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www.gmsuae.com

A Stable Workhorse Prepared for Growth

Gulf Marine Services

8 May 2014

This presentation has been prepared by Gulf Marine Services PLC (the "Company"). This presentation does not constitute or form part of any offer to sell or issue,

or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall the fact of its

presentation form the basis of, or be relied on in connection with, any contract or investment decision.

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officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation or any other

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strategies and the industry in which the Company operates. The forward-looking statements in this presentation are based on numerous assumptions regarding

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inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the

future and may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward

looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely, such as future

market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as the Company's ability to

continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which the Company operates or in economic or

technological trends or conditions. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty,

express or implied, is made regarding future performance. No representation or warranty is made that any forward-looking statement will come to pass. No one

undertakes any obligation or undertaking to publicly release any updates or revisions to these forward-looking statements to reflect any change in the Company's

expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of this presentation.

Accordingly, undue reliance should not be placed on the forward-looking statements, which speak only as of the date of this presentation.

To the extent available, the industry and market data contained in this presentation has come from official or third party sources. Third party industry publications,

studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the

accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable

source, the Managers and the Company have not independently verified the data contained therein. In addition, certain of the industry and market data contained

in this presentation come from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the

market in which the Company operates. While the Company believes that such research and estimates are reasonable and reliable, they, and their underlying

methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, undue

reliance should not be placed on any of the industry or market data contained in this presentation.

Disclaimer

2

The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to verification, completion and

change without notice.

No reliance may be placed for any purpose whatsoever on the information contained in this presentation, or any other material discussed verbally, or on its

completeness, accuracy or fairness. This presentation should not be considered as a recommendation by the Company, or any of its respective advisers and/or

agents that any person should subscribe for or purchase any securities of the Company. Prospective purchasers of securities of the Company are required to

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By viewing the presentation you agree to be bound by the foregoing limitations.

By viewing the presentation you agree to be bound by the foregoing limitations.

Disclaimer

3

Page

Introduction to GMS 5

Market Overview 8

Clients 9

Fleet Overview 10

Historic Results 12

SESV Providers 13

Replicating the GMS Model 14

Drivers for SESV Demand 15

Estimated Total Market Demand 16

Future Growth Strategy 17

Finance – Overview by Vessel 19

Revenue Breakdown and Day Rates 20

Vessel Utilisation 21

Order Book of Contracts and Options 22

Fleet Expansion Capital Expenditure 23

IMS Summary 24

Presentation Summary 26

Appendix 28

4

Contents

Introduction to GMS

5

A world leading global SESV operator

Large (E-Class) vessel ready to sail. Large (E-Class) vessel jacked up at client location.

Introduction to GMS

• One of the world’s largest independent international operators of advanced self-propelled Self-Elevated Support Vessels (SESVs).

• Operates three classes of vessels: Small, Mid-Size and Large vessels.

• One of the youngest fleets in the industry which GMS builds and maintains at its own yard in the UAE.

• Currently serving global blue chip clients in the Northwest Europe and MENA regions. Significant expansion plans to enter West Africa and South East Asia markets.

• SESVs provide the stable platform for delivery of a wide range of services throughout the total lifecycle of offshore oil, gas and renewable energy activities.

• GMS’ focus is on Opex revenue and brownfield oil services.

6

A world leading global SESV operator

Introduction to GMS

7

Growth strategy

• Current and future demand under-serviced by efficient specialist vessels such as those supplied by GMS.

• Significant growing demand for shallow water brownfield maintenance to extend asset life and enhance production.

• Highly versatile four-legged SESVs that are significantly more cost effective than alternative solutions.

• Strategy to grow fleet through construction of six new vessels to take advantage of this market opportunity.

• Experienced management team to grow the company; strong proven track record of delivering successful operational and financial performance.

Market Overview

8

Existing and target markets

• Market dominance in MENA.

• Successful entry into Northwest

Europe with Large class vessels.

• Significant scope for expansion

into new markets, subject to

vessel availability.

(1) O&G platforms installed as of 2012, based on Douglas Westwood report.

(2) As of 2012, Douglas Westwood report.

Clients

9

A well diversified blue chip client base

(1) Statoil serves as operator of SCIRA Offshore Energy.

