* SE Asia, W Africa expansion in 2015 - CEO
* Plans $400 mln capex on six new vessels by 2016
* Expects revenues to double in two years
* Business levels in 2014 in line with expectations
By Stanley Carvalho
ABU DHABI, May 8 Oil services firm Gulf Marine
Services plans to spend around $400 million up to 2016
and expand into south-east Asia and west Africa next year to tap
strong demand for its vessels, its chief executive said on
The Abu Dhabi-based firm, which debuted on the London Stock
Exchange in March, is among the leading players in the offshore
services industry in the Middle East and North Africa (MENA) as
well as the southern North Sea.
"There's huge potential in south-east Asia and west Africa
where our type of assets are in demand and we need to take
tonnage there," Chief Executive Duncan Anderson told Reuters in
a phone interview.
Gulf Marine Services' (GMS) mid-sized vessels with an
average age of nine years are well suited to work in south-east
Asia where platforms have aged and require maintenance, he said.
The firm, which currently has a fleet of nine vessels, plans
to add another six by 2016 as part of its new build programme
with capital spending of around $400 million, he added.
Some $80 million out of the $100 million raised from the
sale of new shares in its initial public offering (IPO) will be
used for the fleet expansion programme, while $20 million was
used to pay shareholder loans.
Pre-IPO shareholders Gulf Capital, Horizon Energy and Al Ain
Capital also sold shares in the offering. GMS' share price has
risen around 24 percent since its began trading on March 14.
GMS, which earned revenues of $184 million last year,
expects to double this in the next two years on the back of
demand and orders.
"We continue to see strong demand for our assets in
brownfield oil and gas recovery, well services and maintenance,"
"Our new build projects remain on schedule to meet extensive
tender demand going forward, which will further strengthen our
long term order book in 2014 and 2015."
Earlier on Thursday, in its first interim management
statement as a public company, GMS said the group had an order
book worth $395 million at March 31, providing good visibility
on future earnings.
During the first quarter of this year, the group achieved
overall fleet utilisation of 95 percent and current business
levels were in line with expectations, the statement added.
Set up in 1977, GMS' fleet serves the oil, gas and renewable
energy industries from its offices in the United Arab Emirates,
Saudi Arabia, Singapore and the UK
(Editing by Mark Potter)