Gulf Marine Services seeks legal advice on general meeting request
Gulf Marine Services PLC on Wednesday said it has received a request for a general meeting and that its appeal against a tax assessment in Saudi Arabia has been denied.
The Abu Dhabi-based provider of self-propelled and self-elevating support vessels for the offshore energy sector said its appeal has been denied by a court in relation to a $9.2 million tax assessment received in 2021 from the Saudi Zakat, Tax & Customs Authority.
The amount relates to the transfer pricing of an inter-group bareboat agreement between 2017 and 2019.
Gulf Marine said the total amount awarded under the judgement against the group is yet to be communicated, and that ‘management will work on obtaining a waiver of the penalties’.
It said it has recorded ‘appropriate provisions’ reflecting the board’s estimate of outflows.
Gulf Marine said its adjusted earnings before interest, tax, depreciation and amortisation guidance for 2025 remains in the range of $100 million to $108 million. This compares to adjusted Ebitda of $100.4 million in 2024.
The group continues to target Ebitda between $105 million and $115 million for 2026.
Gulf Marine on Wednesday also said it has received a request to convene a general meeting, proposing changes to the board and the payment of the dividend.
It said it is seeking legal advice on the validity of the request, and it will make a further announcement in due course.
The request has been shared with certain other shareholders of the company, Gulf Marine said.
Shares in Gulf Marine were down 4.4% to 17.58 pence in London on Wednesday afternoon.
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