"GMS is a recognised leading operator of jack-up barges in this fast-growing sector in the UAE and is well on its way to becoming the dominant player in the Gulf region.
"The GMS transaction is the latest in a string of acquisitions that allows Gulf Capital to capitalise on the unprecedented growth in the off-shore oil and gas sector."
The company says an estimated $55 billion will be invested in the offshore exploration and production sector in the Middle East over the next five years and this increased activity will need to be matched by growth in well management systems.
It added the demand for self-propelled jack-up service is predicted to double over the next five years in the GCC region.
The firm's future strategy is based on increasing its fleet of jack-up barges and on embarking on a regional expansion to meet the future demand in the GCC. "We are excited about the positive impact Gulf Capital will have on our growth prospects," said GMS chairman Abdulla Abdul Jalil Al Fahim.
"We look forward to their active participation in our board and their help with strategic relationships, acquisitions and regional expansion.
"Gulf Capital's investment is a strong demonstration of their confidence in our operation, strategy and our future growth plans."
