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Gulf Marine Services PLC - UAE-based marine services provider - Says Mansour Al Alami named as chair and Rashad Al Jarwan as senior independent director. Duo voted into Gulf Marine's board on Tuesday alongside Saeed Khoory. Gulf Marine notes Tim Summers, although no longer part of board, continues as chief executive officer to ensure smooth transition with soon-to-be-named new CEO. "The board will now commence a review of the company's business and operational matters including, as a matter of priority, the company's financing arrangements," Gulf Marine says. "The board is taking charge during a volatile period and will do its upmost to protect the interests of all shareholders, and other stakeholders of the company, including the lending banks. The board will forthwith initiate discussions with the lending banks to reach a workable way forward."
Current stock price: 7.74, up 38% on Wednesday
Year-to-date change: up 6.2%
By Eric Cunha; ericcunha@alliancenews.com
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