Fleet Overview

10

Three classes of vessels serve a range of client needs

Small (K-Class) Mid-Size (S-Class) Large (E-Class)

• 7 units + 1 to be acquired

• Avg age: 11 yrs

(7 yrs excl Naashi)

• Water Depth: 45m

• High demand from the MENA region (O&G)

• 3 units to be constructed

• Avg age: N/A

• Water Depth: 55m

• Targets multiple regions and markets

• 2 units + 2 to be constructed

• Avg age: 3 yrs

• Water Depth: 65-80m

• High demand from NWE (O&G, renewables)

• The vessels are constructed and maintained at the GMS yard in the UAE.

• This provides cost effective construction facilities with 30% cost savings per vessel.

• Production can be scaled up and down rapidly and is flexible for new vessel designs.

Fleet Overview

11

High specification premium fleet

(1) Applies to Large and Mid-Size Vessels only. (2) Age as of 1 January 2014.

(3) WTIVs have the potential to offer construction & maintenance support and well servicing activities, subject to fulfilling legislative H.S.E. requirements.

Cost

Efficiency

Reliability

Safety

Number of Legs

Operator Safety

Operator

Experience

Vessel Age

Mobility

Rig move

Accurate

Positioning

Accommodation

capacity

Weather

Tolerance

• Fleet self-propelled

• Expandable by another

150 PoB to a total of 300

PoB • Ability to operate in

harsh weather

conditions(1)

• 37 years

• 9 years(2) (7 years ex-

Naashi)

• No serious incidents

• UKCS qualified

• Stable 4-legged

platform

• Faster jacking time

• Large and Mid-Sized

both DP2

GMS Vessel Advantage Comparative Vessel Capabilities

Flexible fleet results in high vessel utilisation

Historic Results

12

Operational and financial performance - a successful track record

Note: 2013 financials shown are unaudited and from management accounts

(1) Calculated as net profit before tax plus depreciation of property, plant and equipment, amortization of intangibles and dry docking expenditure, share appreciation rights, net finance cost and

foreign exchange losses; minus miscellaneous income, foreign exchange gains and any one-off or non-recurring costs.

(2) Calculated as average between Large and Small Vessels. Based on total Large and Small Vessel days available, including days of planned maintenance and mobilisation.

(3) Average day rates of contracts ongoing in each year. Note, K-Class excludes contracts under 100 days.

SESV Providers

13

Limited supply of SESV vessels

SESV New Build Order Book (Until 2015)

Type Name Owner Propulsion Leg Length (m) Crane (mt) Deck (m

2) POB Country Built Delivery

Jackup Barges

L/B Jill Montco Offshore û 102 500 1,400 148 US Q3 2014

SEP 551 NPCC û 70 200 800 217 UAE 2014

SESVs

GMS Enterprise GMS ü 80 400 1,035 150 UAE Q3 2014

S-1 GMS ü 77 150 807 150 UAE Q2 2015

S-2 GMS ü 77 150 807 150 UAE Q4 2015

TBN GPC ü 65 – – – – 2014 Pepper NAVTECH ü 67 – – 150 UAE Q2 2015

Pesto NAVTECH ü 67 – – 150 – 2015

Seapup 2 PT SWADAYA ü 60 – – – – 2015

Teras Sunrise Teras ü 80 750 2,500 260 ID 2014

TBN Zakher Marine ü 90 190 1,600 150 – 2014

Source: Douglas Westwood report.

(1) Includes GMS. Includes O&G and renewables. Only self-propelled vessels.

(2) Age as of 1 January 2014.

• Only a few SESV providers in the world.

• 90 vessels globally excluding Gulf of Mexico,

the majority of which are smaller and less

capable than GMS.

• Very limited number of direct competitors.

• Few new builds coming on in the next 2 years.

Largest International SESV Operators(1) SESV Market

25

9 8 4 4 3 3 3 2

29

0

10

20

30

40

He

rcule

s

Saud

i A

ram

co

Ezio

n

Mic

harr

y &

Co

mpa

ny

SeaJacks

De

wayle

's

MP

I O

ffsh

ore

Mill

en

niu

mO

ffsho

re

Oth

er

Number of Vessels

Average Fleet Age (Years) (2)

25 9 27 2 8 3 30 5 14 n.a.

Replicating the GMS Model

14

Significant barriers to entry

Successfully Operating SESVs in GMS’ markets has a number of challenges for new entrants and

incumbents:

1

2

3

Operational Track Record Essential to Secure Contracts

• NOC pre-qualification 1 – 2 years.

• Operational experience is explicitly required.

• Strong safety performance.

