UAE-based offshore service provider Gulf Marine Services has announced that Duncan Anderson has resigned from the role of CEO and as a board director with immediate effect.
Anderson will remain available to assist the board with an orderly handover of his duties and responsibilities.
The move comes as the company revised its guidance for 2019, which was previously expected to match the company’s 2018 results.
Tim Summers, formerly non-executive chairman of the company, is taking over the interim role of executive chairman before the company finds a new candidate for the role.
Gulf Marine Services is currently in the process of a fundamental governance and management overhaul.
“On behalf of the board, I would like to thank Duncan for his years of service to the group and we wish him well for the future. Whilst we are disappointed to reset guidance for 2019, GMS’s underlying business remains sound and the new board recognises the importance of building a track record of delivery for our shareholders,” said Tim Summers
“GMS has progressed significantly towards our objectives of governance, management, and cost improvements, and we continue to be in constructive negotiations with our banks on a new capital structure for the company,” Summers added.
GMS currently operates a fleet of 13 self-elevating support vessels