2001 Maritime

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May 30, 2001

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GULF OFFSHORE 2001 event
Biloxi, MS, June 5 & 6

GulfMark buys Norwegian PSV operator
GulfMark Offshore Inc. today announced it has reached an agreement to acquire all the shares of Sea Truck Holding AS.

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 three platform supply vessels, two UT 755s and one UT 745, which were built between 1996-1998, plus two older UT 705 vessels that comprise the acquired fleet. The oldest of the UT 705s, which was built in 1979, is subject to a two-year charter with an obligation that the charterer purchase the vessel at the end of the charter term. Three of the four vessels operating in the North Sea are committed under term charters with lengths of from one year, plus options, to five years.

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.

GulfMark says it will retain all of the Sea Truck employees. GulfMark's existing Norwegian-based fleet of four vessels, which are currently operated by Sea Truck, will be combined with the vessels currently owned by Sea Truck and will be managed from Sea Truck's existing offices in Sandnes, Norway.