Gulf Marine Services Signs Banks Waiver

Offshore contractor Gulf Marine Services has signed a waiver agreement with banks relating to covenants to be tested with reference to the company’s half-year financial results in an agreement that will provide GMS with a rollover of its existing $25 million working capital facility. The agreement will also provide access to bonding facilities that will underpin liquidity and support the growth of its business.The company now has until this Monday, September 30, to complete the final administrative conditions precedent for a waiver agreementand is continuing its dialogue with its lenders on a long-term solution to its capital structure. GMS’s half year financial results will be announced September 30, 2019. (Source: Reuters)