The deal was said to have attracted almost a dozen offers, but Abu Dhabi-based GC has put an end to bidding after failing to hit is $500m target, according to a report by Reuters.
The company owns and operates self-propelled elevated support barges and vessels which serve the global oil, gas and renewables sectors.
GMS focuses on offshore accommodation, well maintenance, project management, construction and installation activities.
Gulf Capital’s Chief Executive Karim El Solh confirmed to Reuters there were impediments to a sale but added that the firm had not given up on its disposal plans.
He said, “The size and profitability of GMS became so big that many of the interested buyers cannot afford it.
“We’re still open for a sale process.”
He said the firm was also considering an IPO or a leveraged recapitalisation in order to return dividends to shareholders.
Earlier this year Gulf Capital’s new regional credit business completed its first financing for a local company with a $25m investment in energy solutions business SES FZCO.
SES provides temporary and medium-term energy solutions catering for the increasingly power-hungry emerging markets in the Middle East, Africa and South East Asia.
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