May 30, 2001
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GulfMark buys Norwegian PSV operator
Sea Truck is a privately held Norwegian company that owns five platform supply vessels, four of which operate in the North Sea.
The total purchase price for Sea Truck is approximately $61.8 million comprised of the purchase of 6.8 million shares for approximately $38.6 million , plus the assumption of approximately $23.2 million of debt. The acquisition will be funded from cash on hand and the company's existing $75.0 million revolving line of credit. The closing of the acquisition is eto be on or about June 19, 2001.
Sea Truck has entered into two newbuild contracts for UT 755s similar to vessels owned and under construction by GulfMark.
GulfMark has an existing program to construct nine new vessels, and although GulfMark is not obligated to construct these two additional vessels, their construction will be evaluated in connection with the overall newbuild program later in the year.