Safety Case Required for North West Europe O&G work

Capital Intensive Business

• Extensive accreditation process – harsh weather capability essential.

• Few qualified SESV operators.

• E-Class costs approximately $124m for a third party with operational expertise critical to managing new build

construction.

• Customers don’t pre-contract inhibiting debt financed new builds.

Replicating GMS’ fleet and operations could take at least 4 years and would require over $1 billion and would still not be

able to realise the benefits of GMS’ longer operational track-record or integrated model

(1) Assumes new entrants would have to build 7 Small Vessels at $37.5m each (the cost GMS acquires them for), 4 Large Vessels at $124m each (the amount it costs a 3rd party to build them), 3 Mid-Size

vessels at $85m each (the amount it costs a 3rd party to build them ) and 1 Small Enhanced Vessel at $51m (the price GMS is paying for it). New entrants would also require a maintenance base and

suitable levels of working capital adding further significant costs.

(1)

Drivers for SESV Demand

15

High demand and an attractive outlook

As shallow water production infrastructure ages, operators must increase well intervention and topside

maintenance to maintain and enhance production levels.

Major GMS Revenue Drivers

Well Intervention to increase flow rates

and Enhanced Oil Recovery (EOR) to

increase reserve recovery

Field life is extending beyond initial

design life of infrastructure increasing

the population of older platforms in

service

With 2,651 turbines installed

maintenance represents a potential

growth area

Well Service Activity Topside O&M and Construction Renewables

Shallow Water Oil Production –

Increased Service Intensity

Fixed Platforms Age Distribution

Continued Installation & Looming

Growth of Maintenance

56% of Fixed Platforms >20 Years Old

0

3,000

6,000

9,000

12,000

1990 1995 2000 2005 2010 2015F 2020F

MENA NW Europe

SE Asia West Africa

70

%

67

%

55

% 7

6%

0%

25%

50%

75%

100%

2017F0

500

1000

1500

2000

2500

2000 2010 2020

0-65m

>65m


(1) Offshore O&G platforms <250m; Douglas Westwood report.

(2) O&G platforms installed as of 2012, based on Douglas Westwood report.

(3) Number of turbines as at 31 December 2012 – Douglas Westwood.

(2)

(1)

(3)

000bblsd Number of turbines

Estimated Total Market Demand

16

SESVs are well placed to win market share from alternative providers

29,244 30,868

32,525 33,706

34,804

39,058

40,822 41,385

29,244

31,251

34,061

41,578 43,502

47,322

49,743

52,915

24% 24% 24% 24% 24% 24% 24% 24%

20%

25%

30%

35%

40%

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

55,000

2013 2014 2015 2016 2017 2018 2019 2020

41 102

462

1,506

0

200

400

600

800

1,000

1,200

1,400

1,600

GMS SmallVessel

GMS LargeVessel

Jack-upBarge

Drilling Rig

Significant expansion opportunity

SESVs perform approximately

24% of the total work that is

mostly being carried out by

more expensive drilling rigs

Vessel Days SESV Penetration

Cost Advantage of SESVs over other

types of vessel of up to $1.4m / move

GMS SESVs offer a complete platform

to deliver Well Services:

- Cost Effective, Reliable, Safe

Vessel Demand (Upside case)


(1) Assumes SESVs require 1 day of charter hire for relocation, non-propelled vessels would require up to 3 days of charter

hire for relocation, up to 3 support vessels, up to 7 days of hire for each vessel.

(2) Assumes asset is non-propelled. (3) Refers to oil & gas market. Note: penetration rates are illustrative.

Vessel Day Hire Rate OSV Day Rate

$‘000

SESV penetration (Base Case) (3)

(1)

(2)

Vessel Demand (Base case)

Future Growth

17

GMS strategy - clear and focused on profitable growth

Goal: To take advantage of a significant opportunity while maintaining Prudent Levels of Gearing and

generate High Returns on Capital

Target Sustainable Returns with Prudent Leverage

(1) Return on Capital calculated as (Revenue – Opex) = Gross Profits / Capital Costs.

(2) Subject to available distributable profits and shareholder approval.

• Undertaking a new build programme for 5 vessels (2 E-Class, 3 S-Class) to be delivered

over the next 3 years.

• Introduce S-Class as a vessel capable of working in all targeted regions.

• Consider acquisitions / leasing of vessels opportunistically.

