GulfMarkOffshore announces updates to Vessel Fleet and Modification of Term-Loan Facility

by Hans | January 31st, 2012

GulfMark Offshore Inc. announced today, 30th January 2012, the disposal and addition of certain vessels, the exercise of an option to build another vessel under its existing new build program, and modifications to existing term-loan facility.

In January 2012, the Company purchased a 2010 built U.S. flagged 240’ Class PSV for use in the U.S. Gulf of Mexico and sold a 2008 built U.S. flagged 165’ Crew boat that was operating in offshore Mexico. In October 2011, the Company sold a 1983 builtU.K.flagged 224’ PSV that was bases in the North Sea.

In December 2011, the Company exercised an option under its existing construction contract with Simek A/S of Flekkefjord, Norway to build another ST-216 Arctic vessel. This vessel will have over 1000 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 is scheduled for the forth quarter of 2013, and the construction cost of the vessel is approximately $60 million

In January 2012, the Company 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.

GulfMark Offshore , Inc provides marine transportation services to the energy industry through a fleet of offshore support vessels serving major offshore energy markets in the world.

Contact:           Michael Newman
                          Investor Relations
E-mail:              Michael
                                        (713) 963-9522        

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve known and unknown risks, uncertainties and other factors.

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