GulfMark Offshore Reports 4Q Profit

GulfMark Offshore Inc., said fourth-quarter profit more than tripled as the company's fleet fetched higher average contract rates. Net income increased to $30.6m, or $1.42 per share, from $8.2 million, or 39 cents per share, in the 2005 quarter. The latest period includes a gain of $3.6 million, or 17 cents per share, on the sale of a vessel. Revenue increased 34 percent to $69 million from $51.6 million in the prior-year period. Higher daily contract rates in the North Sea and Southeast Asia drove sales growth, although a slight decline in daily rates for its Americas-based vessels partially offset the gains. Historically high oil prices over the past year have spurred increased drilling activity worldwide, as well as demand for drilling services. Source: Forbes