Gulf Marine Services agrees short-term extension with lenders - The National

Gulf Marine Services agrees short-term extension with lenders - The National:

Gulf Marine Services signed an extension to its existing agreement with lenders, allowing the rollover of a $25 million (Dh91.8m) working capital facility and access to a bonding facility "to underpin liquidity and support commercial growth" until the end of January.

The Abu Dhabi-based company, which has a fleet of 13 vessels servicing the offshore oil and gas and renewables industries in the Gulf and North West Europe, said on Tuesday that it remained "in constructive dialogue" with its lenders about a long-term solution to its capital structure as it seeks to amend and extend its existing loans.

"This extension to our existing agreement is a necessary procedural step as we move forward in discussions with our lending banks," executive chairman Tim Summers said in a statement to the London Stock Exchange, where its shares trade.