StockMarketWire.com - Global Energy Development [LON:GED] was the sector's biggest faller after it conditionally agreed to purchase 11 offshore subsea service vessels and a barge vessel as it seeks to adopt a new business strategy focusing on the subsea oilfield services sector.

All vessels are currently located in Louisiana with direct access to the offshore oil and gas fields in the Gulf of Mexico.

Global says the acquisitions will mark a fundamental change in its business strategy as these transactions are the company's first step into the global subsea industry. The company seeks to make counter-cyclical investments within the global subsea industry that will enable it to capitalise on future recoveries in the oil price and related increased requirements for offshore support services.

Global also announced the appointment of John Payne as director of operations. He is a qualified Master Mariner with over 25 years' experience in the subsea sector and has managed global marine businesses in the offshore energy, renewables and subsea telecoms sectors.

Chairman Mikel Faulkner said: "We are very pleased to have committed to these acquisitions of the offshore service vessels in the Gulf of Mexico. This represents the Company's first step towards delivering on the Company's new strategy of increasing shareholder value by targeting investment and acquisition opportunities in the subsea services sector with the potential for significant upside.

"We are also delighted to welcome someone of John's experience to the Global management team. He is a good strategic fit for the business and his knowledge and experience will be of immense benefit as we embark on this new business strategy, especially considering his long and successful track record in the off-shore energy marine sector."

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The sector's biggest risers were Petro Matad [LON:MATD] and Regal Petroleum [LON:RPT] - up by more than 32.4% and over 14.0% respectively in late trading.

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The sector's other biggest fallers were Petrel Resources [LON:PET] and Europa Oil & Gas [LON:EOG] - down by 10% and 8.7% respectively.


At 3:57pm:

[LON:BOR] Borders Southern Petroleum PLC share price was +0.11p at 4.98p

[LON:CHAR] Chariot Oil Gas Ltd share price was -0.05p at 8.33p

[LON:ENQ] EnQuest Plc share price was -1.75p at 53.25p

[LON:EOG] Europa Oil Gas Holdings PLC share price was -0.5p at 5.25p

[LON:GED] Global Energy Development PLC share price was -6.25p at 17.75p

[LON:GKP] Gulf Keystone Petroleum share price was +2p at 136p

[LON:GPX] Gulfsands Petroleum PLC share price was 0p at 10.25p

[LON:INDI] Indus Gas Ltd share price was +5.13p at 400.13p

[LON:MATD] Petro Matad Ltd share price was +4.75p at 18.63p

[LON:PET] Petrel Resources PLC share price was -0.63p at 5.63p

[LON:RKH] Rockhopper Exploration PLC share price was +1.38p at 26.88p

[LON:RPT] Regal Petroleum PLC share price was +0.48p at 3.85p



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