GulfMark Offshore Reports 3Q Profit Surge

According to the Houston Chronicle, GulfMark Offshore Inc., said stronger daily rates for its services and increased use of its fleet sent third-quarter profit up sharply. Net income more than tripled to $39.9 million, or $1.91 per share, from $13 million, or 63 cents per share, a year ago. The recent quarter included a 32-cent boost from the sale of a vessel. Excluding the sale, earnings would have been $1.59 per share. Revenue rose to $75.8 million from $53 million a year ago.

Rates for the company's vessels appreciated 45 percent for its North Sea based fleet, compared with the prior year, and rose 22 percent for its Southeast Asia-based fleet. Rates rose a more modest 5 percent for its Americas-based vessels.

Utilization of the company's vessels climbed above 95 percent for all regions during the quarter. Shares of the company added $2.87, or nearly 9 percent, to $35.93 in aftermarket activity, after closing down $1.47, or 4.3 percent, at $33.06 on the Nasdaq. Source: Houston Chronicle