GMS Awarded Extension to Conclude Terms for Debt Restructure

Source: www.gulfoilandgas.com 12/31/2020, Location: Middle East

Gulf Marine Services PLC, a leading provider of advanced self-propelled, self-elevating support vessels serving the offshore oil, gas and renewables industries, has been in discussions with its banks in good faith, since the changes to the Board on 10 November. These discussions are in regard to certain improvements to the terms of the debt structure, that was concluded in June this year, as part of the restructuring of its debt facilities. The Company is pleased to report that discussions have been positive, yet not conclusive and the Company anticipates that there is a reasonable chance to reach an agreement in the course of the coming weeks.

Against this background, the banks have agreed to extend, until 31 January 2021, certain obligations on the Company, which it was otherwise required to have met by 31 December 2020. The extended deadlines include the requirement to issue warrants to the banks on 4 January 2021. This means that the Company will avoid an event of default on December 31 as a result of the general meeting voting against certain resolutions presented by the previous board. The new deadline becomes January 31 2021.

This extension provides the time for the parties to conclude and formally document proposed changes to the following (among other matters): the timing and targeted quantum of new equity to be raised, the pricing of the debt, and the timing and conditions to be met, to avoid any payment of PIK interest and issuance of any warrants.

Meanwhile the Company continues to make good progress under the new Board and management, including the recently announced improvement in winning new work for the Group, leading to an increase in secured fleet utilisation for 2021 to 75%.

The Company will provide the market with a business update, guidance and further details on the bank deal in due course.


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