GulfMark Offshore Rack Up Q2 2013 Profit

MarineLink.com
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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Dynasafe Promotes Chas Reid

Dynasafe BACTEC Limited has appointed Chas Reid to International Marine Services Director.   Kevin Kneebone MD, Dynasafe BACTEC said, “Chas has over the last

Amazon Expands Logistics Reach in China

Amazon.com Inc is aggressively expanding its logistics operations in China as part of a broader effort to control the rising cost of shipping billions of packages.

OTC Names 2016 Award Winners

The 2016 Offshore Technology Conference (OTC) will honor this year’s Distinguished Achievement Award recipients on Tuesday, 3 May, in Houston.   As part of the

Offshore

OTC Names 2016 Award Winners

The 2016 Offshore Technology Conference (OTC) will honor this year’s Distinguished Achievement Award recipients on Tuesday, 3 May, in Houston.   As part of the

JFD Wins Lifeboat Design Contract for Flash Tekk

JFD, part of James Fisher and Sons plc, announced that it has won a contract with Singaporean company Flash Tekk Engineering for the design and manufacture of up

Wärtsilä's' BWMS for New Crane Ship Design

A new crane ship designed by Netherlands based Royal IHC, a global leader in offshore, dredging and mining vessels, will feature the Wärtsilä Aquarius UV Ballast Water Management System (BWMS).

Finance

Obama’s Budget ‘Grossly Imbalanced’ For US Ports -AAPA

Landside freight transportation funds would increase; navigation, port security and emission reduction funds would drop    The American Association of Port Authorities

Amazon Expands Logistics Reach in China

Amazon.com Inc is aggressively expanding its logistics operations in China as part of a broader effort to control the rising cost of shipping billions of packages.

AIWA Highlights Investment Needs on the Nation’s Marine Highways

Nowhere is that more important than on the Atlantic Intracoastal Waterway. As 2016 begins, we at the Atlantic Intracoastal Waterway Association (AIWA) are looking

 
 
Maritime Contracts Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.0998 sec (10 req/sec)