July 1, 2008
GulfMark Offshore closes Rigdon acquisition
GulfMark Offshore, Inc. (NYSE:GLF) has closed on the previously announced acquisition of Rigdon Marine. The combined company will initially operate 90 vessels with 16 more under construction for delivery through 2010. The GulfMark fleet will operate 24 vessels in the U.S. Gulf of Mexico and bring the total Americas based fleet to 34 vessels, with an additional 43 vessels based in the North Sea and 13 vessels based in Southeast Asia.
Bruce Streeter, GulfMark's CEO, commenting on the closing, said, "We are pleased to welcome the Rigdon Marine employees to the GulfMark team and to complete the acquisition of the modern 28 vessel fleet (22 new builds delivered since 2004, and 6 under construction), Subsequent to the acquisition announcement on May 28, 2008, an additional PSV vessel of the R4000 Series (GPA 654 design) has been delivered and started its first job. On behalf of the Board of Directors, we also welcome Larry T. Rigdon as a valued member to the Board.
"Trends within our industry are very positive" he added, "and, in our view, this is a particularly advantageous time to add these modern and effective vessels to our fleet. We will hold a conference call on July 8, 2008 to more completely describe the significant benefit to GulfMark from the completed acquisition."
GulfMark acquired 100% of the outstanding equity interest of Rigdon Marine and its holding company for approximately $150 million in cash, 2,085,700 shares of GulfMark common stock and the assumption of approximately $268 million in debt. In addition, GulfMark will fund approximately $19 million in expenditures to complete the vessels under construction. GulfMark funded the cash portion of the purchase price through a borrowing of $135 million under its revolving credit facility and cash on hand.