GulfMark Offshore Rack Up Q2 2013 Profit
Tuesday, July 23, 2013
Image courtesy of GulfMark

GulfMark Offshore, Inc. (NYSE:GLF) announce its results of operations for the three- and six-month periods ended June 30, 2013.

For the second quarter ended June 30, 2013, revenue was $111.3 million, and net income was $9.9 million, or $0.38 per diluted share. The quarterly results include a non-recurring, non-cash charge of $2.4 million ($1.6 million net of tax, or $0.06 per diluted share) for the acceleration of vesting of outstanding stock grants associated with the retirement of the Company's former CEO, and earnings before this special item was $0.44 per diluted share.

Quintin Kneen, President and CEO, commented, "We are certainly pleased with our second quarter results. Each of our regions achieved a sequential quarterly increase in utilization and average day rate, which increased revenue on a sequential quarterly basis by 15% and operating income by 87%.  Utilization in Southeast Asia increased nicely ahead of schedule and we saw more strength in the U.S. Gulf of Mexico than we had forecasted.  In the North Sea, day rates continued to improve throughout the quarter, which gives us continued optimism for the summer work season in that region and that the second half of 2013 will show further improvement in our business overall.

"We continue to increase our capability and capacity in this strengthening global market.  During the second quarter, the first vessel in our second vessel-enhancement program in the U.S. Gulf of Mexico, the 260-class stretch program, entered the shipyard and is contracted to go on hire at an increased rate upon its estimated completion early in the fourth quarter.  The first of our 11 new build vessels is expected to deliver into the North Sea early next week with the first of our two new 300 Arctic Class vessels expected to deliver shortly thereafter. Finally, late in the third quarter we will deliver two additional vessels to the North Sea.

"As a result, we are again increasing our 2013 revenue guidance. We now anticipate full-year 2013 revenue to be between $450 and $465 million, and we now anticipate that revenue for the third quarter will be between $118 and $123 million."


Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Woman Medevaced from Cruise Ship off SouthWest Pass

The Coast Guard medevaced a 50-year-old woman from a cruise ship 225 miles southeast of Southwest Pass, Saturday. Watchstanders at Coast Guard District 8 received a call at approximately 9 a.

Demands for Icebreaker Tours Spiral

Plans to terminate commercial tours to the North Pole on the nuclear-powered icebreakers of the Atomflot company in 2016 have surged the demand for these tours.

New Chair for Townsville Port

The Palaszczuk Government has appointed one of Queensland’s most respected businesswomen, Renita Garard as the new Chair of the Port of Townsville. In a statement released earlier today,


Kruszewski Joins Braemar Engineering

Braemar Engineering, the specialist maritime engineering consultancy, today announced the appointment of Chis Kruszewski to the role of Senior Electrical Engineer in its Offshore,

RigNet Partners Inmarsat to Offer Fleet Xpress

RigNet, Inc., a global provider of remote managed offshore communications solutions, telecoms systems integration services and collaborative applications to the oil and gas industry,

Italy's Eni Arrives Arctic as Shell Departs

As Shell retreats from the Arctic, the Italian oil giant Eni is making final preparations for its own oil exploration venture in the Norwegian Arctic, reports the Guardian.


Demands for Icebreaker Tours Spiral

Plans to terminate commercial tours to the North Pole on the nuclear-powered icebreakers of the Atomflot company in 2016 have surged the demand for these tours.

Teekay LNG Partners Declare Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended September 30, 2015. The

TMS Cardiff Gas Orders First LPG Carriers

TMS Cardiff Gas Ltd. has signed a contract with Hyundai Heavy Industries of Korea for the construction of two 78,700 cbm LPG carriers with the option to build another two.

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pod Propulsion Port Authority Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2630 sec (4 req/sec)