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Agree with TT but also why I don’t think the debt should be so f ing onerous for the banks due to the value of our assets. Mental sp to be honest just does not reflect it’s true value .......
I think it is what Seafox did. They sold a percentage of some vessels. They have a finger in the pie still. In more than one place too (as with GMS). They could still buy more, 18pps is mighty cheap tbh.
The GMS vessels are nearly new (most) so selling them would screw themselves more long term if they can work through this tough period.
People forget, the SP dived on the news of the banking problem.
It is as if that's still a problem.
There is now work.
The fact is, transport costs increased as the work is more spread out. If contracts are near each other the transport cost reduce obviously. The market for work picking up allows for more choice of "where next" and reducing transport costs.
Some of those bills are paid for by GMS and then collected when the contractor actually pays.
Perhaps those bills can be "arranged" by the syndicate to be interest free in the new deal? At the moment GMS were still owed over 5 million from the last year on transport costs alone. It increased from 30 to 50 million.iirc So you see, less work available can mean more movement costs believe it or not!
GMS keep there vessels in tip top condition, something that helps with lost production, they have a very good reputation, I was told by someone who works in offshore environment that food quality and vessel quality are the massively big variables. Some vessels are wrecks, some food on the vessels is really bad, it would not be your first choice to eat there.
They could (with staff) cut down on food quality and save, if this would be popular is another matter, but cutting vessel maintenance costs can be a false economy. Breakdowns cost in a big way. Perhaps these were some savings Seafox were willing to implement that GMS were not? IDOK. They were looking at 15 to 20 million in savings?
I firmly believe new financing deals that are being worked on with the syndicate (6 banks as far as I am aware) will take into account the short term problem of working through a lean period, the work being more spread out, they're no fools, the syndicate information and the new CFO coming out in the summer along with more money coming in from the increased utilisation (yet to have a full effect in Aprils results as far as I am aware) should add a slightly rosier picture.
Dont get me wrong. The days of 220 million+ turnover aren't there now, but they WILL never be there again if they sell vessels.
Besides, the GMS vessels are more modified than the competitors as far as I am aware and more adaptable as a result. That would have the added negative of reducing the possible work available, such as Seafox selling a portion of its barge and it being in work on a windfarm right NOW. Its other barge that could get that work cannot get that contract.
Swings and roundabouts some days. Selling a vessel can be a double edged sword.
135 million turnover is a good number to be above, we are at 123 million iirc.
I dont see it as broken.
Just needing a poke or a tweek to get it ba
Have the company considered selling any vessels at any point? Obviously it would reduce their profitability in the long term but it would help with the debt, which I think is a much more pressing matter at the moment. There presumably won't be a long term if they can't get it sorted.
Most trades are for 13.00 this afternoon indicating buys.
Dont get caught out. There is still "tree shaking" going on. Hold is my opinion if you own, buy is my opinion if you don't.
There were over 1/2 million shares bought in the last week and we get a drop? IDHK. Just realise you will have to wait until the summer to get full perspective and everything behind the scenes shaking itself out.
Looks like shake over strengnt returning
So where were these 10 million shares eh?
33k was the largest trade.
My broker wouldn't let me sell under 12.75 today.
Just think there is a tree shake.
Lets see if a bounce in the other direction is on tomorrow. My advice is buy if you dont have any and hold if you do.
Mid summer is the time some answers should have shaked out or should it be (shieked) its way out of the company with their plan becoming implemented..
Thanks again Ned. I shall lookout for a broken down reliant robin on the hard shoulder somewhere between Peckham an Yorkshire.
Pbody he’s on his holz in
Peckham, the polish part . He’s visiting Delovski boyzkov ... he’s back tomora its Easter like Jesus he will rise again my son....
https://simplywall.st/stocks/gb/energy/lse-gms/gulf-marine-services-shares/news/does-gulf-marine-services-plcs-longms-ceo-pay-reflect-performance/
http://www.stockmarketwire.com/company-news/GMS/Gulf-Marine-Services
https://www.marketscreener.com/GULF-MARINE-SERVICES-PLC-16023308/
https://www.stockopedia.com/share-prices/gulf-marine-services-LON:GMS/
At 44 million market cap there could be a serious upswing or takeover.
GFD must be away? hope he is ok.
Not sure ssb1 that the 3 million trade was not a buy a few days ago .iirc.
You will have to look back on there and double check, a lot of sell and buys register incorrectly.
IF it is true that city financial still have 10.5 million shares, every 3.5 million they must declare to GMS and thus the London Stock Exchange their holding.
Just as a point of interest in case anyone reads these posts and gets nerves.
All things being equal I think the sp should be in the 30's to 40's, but the facts are obviously pointing to it doing something different, it could well take some news about the financial repositioning to clear this.
the big difference (as far as I am aware) is the fact that GMS has its own yard, It can modify a vessel for a particular contract (if needed) and they have modified several vessels in the past (with things like large cranes etc for windfarm projects) and makes them more adaptable. It should ensure they have more work.
They total around 940 million iirc, and they have loans of around 400 million I think.
There a new fleet with 25 years in front of most of them.
One of the reasons they are not about to bust in a rush. Despite the grim headlines before Christmas (that was averted) they have a long future in front of them.
12.75 to sell!
city financial is hokum.
just a tree shake.
it would cost me 12.875 to buy at the moment. min. shake a tree time......
this is just a few panic selling at the drop.
iirc they had 10.5million left
Sounds like you may be spot on with that. Just love the way administrators take a hefty fee and then dump assets at next to nothing, nice work if you can get it.
Funnily enough you may have solved a mystery there. First got in here in single figures and later that day got passed on the M1 by a van carrying the letters GMS in 2 foot high letters on the side.
Wondered if it was a sign from above but now you mention Del boy it occurs to me the van was a very familiar shade of yellow.......
Remember these guys had 11.5m shares I posted about this more than 1 month ago.
We saw a massive trade of just under 3m go though but it still left them with 8.5m shares.
I expected some of that is being dumped on the market at a silly price of 11p or 10p. Wait for for a big sell later today.
Since mid last year there have been numerous new contracts with possibility of extending those contracts.
There has been an increase in "green" projects with windfarms, the Seafox company sold 51% of a large vessel not to long ago and bought into GMS at 18p and hold 13.8% irrc.
The vessel is in a long term contract in the north sea on a windfarm.
The is increased windfarm work in the gulf region is from the UAE not Saudi iirc.
That accounts for 28% of work in the gulf region looking forward.
Best to have look on the website. That link was at the top in the first post I did today.
I was wondering if GFD is ok? perhaps he is posting on another board?
He’s on his holiday in Peckham visiting Dell boy....
Starting to miss GFD also, pretty much on here daily since December.
Odd goings on here SP drop on no volume and in auction with no quotes to buy or sell for last 30 mins.
Sorry I made a mistake, the mid and large vessels are most utilised.
http://www.gmsuae.com/
There are 13 vessels the most notable named vessel being "kamakazi".
There called barges as far as I am aware, they fall in to 3 categories, small, mid and large.
They small and mid sizes are carrying the most workload as far as I am aware, there is the possibility of new contracts, the small vessels being the most underutilised.
Normally the vessel is "worked" and the contracts fit the vessel. So its vessel dependant. The best way to check and gauge for yourself is to look back on the RNS and look for "new contract announcements".
The SP is taking a tumble this morning.
I can see SEAFOX buying more and offering 18p again.
That or an announcement from the new Chair buying in.
Does anyone know the number and size of vessels not currently in use, and could they announce a new contract at any time or is there usually a particular time of year for that?
Are you ok?