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LONDON (Alliance News) - Gulf Marine Services PLC shareholder Seafox International Ltd is looking to remove the company's chair, Seafox said Wednesday.
The move comes after offshore jack-up firm Seafox took a stake worth just under 14% in support vessels provider Gulf Marine earlier in January. It said it eventually plans to reach 25%.
Seafox is asked for a general meeting to vote on the removal of Chair Simon Heale.
In his place, it wants to install Andrew Knight, the former chair of News International and current chair of Times Newspapers.
Seafox also wants to appoint Abdullah Mazrui and Hisham Halbouny to the company's board as non-executive directors.
Mazrui is currently chair of Emirates Insurance Co, while Halbouny is a former oil and gas focused investment banker who is "very well" connected in the Gulf.
"Seafox is of the view these changes would give investors a greater voice in its strategy and direction of Gulf Marine given its recent disastrous performance," the investor said.
"In addition, Seafox has also proposed the meeting deals with Gulf Marine's recent announcements, its plans in relation to any proposed refinancing and, if proposed or requested by any other members, the appointment of further shareholder representatives and a balancing majority of independent directors to the board," the shareholder added.
Gulf Marine shares were up 1.1% on Wednesday at 18.70 pence each.