In June last year the firm’s attempts to sell its 79 per cent stake in the company for around $500m ground to a halt. The company owns and operates self-propelled elevated support barges and vessels which serve the global oil, gas and renewables sectors.
Earlier this year GMS reported a significant improvement in its financial performance following the award of $360m financing facility lead managed by Abu Dhabi Islamic Bank.
According to Reuters, Gulf Capital could now seek an IPO for the company in major exchange such as London or Singapore.
Gulf Capital’s chief executive Karim El-Solh said “Gulf Marine is an extremely profitable business and the firm is ready to be listed in a major international stock exchange. Rothschild will help us identify the location for the IPO as we prepare for the listing.”
Bank of America Merrill Lynch, Barclays and J.P. Morgan Chase were named as arranging banks for the listing.
Copyright © 2013 AltAssets