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(Alliance News) - Gulf Marine Services PLC on Monday said it has secured a six-month renewable energy contract with a UK offshore renewables operator as it announced shareholder support against the acquisition offer by Seafox International Ltd.
The oil & gas service company said that under the newly-awarded contract, it will provide support for offshore activities on behalf of the undisclosed renewables company with the vessel expected to be mobilised for the start of operations in the summer.
Gulf Marine added that the new contract - in addition to two further renewable energy contracts awarded earlier in 2020, a five-month contract extension, and an eight-month contract - means that its remaining vessel in North West Europe, GMS Endeavour, has now secured work for all of 2020 and most of 2021.
As at Monday, the company's secured utilisation of its entire fleet increased to 79% for 2020, and 50% for 2021.
Separately, GMS said it is in the process of finalising 2020 contractual options for another existing renewable energy contract in which it will provide support for offshore activities on behalf of an European offshore renewables operator.
"We are pleased to be extending our activities in North West Europe, continuing to build our order book with multiple renewables customers. Across the group, GMS continues to increase overall fleet utilisation, despite current market conditions. At the present moment, all available vessels in the fleet are currently contracted," said Chair Tim Summers.
In a separate statement, Gulf Marine Services said that on Friday, it received a letter from Aberforth Partners LLP, covering an additional 23.4 million shares - around a 6.7% stake - in addition to letters from shareholders amounting to a total of 38.8% stake, stating that the concerned stakeholders do not intend to accept any offers in relation to Seafox's acquisition proposal.
Last week Tuesday, Gulf Marine Services rejected a USD32 million acquisition proposal from Seafox which it labelled as "wholly opportunistic" amid the uncertainty in equity and commodity markets due to the Covid-19 pandemic.
Seafox responded releasing a statement saying it purchased 9.4 million shares in Gulf Marine for 10 pence each, or GBP938,868 in total, bringing its total interest to 16%. It also made a "no increase" statement, meaning that any firm offer made for Gulf Marine will not rise above 10 pence per share
Gulf Marine shares were trading 1.1% lower at 8.21 pence each on Monday afternoon in London, giving it a market capitalisation of GBP28.8 million.
By Ife Taiwo; ifetaiwo@alliancenews.com
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