GulfMark Offshore orders PSVs for U.S.-flag fleet

gulfmark logoJULY 24, 2012 — GulfMark Offshore, Inc. (NYSE: GLF) is adding four newbuild Jones Act platform supply vessels to its U.S. flag fleet.

The company's latest 10Q filing with the SEC lists two 286 ft, 8,160 bhp, 5,300 dwt large platform supply vessels as under construction at BAE Systems, for delivery fourth quarter 2014 and first quarter 2015 respectively. The 10Q shows the expected cost as $48 million each and says that the contracts were executed in July.

The previous month, according two the 10Q, the company executed contracts with Thoma Sea for two 286 ft, 5,364 bhp, 3,500 dwt PSVs for deliveries in the third and fourth quarters of next year at an estimated cost of $36 million each.

GulfMark today announced the results of its operations for the three- and six-month periods ended June 30, 2012. For the three months ended June 30, 2012, revenue was $104.9 million, and net income for the same period was $14.1 million, or $0.53 per diluted share.

Bruce Streeter, President and CEO, commented, "We were very pleased to see operating income increase by nearly $19 million, an increase of approximately 300 percent over the prior quarter. Revenue increased 20 percent from the prior quarter and 8 percent from the second quarter of 2011."

"We continue to evaluate opportunities and have added to our new construction program while maintaining our strong balance sheet," he said. "We are positive on the near term and we have very high expectations for the future."

"We intend to continue to expand our U.S. flag construction program, and today we are announcing the construction of two additional Jones Act PSVs for the U.S. Gulf of Mexico," said Mr. Streeter. "This will bring the total number of vessels under construction to 11, with seven vessels destined for the North Sea and international markets and four destined for the U.S. Gulf of Mexico.

Mr. Streeter said that the two PSVs being constructed at BAE Systems are 300 Class, DP2, fire-fighting certified, multi-service platform supply vessels.