GulfMark Offshore exercises option at Simek A/S

ST-216-microHouston-headquartered GulfMark Offshore, Inc. (NYSE: GLF) reports that it has exercised an option under its existing construction contract with shipbuilder Simek A/S of Flekkefjord, Norway to build another 92.6 m x 19.2m ST-216 design Arctic vessel.

The vessel will have over 1,000 square meters of deck area with large cargo carrying capacity, will be dynamically positioned, and will have rescue and oil recovery capabilities.


Delivery of this vessel from the shipyard is scheduled for the fourth quarter of 2013, and the construction cost of the vessel is approximately $60 million.

In changes to its U.S.-flag fleet, the company has purchased a 2010-built U.S. flagged 240 ft Class PSV for use in the U.S. Gulf of Mexico and sold a 2008-built U.S. flagged 165 ft Crew Boat that was operating offshore Mexico.

In October 2011, GulfMark sold a 1983-built U.K. flagged 224 ft PSV that was based in the North Sea.

GulfMark also reports that it this month agreed with the Royal Bank of Scotland to extend the maturity on its existing term-loan facility to July 1, 2014, and to discontinue quarterly principal payments under the facility (which were previously $33.3 million per year), in exchange for a fee and modifications to the existing loan covenant package. The balance of the term-loan facility is $140.0 million and the interest rate is unchanged at 3-month LIBOR plus 250 basis points.

January 31, 2011

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