It is the second-largest operator of SESVs globally, with operations in the Middle East and the southern North Sea, and it has active plans to expand into Asia.

However, it was not always so. Founded in 1977, the company was a well-run, successful but small operator for three decades, with a single location, Abu Dhabi, and a single client, Abu Dhabi National Oil Company (Adnoc). In 2007, it sold 79 per cent of its equity to UAE-based asset management firm Gulf Capital, which brought in management expertise, and focused on growth and expansion. In March 2014, GMS floated on the London Stock Exchange, with the equity of the company valued at $783m. The initial public offering (IPO) was oversubscribed and, within a week, shares had risen by 19 per cent. GMS continues to be one of the strongest-performing IPOs in the UK this year.

Probably the single most important decision… was backing the right management

Karim el-Solh, Gulf Capital

In the period when GMS was owned by Gulf Capital, its revenues increased by 640 per cent; its earnings before interest, taxes, depreciation and amortisation rose 1,003 per cent; and its net profits rose by 1,117 per cent. This is an exceptional growth rate. Normally, private equity firms such as Gulf Capital look to make mid-level returns on investments with mid-level risk. They look for companies with a minimum level of profitability and evident potential for growth.

This means that, while there may be no minimum age for a company to seek buy-in from private equity firms, they must have a proven track record and be more mature than those looking for start-up capital from sources such as angel investors.

In a statement at the time of the flotation, Gulf Capital said: “The GMS investment represents the template for future control-growth buy-outs in the Middle East and is a good testimony of the strong returns that can be generated from private equity in the Gulf region.”

With gross gains for Gulf Capital of more than $600m (including the remaining unrealised shares), the buy-out was also one of the most profitable transactions in the history of private equity in the Middle East. In the IPO, Gulf Capital reduced its shareholding to 49.7 per cent, giving it a 10-fold return on its investment (including its remaining listed shares).

“Probably the single most important decision we made, besides acquiring the business, was backing the right management,” says Karim el-Solh, Gulf Capital’s CEO and managing partner of private equity.

“We brought in a great management team with global experience and hunger. We shared with them the upside, we aligned interest and we secured the financing, the growth capital, to grow the fleet and give them the vessels required to expand regionally and globally.”

Gulf Capital secured $550m in debt financing and launched a construction drive that doubled the size of the GMS fleet. The company expanded across the Middle East, becoming the leading operator of SESVs in the region, then expanded to the southern North Sea, where it is now involved in both hydrocarbons and wind power.

Its next step will be a push into Asia. It recently set up a legal entity in Singapore to act as a hub for expansion into Southeast Asia to take advantage of opportunities in countries including Malaysia, Indonesia, China and Brunei. It will use the capital raised from the IPO to build more vessels and fund its growth.

“We are very proud of the GMS story because we haven’t just created a leading player; we have created the number one operator in the Middle East and the number two global player. And it is rare for the region to generate such global players and to culminate with a very successful IPO,” says El-Solh. “This is everything entrepreneurs aspire to.”