Fleet Expansion

• Regional market growth: position additional vessels to target known Oil & Gas work

opportunities in MENA and NW Europe.

• Continue to review opportunities in new regions: West Africa and SE Asia.

• Target future renewable wind maintenance work in NW Europe.

Expand Market

Positions

• Target multi-year contracts for the majority of vessels in the fleet.

• Stable cash flow from combining high vessel contract coverage with reliable modern

vessels.

• Allow continued revenue visibility and stable cashflows.

• New vessel investment hurdle rate of >20% Return on Capital(1) and under 5 year payback.

• Prudent balance sheet: Target Leverage under 3x (Net Debt / LTM EBITDA) even during

peak capex periods.

• Sustainable, progressive dividend policy commencing with a 10% payout ratio.

Sustainable Returns

with prudent

leverage

Target Long Term

Customer Contracts

(2)

Finance

19

Overview by vessel

(1) As of December 2013 including contracts that commenced in January 2014.

(2) Assumes utilisation rates of 95% for Small and Mid-Size assets and 90% for Large.

• 7 in Service

• 1 Enhanced

Under

Construction

• 2 Under

Construction

• 1 to Follow

• 2 in Service

• 1 Under

Construction

• 1 to Follow

2013

Utilization

Current Contract

Average Day

Rate

Daily Vessel

Opex

Average Annual

Maintenance

Capex

Targeted

Vessel Return

on Capital

95%

N/A

88%

$37,799

$50,000 -

$70,000

(estimated)

$102,317

$10,000 -

$12,000

$12,000 -

$14,000

$18,000 -

$22,000

$300,000

$300,000

$37.5 -

$51.0M

$65M

$85 -

$89M

27% -

30%

26%

32%

$300,000

Vessel Cost (1) (2)

Finance

20

Revenue breakdown - opex weighted for long term sustainability

64%

16% 20%

Opex

Renewable

Capex

Note: Opex-led activities include fabric maintenance, well intervention, brownfield upgrade, modification projects and retrofit or upgrade activities with respect to enhanced oil recovery activities

in the oil and gas sector. Capex-led activities include greenfield projects, engineering, procurement and construction activities, installation and decommissioning with respect to oil and gas

projects and with respect to EOR activities, water injection and gas injection.

Small vessels

Outlook for day rates are positive:

• Client demand

• Cost effectiveness versus other providers

• GMS flexible fleet

Large Vessels

Revenue Breakdown

Finance

21

Vessel utilisation

Util.

Days

Avail. Util.

Days

Avail. Util.

Days

Avail. Util.

Days

Avail. Util.

Days

Avail. Util.

Days

Avail. Util.

Days

Avail.

Large Vessels (average) n.a. 0 n.a. 0 n.a. 0 96% 282 93% 283 88% 365 92% 310

Small Vessels (average) 99% 188 99% 256 79% 285 73% 313 98% 313 95% 335 90% 324

Average Fleet 99% 99% 79% 78% 97% 94% 91%

Av. 2008-132008 2009 2010 2011 2012 2013

• Utilisation rates are the percentage of available days in a relevant period during which an SESV is under contract and in respect of which a customer is paying a day rate for the charter of the SESV. • Periods during which the SESV is not available for hire due to planned upgrade work, transit time for long term relocation to a new region or construction are not included in the available days figure

used in the calculation. • GMS also subtracts from a base of 365 days those days spent on mobilisation and demobilisation, planned refurbishment and, in the case of a newly constructed SESV, delivery time. • Maintenance days that are included in our contracts are counted as available days (12 days per annum).

Consistently high utilisation levels year on year

Average utilisation per vessel type year on year

Finance

22

Order book of contracts and options

Contract Backlog at 31 December 2013

EOR,

Construction

Current Type of

Work

Maintenance

EOR

EOR

Maintenance / Well Services

Well Services

Well Services

Maintenance

Well Services

Firm Options

Firm Options Total Avg. Remaining

Contract Duration(1)

Large 63 70 133 1.7 yrs

Small 161 134 295 2.8 yrs

AHTS 4 1 5 0.8 yrs

TOTAL 228 205 433 2.2 yrs

(1) Includes firm and option to extend the contracts, as of December 2013.

• Since 2007, 89% of contract extension options

have been exercised.

• Most contracts comprise of a firm period with

client’s option to extend for a further period.

• Client needs result in retendering opportunities

at the end of the contract period with high

renewal rates.

