation over the situation was the correct and gentlemanly thing to do. So many times do you see fly be night listed companies (and some supposed not so) where people stay on clinging to power.
I really do think you have to go with the GMS board statement.
Why SEAFOX wants a foot in the door will only be apparent later.
THEY HAVE GO TO BRING SOMETHING BETER THAN COST SAVINGS.TO THE TABLE.
utilisation is the key at the moment. imho (oil price too obviously).

I think a statement from Mr Mazrui would be nice. Hes kind of remained a shadowy figure in the background thus far. Has he publically spoke about his intentions and ive just missed it?

The results of any PLC have credibility as they come as a result of being independently audited; without that independent oversight the results of any Company that have not been independently verified are essentially worthless. I fully understand that private companies have no reason to follow that route and also why; it's inherently expensive I should imagine. Anecdotally I wonder what the monetary cost is of being a PLC; a whole plethora of expenses that Seafox has to neither consider or incur. Like most I suspect, I too would like to see the YE results as soon as possible, though I suspect their development is subject to a timeline that was set in place some time ago so is unlikely to change at this relatively late stage....

Seems to me that if Seafox are going to do a like-for-like comparison, they should publish the same information that they have drawn from the GMS Interims. Long way to go here, still, before I can make up my mind on the remaining Seafox proposed Resolutions. Such a shame that Mazrui hasn't distanced himself from Seafox. Who's going to pull that wabbit from the hat? I'm glad that Ithmar has withdrawn its proposal. I'm not sure that I can see Halbouny being elected, either, personally. Seafox needs to come up with a more compelling argument on their proposals for increasing profitability, especially if we're to accept the cost-cuttings that they claim to be achievable. For sure, the day rates not having changed since the 2017, in two of the three classes of vessel that we operate, is rather worrying although, one assumes, these are open to negotiation. That's why it remains myself view that we need to see the Results, due to be published on 26th March, sooner than the General Meeting. What does everyone else reckon?

Good find Phil, leading to this.. https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/other/13995976.html

from late Friday.

1. "Seafox stands by resolutions"
2. "Ithmar WITHDRAWS resolutions to reshuffle GMS Board"

http://tools.morningstar.co.uk/uk/stockreport/default.aspx?tab=3&vw=sum&SecurityToken=0P00012E77%5D3%5D0%5DE0WWE%24%24ALL&Id=0P00012E77&ClientFund=0&CurrencyId=BAS