Member Info for pbody

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?

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.

hard to see now I know. but dont be surprised if it bounces back.

Are you ok?

Dont forget.
I have seen employees who are non investor types sell their shares they get as "bonuses" to boost wages.
Dont be surprised if there is slightly increased selling after some of the shares are awarded.
The oil price I mentioned Look at Jan 16 with the oil and July 16 with GMS.
The dip in Jun17 (oil) to the dip in Aug 17 (GMS)
From Sept 18 to dec 18.
I do agree with GFD, the day rates are not the employees faults and there share bonuses are more than probably well deserved. Just dont be surprised if a few get sold. Some are not going to be investors. They are a different breed.

looks like 200 will be the limit
said a month or so ago to sell, dont think it will go higher, probably might go more.
good luck

Just my opinion.
The whole markets was under pressure (general market trend)since Aug/Sept last year until xmas.
Most shares took a tumble. GMS too. (forget loans) That was oil price related imho.
If oil was at 140 a barrel and predicted to be at over 100 for the foreseeable future (as was the case a few years ago) the workload, order book the day rates would be at a level that gives 220 Million+turnover.
IMHO I know others will say the works there anyway, but shortage of vessels and staff globally increases the day rates, The increase in oil price will increase day rates (albeit delayed) imho this will lead to increased turnover and thus profitability. That's why I reckon 30's to 40's is not unreasonable if the fear factor is removed.

great value.
i think you can expect a price shift looking forward

Today, after your message Ned, I had a good look online trying to gauge the "internet" feel for GMS.
Nearly everything indicator out there says sell.
I am not sure if this because they are not updated and from earlier in the year or whatever reason. Most tried to sell you something else.
However anyone looking up GMS would probably not invest or think of selling. Fear being the driving factor probably.
The fact there isn't massive selling shows you the investors have faith. New investors would have to look beyond those indicators...

ig

I would say its good value....but it keeps dropping.
buy at a penny?

884,452

doubt it will be here long.

not drilling as much as expected late last year might help the position tbh.

I reckon around 700,000 in cash (might be a bit more or less)
my best guess, I suppose I should say 1 million as a round number, but I guestimate 700k.
mid april will tell.

well the sp could drop to 10p! it keeps trickling down! I hope not!
but no, not from that RNS.
its an issue (around 1/2 million shares) for share incentive plans.
not to raise money.
I have seen some firms "pay" bills with a small issue, but this isn't for that,

https://www.share.com/investments/shares/21613/gulf-marine-services-share-price#brokerviews
You probably have seen it already.

I wont post much more as I dont want to drag back to a week old RNS.
Ned,Phil, GFD, timmy and others thanks again for your concern.

Suffice to say GFD your probably right, the Chairman wants to get the lie of the land. The CFO was due in June iirc from the website.
The finance restructure taking place before his appointment. Perhaps he is partly involved now and will make it official at the time? They did mention the old Chairman was still in contact, so involvement my not be as hard and fast as a set date.

I still think the turnover (really) HAS to be above 135million. Small vessels are still underutilised.
I can understand the chicken and egg situation here. You dont want to have idle vessels but you dont want to agree to contracts in the pipeline where the customer has you at an advantage.

In that respect in the medium term GFD may be right if the turnover does not get past 135 million.

Refinancing being the key to unlock the stability going forward. These interest rates (I am sure) can be better negotiated for a more stable footing as some have suggested. There is a big increase in the last year and a figure lower than 2017 should be a target not 7% also there is a close to 2 million shortfall on exchange rates (that is BREXIT) related.The exchange rate moving forward should give us a win of a couple of million.
Lets hope the refinancing can get us back down to a reasonable interest level of interest.
I am not sure if there is the option of a few years of nil interest to get through a lean period? That would reduce the sweat on a lot of peoples palms I am sure.

From the RNS.
Finance costs and foreign exchange

Finance costs increased by 34% in 2018 to US$ 31.3 million (2017: US$ 23.3 million excluding non-recurring refinancing costs of US$ 15.6 million), reflecting an increased cost of bank borrowing to US$ 30.6 million (2017: US$ 22.2 million) as a result of both increases in LIBOR and higher Group net leverage. The average borrowing rate in 2018 was 7.0% compared to 4.7% in 2017. In addition, no finance expenses (2017: US$ 3.3 million) were capitalised during the year following completion of the new build programme in 2017.

In 2018, there was a net foreign exchange gain of US$ 0.3 million (2017: US$ 1.9 million) arising from movements in exchange rates of the Pound Sterling and Euro against the US Dollar, the Group's presentational currency. The Group entered into new arrangements to partially hedge the volatility of movements in exchange rates as well as interest rates.

You will have to look at my previous posts on the board about overseas reporting percentages GFD. But I think if it crosses 3,5,10,15, 20 etc. iirc. from 18th march.

Lets hope the renegotiated finances take into account a drop of nearly 100 million in turnover?
If they dont increase the revenue or reduce the payments the problems will keep coming.
LETS HOPE ITS A HOLE THAT CAN BE "WORKED OUT OF"

Indeed the 27th.
Looks like someone bought and sold 2%??
Then bought 4%?
Seafox? ramping up again? I thought they have stopped acquiring?