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August 8, 2002

Gulfmark gets Brazil contract
Houston-based GulfMark Offshore Inc.has announced a contract with Enterprise Oil do Brasil Ltda., a subsidiary of the Royal Dutch/Shell Group. It will utilize a newbuild multi-purpose Multi Function Support Vessel (MFSV) to work on the Bijupira and Salema project in the Campos Basin, Brazil for an initial term of five years.

The new vessel, a UT 719-2 design, will be constructed at an approximate cost of $24 million in Brazil by the Estaleiro Promar yard, with delivery anticipated in the third quarter of 2004.

The ship will support FPSO operations in the field by assisting with the mooring and towing of the loading tankers. In addition, it will support ROV operations involved in the inspection and examination of subsea equipment as well as the hull of the FPSO. The vessel will also be equipped to handle firefighting, environmental and life saving functions.

The new UT 719-2 will substitute for a previously announced UT 755L to be built in the same yard. The UT 719-2 vessel is a flexible, dynamically positioned, multi-purpose anchor-handler but is smaller than the UT 722L anchor-handlers currently under construction in Norway.

A vessel from Gulfmark's existing fleet will act as a front runner for the newbuild Brazilian vessel and will be mobilized to Brazil in time for the startup of production operations in the Bijupira and Salema fields, currently estimated to begin in mid-2003.

Bruce Streeter, president and COO, commented on the new contract: "We are pleased to have been awarded this contract and to be a part of the Bijupira and Salema project. This is an opportunity for GulfMark to be a licensed, direct participant in the rapidly growing Brazilian offshore sector and is a further example of our efforts to expand our modern, technologically advanced deepwater fleet in international locations."

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