Shares in Gulf Marine Services PLC (AIM:GMS), a provider of self-elevating support vessels to the offshore energy industry, fell 12% to 19.94p after the company disclosed that personnel had been evacuated from four of its vessels in the Middle East.
The London-listed company said a client in the region had instructed it to immediately remove all crew from the four ships as a precautionary safety measure in response to the ongoing situation in the Gulf.
GMS said it had complied promptly with the instructions. The company said the safety of personnel on board its vessels remained its highest priority.
GMS added that it was continuing to monitor the situation and was working to assess the potential impact on its operational and financial performance.
The company has not yet provided specific guidance on how long the vessels may remain idle or what revenue could be lost as a result.
Self-elevating support vessels are used to house workers and equipment at offshore oil and gas installations, and prolonged downtime on multiple units can have a material effect on earnings.
GMS operates primarily in the Middle East and North Africa region.