Finance

New build plans

• 2 Large vessels due for delivery in September 2014

and October 2016.

• 3 Mid-sized vessels due for delivery in May 2015,

September 2015 and March 2016.

Leased vessel plans

• Current plans are to purchase Keloa in 2015 and

Kinoa in 2017 for $37.5 million each at the end of their

finance lease periods.

• Pepper (an enhanced small vessel) is due to be

delivered at the end of 2015. The intention is to

purchase the vessel in 2016 for $51 million.

23

Fleet expansion capital expenditure

Capex over the next three years

Capital Expenditure plans for the new build programme

and acquisition of leased assets over the next 3 years is

as follows:

Current capital expansion plans are already fully financed

2014 2015 2016 Total

Large vessel construction

39 48 41 128

Mid-size vessel construction

98 75 6 179

Leased purchases 38 51 89

137 161 98 396

Interim Management Statement

• Continued high demand for our services.

• The order book as at the end of March 2014 was

$395 million and utilisation for Q1 was 95%.

• Opportunities for new contracts remain buoyant.

• The new build programme remains on schedule

and on budget.

• As at the end of March 2014, the Group had net

debt of $165 million (cash of $105 million, bank

debt of $270 million) together with undrawn bank

facilities of $130 million.

24

Summary of the IMS on 8 May 2014

Summary

26

• A young, technologically advanced fleet of highly versatile 4-legged SESVs, significantly more cost

effective than alternative solutions.

• Attractive outlook of increased demand for SESVs in shallow water brownfield maintenance, currently

only partially covered by specialised vessels.

• Integrated business model provides capital cost and flexibility advantages.

• Commitment to Health, Safety and Environmental Industry Standards.

• Strong track record of delivering successful operating and financial performance.

• Significant revenue visibility from a substantial contract backlog with high quality long-term customers.

• A highly qualified and experienced management team with a proven track record of growing the

business and creating value for shareholders.

