Press Release

February 07, 2010

New Executive Management Team to lead Gulf Marine Services (“GMS”)

Gulf Capital, a leading regional private equity firm that recently acquired 100% control of Gulf Marine Services (‘GMS’), unveils the new Executive Management Team of GMS.

Under the leadership of Mr Rashed Al Suwaidi, recently elected Chairman of GMS, the following industry professionals have been appointed to executive management positions at GMS.

Mr Duncan Anderson has been appointed CEO. Mr Anderson is a UK Chartered Engineer, with a post-graduate degree in Marine Machinery Monitoring/Control. He brings a wealth of experience to the newly formed executive team gained from his prior role as COO at the UAE- based Lamnalco Group where he managed a fleet of 90 vessels, as well as increasing their customer base in West Africa and the Middle East.

In his new role as CEO, Mr Anderson will be responsible for managing the future growth of GMS stemming from the projected increase in demand in marine off-shore-related projects in the Oil & Gas sector. Additionally, Mr. Anderson and his team will bolster GMS’s leadership in the UAE and the Gulf by addressing the increasing customization requirements in this field.

Mr Mohammed Antar has been appointed Marine Manager. Mr Antar, is a UAE national, who graduated from Miami University, FL, USA, and who has over 30 years of experience in the marine industry. Mr. Antar garnered his leadership expertise at ADMAOPCO where he headed the Logistics Division for their marine, aviation and materials operations, being responsible for management, logistical planning, and quality of services for all activities. Previously, he was in charge of the Support Services division of Das Island providing support services for the whole of Das Island. Mr Antar brings to GMS invaluable hands-on marine-related skills and knowledge.

Mr Ron McGuire has been appointed Operations Manager. Mr. McGuire holds several class degrees from Glasgow and Leith Nautical Colleges, UK. He has had a varied career involving many different aspects of oil-related marine activities, both onshore and offshore, North Sea exploration, oil transportation and storage, pilotage and vessel/terminal management. Mr. McGuire was an offshore marine engineer with BP E&P on FPSO West of Shetland, managing all marine operations, structural integrity and offshore cargo operations and logistics including OSVs and helicopters. Mr McGuire will play a key role in the day to day management of the expanding fleet’s operations throughout the Gulf and in other regions.

Mr Jim Tait has been appointed Construction Manger. Mr. Tait has a degree in motor vehicle studies from the Stevenson College, UK. He has extensive experience of over 14 years managing all technical aspects of ship operations and, in particular, has in depth knowledge of dry-docking and new buildings on Mono Hulls-Semi Submersibles and Jackups. Mr. Tait has accumulated his technical experience in the North Sea, Gulf of Mexico and the Caribbean and brings outstanding construction-related skills to the GMS Executive Management Team.

Dr. Karim El Solh, CEO of Gulf Capital said, “Since the acquisition of GMS we have managed to attract some of the most seasoned industry professionals, who will strive to enhance the business and bring best-in-class management and leadership skills to this high-growth enterprise. With this impressive Executive Team, I have no doubt GMS will achieve its ambitious growth targets and continue to lead the industry as the largest operator of jack-up barges in the Gulf region.”