Gulf Marine Services planning to continue growing

摘要

In an otherwise gloomy offshore vessel market, Gulf Marine Services (GMS) is bucking the trend and says it plans to continue to expand. The company, which operates self-propelled jack-ups or 'self-elevating support vessels' as it prefers to call them, has secured a US$620 million debt facility, which combines Islamic and conventional financing. The funds will replace the group's existing facilities, with no changes to the previous borrowing covenants. The facility has a term of six years and comprises a US$375 million term loan, a US$175 million committed capex facility and US$70 million for general working capital purposes. A further US$300 million uncommitted facility has also been agreed.