GulfMark and Simek agree PSV delivery delay

Gulfmark and Simek have agreed to delay delivery of Simek Yard No. 131, seen here at the shipyard in September during outfitting Gulfmark and Simek have agreed to delay delivery of Simek Yard No. 131, seen here at the shipyard in September during outfitting Simek AS

DECEMBER 17, 2015 — In a filing earlier this week Gulfmark Offshore revealed that it has pushed back delivery of a 92.6 m PSV under construction by Norwegian shipyard Simek AS for delivery to Gulfmark Norway.

 

According to the filing, "on December 14, 2015, a subsidiary of GulfMark Offshore, Inc. ("GulfMark") entered into an agreement with Simek AS to delay the delivery of its North Sea vessel under construction in Norway from 2016 to 2017. Under the original agreement, GulfMark's subsidiary paid 20% of the construction price within three months of contract inception, and was to pay the remaining 80%, or approximately $33 million, in February 2016 upon delivery. Under the new agreement, GulfMark's subsidiary will take delivery of the vessel in January 2017 and will pay approximately $2 million in the fourth quarter of 2015, approximately $5 million in the first quarter of 2016, approximately $4 million in the second quarter of 2016 and approximately $22 million in the first quarter of 2017 upon delivery of the vessel."

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