Gulf Capital to sell its GMS shares

Abu Dhabi to make profit 10 times its original investement.


 Abu Dhabi’s Gulf Capital has outlined a plan to sell its remaining stake in Gulf Marine Services within two years and is hopeful of making a total profit of about 10 times its original investment, or around $600 million.

Gulf Capital floated approximately 40 per cent of its holding in the vessel operator on the London Stock Exchange earlier this month and plans to sell its remaining 49.7 per cent stake in the coming two years.

That could give a boost to a Middle East private equity market which has been almost frozen since the global crisis hit in 2009.

Gulf Capital bought an 80 per cent stake in Gulf Marine Services through its GC Equity Partners II Fund in 2007, and grew the company from a UAE-based oil and gas services firm into one with operations across the Gulf region, as well as in the Middle East and Europe’s North Sea.

GMS operates self-propelled, self-elevated support vessel fleets for clients in the oil and gas sector.

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