Strong track record with clear plan for growth

27

Thank You

28

Appendix

Page

Management Team 29

Board Members 30

Timeline of Achievements 31

Capital Structure 32

GMS In-House Construction Facility 33

Summary of Growth Plans 34

Small Vessel Overview 35

Mid-Size Vessel Overview 36

Large Vessel Overview 37

Market Dynamics 38

Exceeding Health, Safety and Environmental Industry Standards 39

Future Growth 40

Planned New Build Schedule 41

Investor Relations 42

Management Team

29

Experienced management team with strong track record

Industry Experience: 33 years

With GMS since: Oct 2007

Prior Role: COO at the UAE-based Lamnalco

Group, where he managed a fleet of 90 vessels

Duncan Anderson Chief Executive Officer


With GMS since: Jan 2014

Prior Role: Finance Director at Bowleven, Oil

& Gas company listed on AIM

John Brown Chief Financial Officer


With GMS since: Feb 2013

Prior Role: Head of Marine at Fugro Geoteam,

Operations Director at InterMoorm

Dennis Pedersen Chief Operating Officer


With GMS since: Feb 2008

Prior Role: Regional Finance Manager at

AMEC, Financial Controller P&O

Andy Robertson Finance Director


With GMS since: Aug 2008

Prior Role: Business Project manager at

Lamnalco and James Fisher

Mark Preston Commercial Director


With GMS since: Nov 2009

Prior Role: Dubai Drydocks World, Lamprell

Energy, Saint John Shipbuilding Canada

John Petticrew Technical Director


With GMS since: Aug 2007

Prior Role: Logistics Manager at ADMA-OPCO

Mohammed Antar Support Services Director


With GMS since: Oct 2011

Prior Role: Director of Transformation with Save

the Children UK

Linda Murray Human Resources Director

Experienced & Effective Board

30

Compliant with the UK Corporate Governance Code

Board Composition

Simon Heale

• Independent Non-Exec Chairman

• Joined GMS in 2014

• UK Chartered Accountant with multiple previous

directorships and executive positions

Independent Non-Executive Directors

Duncan Anderson

• CEO

• Joined GMS in 2007

• Has a degree in Marine Machinery

Monitoring Control and managed 90 vessels

at UAE based Lamnalco

Rick Dallas

• Gulf Capital Director

• Joined Gulf Capital in 2007

• Previously CEO of Oryx Capital

International and a Partner at Gibson, Dunn

& Crutcher

Dr Karim El Solh

• Gulf Capital Director

• Over 21 years experience in private equity,

investment banking and real estate,

co-founder of Gulf Capital

• Previously CEO of the National Investor

Simon Batey

• Current lSID of Telecity and an NED of

BlackRock New Energy Investment and

THUS Group

• UK Chartered Accountant

Mike Straughen

• CEO of the Engineering Division at Wood

Group since 2007

• Formerly with AMEC for 25 years

• UK Chartered Engineer

Richard Anderson

• Current NED of Soma Oil & Gas

• 32 years’ experience in oil and gas

industry related finance

• Certified Public Accountant

Timeline of Achievements and Growth

31

Track record

1977 - 2006 • Establishment of Gulf Marine Services. • Four K-Class and one AHTS vessel.

• Acquisition of GMS by Gulf Capital (2007).

• Appointment of new CEO and Management team.

• New strategy: began disposal of non-core assets and investment in new vessels.

• Fifth K-Class Small Vessel delivered.

• Two E-Class Large Vessels delivered.

• Entered offshore renewable energy market in NWE.

• Established UK office (2011).

• Seventh K-Class Small Vessel delivered.

• UK Safety Case awarded.

• Accreditations: ISO 9001, 14001, OHSAS 18001.

• Sixth K-Class Small Vessel delivered.

2007 - 2008

2009 - 2010

2011 - 2014

2013 - 2014

• Third E-Class Large Vessel – construction commenced, delivery due Q4, 2014.

• Development of S-Class Mid-Size Vessel design.

• IPO in March 2014.

Maintaining a Prudent Capital Structure

32

Summary of current financing terms

(1) Subject to available distributable profits and shareholder approval.

• Syndicated loan facility underwritten by Abu Dhabi Islamic Bank.

• $260m Term Loan (fully drawn) with a balance as of the end of March 2014 of $250m. The Group also has access to a Capex Facility (undrawn) of $130m as of the same date and had used a working capital facility of $20m as of the same date.

• The Term Loan is repayable in quarterly installments with a balloon payment of $117m together with the last installment in June 2019.

• Variable interest of 3m-Libor + 410bps, collateral includes all owned assets.

• Company has cash balance as of $105 million as at 31 March 2014.

• Ensure sufficient headroom is maintained on peak target leverage of 3.0x Net Debt / LTM EBITDA.

GMS In-House Construction Facility

33

Efficient and experienced

• Mussafah base is the HQ of GMS, strategically located on the

waterfront of the Mussafah industrial area in Abu Dhabi.

• The lease, which GMS has held since 1977, was renewed in

November 2013 and is next due for renewal in 2016 ($300k /

annum).

• 34,820m2 fabrication and logistical base with the capacity to

assemble / outfit three vessels concurrently.

• Full in-house project management and technical supervision

capabilities.

• Flexible cost and operating structure facilitating manpower ramp up

or downsealing.

• Proven track-record of on time delivery.

• Constructed 2 Large and 1 Small SESVs.

• Project management of refurbishment of 3 Small Vessels.

Construction facility at Mussafah Base in the UAE

Key Technical Specifications

120m of Quay front with 6m water depth alongside.

22800m2 Yard Space.

1420m2 Racked Warehouse Area.

6600m2 Concrete Fabrication Area.

5000m2 Lay down Area.

Carpentry Workshop.

16T Gantry Crane.

CNC Machine.

22 SAW Welding Machine.

20 MIG Welding Machine.

40 SMAW Welding Machine.

Quality standards compliant with ISO9001, ISO14001 and OHSAS18001.

Future Growth

34

Clear plan to grow GMS’ fleet by 66% over the next 3 years

Tight market emerging in NW Europe and

particularly MENA for GMS’ vessels which can be

exploited by adding further vessels to the fleet.

Clients demanding more flexibility and efficiency

from vessels.

Competitor fleets are old, less capable and less

efficient.

Opportunity to expand into new regions with

substantial shallow water field infrastructure.

Renewables market in Europe presents further

opportunity.

Source: Management estimates and Douglas Westwood report

Large Vessels

E-3

E-4

Delivery

Q3 2014

Q3 2016

Est. Cost

$85m

$89m

Vessel

• Target regions – deeper water projects in KSA, Qatar and NW Europe

• Further opportunities to support oil and gas or renewables projects in harsh weather

environments

Mid-Sized Vessels

• New class designed to take advantages of Large Vessel in smaller format

• Target regions – initially MENA; SE Asia, West Africa and NW Europe wind

maintenance

• Currently finishing design process

• Harsh weather capable

Vessel

S-1

S-3

Delivery

Q2 2015

Q1 2016

Est. Cost

$65m

$65m

S-2 Q4 2015 $65m

Enhanced Small Vessel

• Pepper currently being built by Navtech for delivery in Q2 2015.

