Gulf Marine Services Provides Update from the Board of Directors

Source: www.gulfoilandgas.com 11/11/2020, Location: Middle East

Further to the Company's announcement yesterday regarding changes to the board of directors, the Company announces that the board of directors (the "Board") have made the following appointments:

· Mansour Al Alami ("Mr Alami") as chairman of the board;

· Rashad Saif Al Jarwan ("Mr. Al Jarwan") as the Senior Independent Director;

· Audit & Risk Committee: Saeed Mer Abdulla Khoory ("Mr. Khoory") and Mr. Al Jarwan to the Audit & Risk Committee, and Mr. Al Jarwan as chairperson of said committee;

· Remuneration Committee: Mr. Khoory, Mr. Al Jarwan and Mr. Alami to the Remuneration Committee, and Mr. Khoory as chairperson of said committee; and

· Nomination Committee: Mr. Alami, Mr. Al Jarwan and Mr. Khoory to the Nomination Committee, and Mr. Alami as chairperson of said committee.

Next Steps

The Board will now commence a review of the Company's business and operational matters including, as a matter of priority, the Company's financing arrangements. The Board notes that Mr. Tim Summers, while no longer a director of the Company, continues in his role as Chief Executive Officer for an interim period in order to enable a smooth transition and a new Chief Executive Officer to be appointed in due course. The Board is taking charge during a volatile period and will do its upmost to protect the interests of all shareholders, and other stakeholders of the Company, including the lending banks. The Board will forthwith initiate discussions with the lending banks to reach a workable way forward. Furthermore, the Board will work diligently to sustain operational excellence to enhance performance and utilisation of the Company's assets and to explore and secure new opportunities within the Company's areas of operation. The Board will update the market of material developments.


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