Steamships, Gulf Provincial Government and GFS form Joint Venture - Gulf Maritime Services

By: PNG Business News July 10, 2023

Steamships Trading Company Ltd (Steamships) and GFS Limited are pleased to announce the launch of a new joint venture partnership, and the establishment of Gulf Maritime Services Limited (GMS) with the MOU being signed on Wednesday 14 June. 

GMS will provide marine, quayside and land logistics services to Papua LNG and more broadly to the Gulf Province. GFS and Steamships recognise the growth opportunities within the Gulf of Papua. The partners are committed to working with Gulf landowners to ensure opportunities for employment and economic advancement are captured in the project impacted areas.   

GFS will own 44%, the Gulf Provincial Government 2.5%, Project Impacted Landowners 6% (spread between PRL 15 Landowners 2%, Pipeline Landowners 2%, Riverine Landowners 2%) with Steamships holding the remaining 47.5%.  The 8.5% equity made available to the Gulf Provincial Government and the PRL-15 impacted landowners will be free-carried by the partners. The Gulf Provincial Government through its business arm holds shares in GFS which makes GMS a truly Gulf Province company.

The Governor of the Gulf Province, Hon. Chris Haiveta CMG, GCL, MP said, “The Gulf Provincial Government and Gulf landowners are excited about the new joint venture between the GPG, landowners, Steamships and GFS. The local partnership should put Gulf Maritime Services in a strong position to tender and win projects in our Gulf region, particularly P’nyang and Papua LNG. We hope to utilise this opportunity to create more opportunities for growth, development, and employment within the region.”

Steamships will provide the corporate governance, operational and financial support to GMS, with GFS leveraging its extensive experience in riverine and land-based logistics in the Gulf.  Both companies will allocate existing tonnage to the joint venture as well as look to procure additional vessels and vehicles to support the expected increase in work.

“The 6% interest of the Project Impacted Area Landowners will be held in trust until such time as the Minister for Petroleum & Energy signs and gazettes the Landowner Ministerial Determination for the Papua LNG Project,” says Steamships Managing Director, Rupert Bray, “Once this has been formalised, Steamships will work with the Gulf Provincial Government to transfer the shareholdings to the respective incorporated landowner entities.”

Mr. Dickson Tasi, Director GFS, added that “GFS are delighted to be working with another strong local partner to provide local Gulf solutions to the logistics needs of Papua LNG and beyond.  GFS’ credentials as the premier logistics operator over the last 26 years in the Gulf Province are without a doubt, and teaming up with a company like Steamships provides GFS and GMS the ability to continue to grow.

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