• Vessel to be leased for one year after which it is managements current intent to

acquire the vessel for c.$51m.

• Target regions – MENA.

Small SESV Overview

35

The backbone of the GMS fleet

Accommodation

Self-propelled

45m water depth capability

Large deck area

Main crane

Four-leg design

• Accommodates 150 people

which can be expanded to

300

• Speed of up to 4-4.5 knots

• Eliminates need for tugs and

support vessels

• 67.9m leg length

• Able to work in 45 meter water

depth

• 600-800m2 deck area

• 36-45 tonnes

• Oil & gas lifting

• Stable and more positioning flexibility

• Faster rig move

• Reduces punch-through risk

Wärtsilä design

Areas of operation

Major customers

• Proven technology with high reliability

and flexibility

• Units constantly tested and very well

known in the core Arabian Gulf market

• GCC

• ADMA-OPCO

• COEC

• Oxy

• ZADCO • Hyundai • McDermott • Total

Mid-Size SESV overview

36

Next generation addition to the GMS fleet

Computer-generated image

Main crane

• 150 tonne main

• 15 tonne auxiliary

Large deck area

• 807m2 area

• Ability to carry oil & gas

equipment, wind turbines

Accommodation


which can be expanded

Self propelled

• Speed of 7 knots

• Can carry load from shore to

job location

• Eliminates need for tugs or

support vessels

• Reduced mobilisation time and

significant cost savings

• Dynamic positioning system (DP2)

• Fast and precise positioning at

location

• 77m leg length

• Stable and more positioning

flexibility

• Faster preload and jacking

• Reduces punch-through risk

Gusto MSC 1800x design

Areas of operation

Target customers

• Similar to E-Class design

• South East Asia

• West Africa

• GCC

• NW Europe

• Shell

• Total

• Saudi Aramco

Dynamic positioning

55m water depth capability

Four-leg design

• ADMA-OPCO

• ZADCO

• ADNOC

Large SESV overview

37

The flagship of the GMS fleet

Main crane

• 300 tonnes (2)

• Heavy oil & gas lifting

• Wind turbine installation

Large deck area

• 1,035m2 deck area

• Ability to carry oil & gas

equipment, wind turbines

• Ability to install modules to

increase PoB to 300


which can be expanded to 300

• Speed of up to 8 knots

• Can carry load from shore to job

location

• Eliminates need for tugs or

support vessels

• Reduced mobilisation time and

significant cost savings

• Dynamic positioning system

(DP2)

• Fast and precise positioning at

location

• 94.2m leg length

• Able to work in up to 80m water

depth, and 50m in harsh environments

Gusto MSC 2500X design

Priority regions of operation

Major customers

• Offering higher technical and

operational capabilities

• Harsh weather capabilities, opened

up SNS market

• Fully complies with the latest MOU

and meets all of the SNAME(1)

requirements

• North Sea

• GCC

• ARAMCO

• Siemens

• ABB

• Vestas

Dynamic positioning Four-leg design

Self propelled

Up to 80m water depth capability

Accommodation

• JRM

• BG

• ConocoPhillips

• Statoil

• Stable and more

positioning flexibility

• Faster rig jacking

• Reduces punch-through

risk

Market Dynamics

38

Industry overview and market outlook cost comparison

41 102

462

1,506

0

200

400

600

800

1,000

1,200

1,400

1,600

SmallVessel

LargeVessel

Jack-upBarge

DrillingRig

Vessel Day Hire Rate OSV Day Rate

Cost Per Location Move Assumptions

• SESV require 1 day of charter hire for relocation

• Non-propelled vessel would require:

Up to 3 days of charter hire for relocation.

Up to 3 support vessels.

Up to 7 days of hire for each vessel.

• Non self-propelled vessels are highly dependent

on weather conditions.

• Required support vessels hire period may need

to be extended waiting on weather.

• GMS vessels can operate in short weather

windows due to ability to move location faster

(faster jacking and self propelled movement

between locations).

• Other relocation related activities for non self-

propelled vessels include:

• Potential significant cost savings for operators

with annual moves of between 4 and 40 per

year.

Longer survey spread.

