Statement re Gulf Marine Services PLC - Results of Annual General Meeting 02-07-2020

Statement re Gulf Marine Services PLC - Results of Annual General Meeting

PRESS RELEASE

FOR IMMEDIATE RELEASE

2 July 2020

           

Seafox International Limited

Statement re Gulf Marine Services PLC - Results of Annual General Meeting

Seafox International Limited (“Seafox”) notes the announcement by Gulf Marine Services plc (“GMS”) on 30 June 2020 in relation to its AGM held that day.

Seafox confirms that its interest in GMS shares (amounting to just under 30% of the GMS issued share capital) is held directly by Seafox or through a nominee account.  Seafox does not hold any other interest in GMS shares, whether through the Swiss nominee accounts referred to in the GMS announcement or otherwise.

Seafox is surprised and disappointed at the GMS Board’s decision to immediately re-instate two of the board members which the majority of shareholders had resolved not to re-elect.  Seafox believes such reinstatement is not only unprecedented but shows a disregard for the will of shareholders.  Seafox also notes that the resolutions proposed at the AGM to approve the GMS remuneration policy, remuneration report, deferred bonus plan, amendments to the LTIP, the chairman’s share award and shareholder authorities to allow share or other equity issues were also defeated by a majority vote of shareholders.

About Seafox

Seafox is a leading global offshore jack-up company, providing services to support the oil & gas and renewable industry. Seafox owns and exclusively manages eleven self-elevating jack-up units. Seafox’s customers benefit from its wealth of experience in accommodation & crane support, well testing & workover, transport & installation and decommissioning. Furthermore, Seafox offers temporary accommodation units for offshore locations and on board vessels.