A private equity investor in Gulf Marine Services (GMS) has reduced its stake in the self-elevating offshore vessel owner.
Gulf Capital has sold 12.1 million shares in GMS to a small number of institutional shareholders through a private placement.
This means the private investor has now brought its stake in GMS to 44.9%, down from 48.4% previously.
Gulf Capital has held shares in GMS since the company was founded.
The latest sale was made to a small group of institutional investors looking to increase their positions in the company, GMS said.
BofA Merrill Lynch and Barclays acted as managers in connection with the sale.
