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Tuesday, 02 December, 2008, 02:20 GMT | more >>

MIS grabs slice of Gulf Marine Services



By Upstream staff 

Dubai-based yard group Maritime Industrial Services (MIS) has stepped into the marine vessel and jack-up service barge market by acquiring a stake in Abu Dhabi-based Gulf Marine Services (GMS).

MIS said it had finalised the acquisition of a strategic partnership and stake in GMS, which owns 10 offshore supply vessels and three jack-up service barges. It also has two more jack-up service barges under construction.

MIS will take a 7.45% stake in GMS. No value was put on the deal.

MIS managing director Jerry Smith said: "This is a small but very good acquisition for MIS, which will contribute both growing earnings from its minority holding and additional revenue to MIS in the way of project management services, construction and participation in service contracts."


Thursday, 27 September, 2007, 13:53 GMT  | last updated: Thursday, 27 September, 2007, 13:58 GMT

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