GulfMark Orders Three PSVs from Poland

(Press Release)
Wednesday, August 31, 2011

GulfMark Offshore, Inc. (NYSE: GLF) announced the initiation of a vessel construction program. The first three vessels in the program will be built by Remontowa Shipbuilding SA in Gdansk, Poland, and consists of two 1000 square meter deck area platform supply vessels of the MMC887CD design and one MMC879CD design with a deck area of over 800 square meters.  These large and technologically advanced vessels have been designed to meet the demanding requirements for supporting deepwater and harsh environment activities, and are expected to operate in the North Sea market. The first MMC887CD vessel is expected to be delivered in the second quarter of 2013.  The second MMC887CD vessel and the MMC879CD vessel are expected to be delivered in the third quarter of 2013.  The total cost of these three vessels is anticipated to be $120 million dollars.
"We are excited about the initiation of our new construction program," said Bruce Streeter, President and CEO. "Global market and economic conditions over the past three years gave us enough concerns to hold back on building new vessels.  However, recent oil and gas finds in the North Sea, a drilling focus on frontier areas and the announcement of more than 60 new offshore drilling rigs in 2011 gives us the confidence to initiate the building of vessels designed for this developing market.  Forward contract visibility and increasing opportunities in areas demanding large sophisticated vessels indicate a strong potential for these additions to our fleet."
Funding for these first three vessels in the program will be through cash on hand and cash flow generated from operations during the construction period.  Anticipated cash commitments for this program over the next three calendar years are $20 million during 2011, $55 million during 2012 and $45 million during 2013. As of June 30, 2011, the company had $114 million of cash on hand and $10 million drawn on its $175 million of revolving credit facility.
The Company anticipates announcing additional vessels to this program over the next few quarters.

 

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

Contracts

Japan's MHI Bags Indian Oil's LNG Storage Tank Contract

Indian Oil Corp (IOC) has awarded a contract to build two football stadium-sized liquefied natural gas (LNG) storage tanks at its upcoming Ennore LNG import terminal

Gazprom, Gasunie Sign Framework Agreement - LNG

At a Meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Han Fennema, CEO and Chairman of the Executive Board of Gasunie a Framework

De Nora Acquires Severn Trent's Water Purification Business

De Nora announces the completion of the acquisition of the Water Purification group of Severn Trent Services. The new business line, called De Nora Water Technologies,

Shipbuilding

KR Overhauls Hull Structure Software

IACS member classification society the Korean Register (KR) informs it has overhauled its SeaTrust-HullScan software package, a ship design support solution that analyzes and appraises a vessel’s.

Wärtsilä Propulsion for New Fishing Vessel

A new fishing vessel being built by Simek AS in Norway on behalf of the U.K. operator Antares (Whalsay) Fishing Company Ltd, will feature an integrated Wärtsilä

Dry Bulk Market Crisis: Opportunity or Threat?

The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between

Offshore

Research Vessel Concept a First for Voith

The new fisheries research vessel of the Shanghai Ocean University will be a first for Voith in several respects.   It is the first fisheries research vessel

Ocean Safety’s New Liferaft Facility Opens

Ocean Safety, a specialist in the worldwide supply, distribution, service and hire of marine safety equipment, has opened a new liferaft hire division.   Ocean

ISS Inks Service Pact with Technip

Inchcape Shipping Services (ISS) and Techniphave signed a contract to provide marine agency services and logistics for the Rashid C project in the Middle East. Currently

Workboats

Wärtsilä Propulsion for New Fishing Vessel

A new fishing vessel being built by Simek AS in Norway on behalf of the U.K. operator Antares (Whalsay) Fishing Company Ltd, will feature an integrated Wärtsilä

CNOOC Acquires Asia's 1st LNG Powered Tug

China National Offshore Oil Corporation (CNOOC) has taken delivery of Asia’s first tugboat Hai Yang Shi You 525, designed to operate solely on liquefied natural gas as ship’s fuel.

Injured Fisherman Medevaced off Alaska

An injured mariner was medevaced by U.S. Coast Guard (USCG) personnel near Sand Point, Wednesday, the USCG reported. Watchstanders at USCG District 17 command

 
 
Maritime Contracts Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Sonar 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: 0.1517 sec (7 req/sec)