Seafox appointees quit Gulf Marine board

Gulf Marine Services said two directors representing Seafox International had resigned in the latest episode of the conflict between the companies.

Mr Hassan Heikal and Mr Hesham Halbouny have left the board with immediate effect, GMS said. They were appointed in August at the request of Seafox, which owns almost 30% of GMS.

Seafox said Heikal and Halbouny quit after GMS's other directors called off a plan to raise capital. GMS said on 21 September it shelved the plan because Seafox's demands of the company were too disruptive.

After GMS refused to replace its non-executive directors with replacements chosen by Seafox, Seafox called a general meeting to try to force through the changes. The oil and gas work platform supplier has reported Seafox to the Takeover Panel for trying to seize control of the company after its takeover offer was rejected in May.

Seafox said the board's actions were "alarming" after GMS said in March that it needed $75m of new capital. Seafox accused the board of trying to arrange the capital raising hastily and then scrapping it without consultation.

The offshore jackup company said in response to GMS's statement it had sent a further general meeting requisition letter calling for Heikal's reinstatement.

"If successful Seafox look[s] forward to a new GMS board with a fresh outlook, including replacement independent directors with significant industry and regional experience," Seafox said.

GMS shares rose 2.6% to 9.5p at 11:31 BST.