Longer ROV spread.

Rig move faster.

Additional Expense of Moving a Non-Propelled Unit vs. SESV is up to $1.4m per move per year


$’000

Exceeding Health, Safety and Environmental Industry

Standards

39

LT

IFR

Per

millio

n m

an

ho

urs

Offshore LTI industry Benchmark A strong HSE track record is essential to

operating in our industry particularly for

contract qualification

Health & Safety - key performance indicators (2013)

• Integrated management system accredited by British

Standards Institute.

• UK Health and Safety Executive approved Safety Cases for

the E-Class vessels.

• Establishment of comprehensive training and competence

management system.

System

Structure

Performance

Competence

Integrated Management

Systems certified in

accordance with ISO 9001,

14001 and OHSAS 18001

Robust measurement of

performance with project

oriented approach to

improvement

Competence management

system build in accordance

with OGP practices

Regional structure to cater

for legislations

and client specific

requirements

Source: Company information, OGP (International Association of Oil & Gas Producers) and IMCA (International Marine Contractors Association).

• Significant reduction in company Lost Time Injury Rate since 2008.

• Zero HSE-related improvement notices or prohibition notices issued by an enforcing body.

• Achieved zero LTI’s offshore in 2011 and 2012.

• 14 Years with no LTI on Kamikaze, 9 Years on Kikuyu.

Future Growth

40

Significant potential demand from existing & new markets

29%

19%

52% 0-10y 11-20y >20y

11%

28%

61%

0-10y 11-20y >20y

15%

17%

68%

0-10y 11-20y >20y

28 SESVs operating in the region(1)

697 offshore fixed platforms(2)

68% of which are >20 years old(2)

Platform Age (2) MENA NW Europe

Mature SESV market with growth

from EOR and Well Intervention




2,651 installed wind turbines(3)

Platform Age (2)

Platform Age (2)

Emerging SESV market driven by

well services work, substitution of

drilling rigs and wind installations

Source: Douglas Westwood Report

(1) As of 31 December 2012, based on Douglas Westwood report.

(2) O&G platforms installed as of 31 December 2012, based on Douglas Westwood report.

(3) Offshore wind turbines installed as of 2012, based on Douglas Westwood report.

West Africa South East Asia




Mature SESV market with stable

growth driven by aging infrastructure


1,717 offshore fixed platforms(2)


Emerging markets with operators

beginning to recognise the benefits

of SESVs that can operate during

typhoon season

"Abu Dhabi National Oil Company

(Adnoc) is working on increasing its

oil exports to 3.5 million barrels a day,

and to increase onshore and offshore

gas production, through projects

worth more than $70 billion as part of

Abu Dhabi Economic Vision 2030.“

Suhail Bin Mohammad Faraj Faris

Al Mazrouei

UAE Minister of Energy, 9 Nov 2013

Chief executive of Saudi Aramco,

Khalid A. Al-Falih, has announced

the company plans to increase the

average of its conventional oil

recoveries to 70%, double the world

average. The company is planning

“massive investments” to discover

large, untapped oil and gas

resources, both onshore and offshore,

and both conventional and

unconventional

Saudi Aramco, 15 Oct 2013

“Abu Dhabi National Oil Company

(Adnoc) plans to double its rig fleet

by 2018 so it can reach an ambitions

pumping capacity target. The emirate

will increase its rig count to 88 from

about 40 at present. The increase

comes as Abu Dhabi targets an

increase in production capacity to 3.5

million barrels per day by 2018 from 3

million today.”

The National, 9 Dec 2013

20%

31%

49%

0-10y 11-20y >20y

Platform Age (2)

Planned New Build Schedule at Mussafah Base

41

Investing for growth

Vessel under construction

Note: GMS generally assumes a further two-month period before the vessel goes on hire. This covers the time to move

the vessel to another region or any gap in commencement of its first charter contract.

Chart showing construction schedule for new build vessels

42

Investor Relations

Gulf Marine Services PLC

Enquiries:

Tel: +971 (2) 5028888

John Brown - Group CFO

Anne Toomey - Head of Communications and Investor Relations Executive

Jonathan Gallagher - Corporate Finance Manager

Gulf Marine Services

Mussafah Base,

P.O.Box 46046,

Abu Dhabi,

UAE

www.gmsuae.com

http://www.gmsuae.com/

a stable workhorse prepared for growth - offshore … … · a stable workhorse prepared for growth...

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