Abu Dhabi-based Gulf Marine Services has revealed that it is in the midst of a governance and management overhaul following chief executive Duncan Anderson’s decision to leave the company late last week.
The London-listed operator of a fleet of 14 self-propelled, self-elevating accommodation jack-up vessels said that it intends to replace its chairman, chief financial officer and all but the most recently appointed non-executive directors.
Anderson resigned with immediate effect last Wednesday, although he will remain available to assist the board with an orderly handover of his duties and responsibilities.
Taking over Anderson’s duties, albeit on a temporary basis, is former non-executive chairman Tim Summer, who is taking over the interim role of executive chairman while the Gulf Marine finds what it described as “the best placed candidate to take the business into a new chapter”.
Anderson’s departure came after the company issued a profit warning that its earnings for 2019 would be lower than that of 2018.
It said it expected that earnings before interest, tax, depreciation and amortisation (EBIDTA) would be in the $45m to $48m range for 2019. EBIDTA for 2018 came in at $58m although the company recorded an net loss of $7m for the year.
Gulf Marine also admitted that it was in default of unspecified loan covenants during the first half of the year, and is working with its lenders to reset covenants.
The company did attempt to paint a brighter picture for its prospects next year
“ Looking ahead to 2020, the order book shows improvement, with almost half of the Company's fleet already secured on firm contracts for the year, which is a stronger position than at the same point 12 months ago,” it said.
TradeWinds sister publication Upstream recently reported that Gulf Marine has been under severe pressure from its shareholders as its share price has plummeted by more than 80% over the past 12 months.
Anderson could not be reached for comment on his future plans.
