Seafox's Push to Appoint Directors to GMS Board Rejected

Friday, June 12, 2020

Dutch offshore jack-up company Seafox has had its push to appoint two directors to the board of the UAE-based jack-up provider Gulf Marine Services, rejected.

Seafox, a shareholder at GMS, on Thursday said it had written to Gulf Marine Services seeking the requisition of a GMS General Meeting to propose two Seafox nominees to the board (out of a total of 6 board members).  

"The requisition also calls for each of the current board members to be put up for re-election at that General Meeting. This requisition follows the GMS Board's rejection of the appointment of two Seafox nominees. Seafox urges the GMS Board to add the Seafox nominees to the slate of directors to be voted on at the forthcoming AGM rather than going to the expense of calling a new and separate meeting," Seafox said.

Seafox had in April proposed to take over Gulf Marine Services for an offer valuing GMS at around $32 million. GMS urged its shareholders not to accept the offer which it deemed opportunistic, and Seafox on May 28 said that it wouldn't make a firm takeover offer.

As for the push to have its directors appointed to the GMS board, GMS on Friday confirmed it had received, and rejected Seafox's proposal.

"GMS confirms that Seafox wrote to the Company on 2 June 2020, requesting that the board of GMS (the "Board") appoints Hassan Heikal and Hesham Halbouny as directors.  The Board unanimously rejected Seafox's request," GMS said.

GMS further said: "GMS notes that Seafox's suggestion that its proposed resolutions be considered at the upcoming AGM is not possible as a matter of company law, as those resolutions would not be within the scope of business of the meeting set out in the notice of AGM published on 29 May 2020.  The deadline of 21 clear days for issuing a fresh notice of AGM has now passed."

"Further, Seafox has not served a valid notice to requisition a General Meeting of GMS, and certain of the resolutions that Seafox has put forward would, if passed in the form in which they have been proposed, be ineffective.  GMS will be contacting Seafox to assist it in serving a requisition that meets the requirements of the Companies Act 2006 should it wish to do so," GMS said.

Both companies provide offshore service support jack-up units for hook-up and commissioning in the oil & gas and offshore wind industries.

Categories: People & Company News Energy People Middle East Activity Europe Rigs

Related Stories

EnQuest Bags Two Production Sharing Contracts off Indonesia

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

VARD Snags $125M Shipbuilding Deal for Subsea Construction Vessel

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

ADNOC Signs 15-Year LNG Supply Deal with Osaka Gas for Ruwais Project

Eco Wave Finds Partner for Wave Energy Project in India

ADNOC Secures LNG Supply Deal with India's BPCL

CNOOC Boosts Dongfang Gas Fields Output with New Platform Coming Online

Current News

MODEC, Sumitomo Partner Up for Delivery of Gato do Mato FPSO

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

EnQuest Bags Two Production Sharing Contracts off Indonesia

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Indonesia Awards Oil and Gas Blocks to Boost Reserves

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

CNOOC Puts Into Production New Oil Field in South China Sea

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com