Zeus Capital Limited (?Zeus?) announced that is has been given an order by Seafox International Limited (?Seafox? or ?Selling Shareholder?), a 28.5% shareholder in Gulf Marine Services plc (?GMS? or the ?Company?) to sell approximately $10,000,000 of ordinary shares of 2 pence each in GMS (?Ordinary Shares?) (the ?Placing Shares?) at a minimum price of 17 pence per Ordinary Share (the ?Placing?).

Seafox is a marine services business of which Hassan Heikal is the Chair and major shareholder. Hassan is Seafox's representative on the Board of GMS where he serves as Deputy Chair. Zeus is acting as sole bookrunner (the ?Bookrunner?) in connection with the Placing.

The Placing Shares will be sold via an accelerated bookbuild placing. GMS will not receive or retain any proceeds from the Placing. The Placing Shares represent approximately 4% of the issued share capital of GMS. Seafox has undertaken to Zeus that it will not, for a period of 75 days from 30 June 2024, dispose of any further Ordinary Shares, save in the scenarios where (i) GMS undertakes a share buyback and (ii) an independent third party announces a possible offer for GMS. In addition, Seafox has undertaken that for the period after 75 days and before 30 September 2024 it will only sell in response to institutional demand communicated to it through Zeus, subject to the same carve outs included above.

The books for the Placing will open with immediate effect. The timing for the close of the bookbuild process will be at the absolute discretion of the Bookrunner. The final number of Placing Shares to be placed will be agreed by the Bookrunner with the Selling Shareholder at the close of the bookbuild process, and the results of the Placing will be announced as soon as practicable thereafter.