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Tuesday, January 23, 2018

Gulfmark Offshore News

Keppel Singmarine Wins AHTS Contract

AHTS Coloso built and delivered to Gulfmark Offshore earlier this year. Keppel Singmarine, a builder of offshore support vessels, won a $230 million contract to build six new Anchor Handling Tug/Supply (AHTS) vessels for Gulfmark Offshore. Two of these six 10,700 bhp AHTS vessels of 2,700 dwt each will be built in the Keppel Nantong Shipyard. This is the first contract for Keppel’s newly acquired shipyard in China. The first vessel is expected to be delivered in the third quarter of 2007, with the final delivery in the third quarter of 2008. Customized to Gulfmark’s requirements, the six vessels were designed by Keppel’s Marine Technology Development (MTD) and are being built to meet the growing demand of Gulfmark Offshore’s customers in Southeast Asia.

Keppel Delivers Sea Cheyenne for Gulfmark

Keppel Singmarine Pte Ltd (Keppel Singmarine), a wholly-owned subsidiary of Keppel Offshore & Marine Limited (Keppel O&M), has delivered an Anchor Handling Tug/Supply (AHTS) vessel to Gulfmark Offshore Inc (Gulfmark) on schedule. The 140-ton bollard pull vessel was christened Sea Cheyenne by Rex Carroll Ross, wife of Rex Ross, Director of Gulfmark Offshore, at a naming ceremony on October 27, 2007. This is the third of eight vessels which Keppel Singmarine is building for the company since 2003. The design of the vessels is developed by Marine Technology Development (MTD), the ship design and development arm of Keppel O&M. Gene Leech, Executive Vice-President of Gulfmark Offshore, said, “Keppel Singmarine has once again delivered their vessel to us on time and to our full satisfaction.

Keppel Delivers Sea Cheyenne for Gulfmark

Keppel Singmarine Pte Ltd (Keppel Singmarine), a wholly-owned subsidiary of Keppel Offshore & Marine Limited (Keppel O&M), has delivered an Anchor Handling Tug/Supply (AHTS) vessel to Gulfmark Offshore Inc (Gulfmark) on schedule. The 140-ton bollard pull vessel was christened Sea Cheyenne by Rex Carroll Ross, wife of Rex Ross, Director of Gulfmark Offshore, at a naming ceremony on October 27, 2007. This is the third of eight vessels which Keppel Singmarine is building for the company since 2003. The design of the vessels is developed by Marine Technology Development (MTD), the ship design and development arm of Keppel O&M. Gene Leech, Executive Vice-President of Gulfmark Offshore, said, “Keppel Singmarine has once again delivered their vessel to us on time and to our full satisfaction.

GulfMark Files $250M Shelf Registration

GulfMark Offshore, Inc. (Nasdaq:GMRK) announced it has filed a $250 million shelf registration statement on Form S-3 with the Securities & Exchange Commission to register the offer and sale by the Company from time to time of up to $250 million of various securities, which may include common stock, warrants, debt securities, and or preferred stock. "We have no immediate plans to offer any of the securities for sale, but believe it is prudent to have registered securities available to fund future opportunities," said president and chief operating officer, Bruce Streeter. He added that the new shelf registration statement replaces the one filed in 2000 that expired. GulfMark Offshore, Inc.

Drilling Deeper Into Gulfmark

With oil prices on a boil, Gulfmark Offshore, which provides offshore marine services to oil and Natural gas companies, has been a key beneficiary. The stock has doubled in the past two years. In February this year, the stock broke above its 50-day and 200-day moving averages and has rallied about 40% in the past 2 1/2 months, touching an all-time high last week. Currently, the stock is trading at $57.88, about 10.37 times its 2008 estimates. The company reports first quarter results before the market opens on April 30, 2008. Analysts expect the company to report earnings of $1.10 a share. In the last 60 days, analysts have revised up earnings estimates for Gulfmark Offshore by a penny to $1.10 for the first quarter and by 11 cents to $5.58 for the full year. Source:  RTT

Rigdon to Remain in New Orleans

GulfMark Offshore’s previously announced agreement to purchase Rigdon Marine entails that the combined company will operate 90 vessels, with 16 more under construction for delivery through 2010. Houston-based GulfMark has minimal operations, making the retention of Rigdon Marine's GoM presence significant, Energy Current reported. Rigdon Marine employs over 300 personnel, and employment is expected to grow to over 400. Rigdon Marine expects to keep its operations based in . Source: Energy Current

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.

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

FirstWave/Newpark Adds To Senior Management Staff

FirstWave/Newpark Adds To Senior Management Staff Joining FirstWave/Newpark is Frank R. Pierce as corporate vice president and CFO, along with Tom Godfrey in the newly created position of vice president, ship repair. Pierce joins FirstWave with more than 20 years experience, most recently at GulfMark Offshore, a publicly held offshore vessel company. Godfrey, who has held many senior level positions in the industry, comes to FirstWave from Colonna's Shipyard where he was president & CEO.

GulfMark Options to Build Second Aker Vessel

GulfMark Offshore, Inc. has exercised an option to build a second Aker PSV09 design vessel. This vessel, which will be an identical sister ship to the Aker PSV09 currently under construction in Norway, is a 4,850 deadweight ton, diesel electric powered platform supply vessel. The purchase price for this vessel is approximately $30 million, with delivery currently expected during the third quarter of 2007. GulfMark will be the majority investor in a joint venture for the construction of the vessel. GulfMark has elected to purchase 100 percent of the first Aker PSV09 and has the right to purchase this vessel upon pre-agreed terms. Including this vessel…

GulfMark Offshore Announces Vessel Sales, Delivery and Acquisition

GulfMark Offshore, Inc. today announced the completion of the sale of the Highland Patriot, the Highland Sentinel, the delivery of the newbuild Sea Sovereign, and the acquisition of an option vessel, Hull 861B. The Highland Patriot, a 1982 built 233 ft. platform supply vessel operating in Southeast Asia and the Highland Sentinel, a 1979 built 266 ft. platform supply vessel operating in the North Sea were sold in September and October, respectively. Both are expected to be converted for seismic work. The combined sales price of the two vessels was approximately $18 million resulting in a pre-tax gain of approximately $10 million, of which approximately $6.6 million will be recognized in the 3rd quarter and $3.4 million in the 4th quarter of 2006.

Bender Fights Bankruptcy

Bender Shipbuilding & Repair, based in Mobile, Alabama, said that a petition has been filed to put the company into involutary bankruptcy. The company had yet to be served, but it did say that it is in contractual disputes with two of the three creditors who filed the petition, including GulfMark Offshore Inc. Bender disputes GulfMark's claims and believes that the petition is invalid. "It is unfortunate that GulfMark has chosen to go this route," said Tom Bender, president and CEO of Bender, in a prepared release. "I am optimistic that the involutary petition will be dismissed quickly."

GulfMark Offshore to Acquire Rigdon Marine

GulfMark Offshore, Inc. announced it had entered into a definitive purchase agreement to acquire Rigdon Marine Corporation (RMC), a major operator of technologically advanced offshore supply vessels. The purchase will add the RMC management team, an experienced group of mariners and a fleet of modern vessels designed to support the expanding demand in the deepwater . The combined company will initially operate 90 vessels with an additional 16 vessels under construction for delivery through 2010.

GulfMark Offshore Announces Retirement of Bruce Streeter

GulfMark Offshore, Inc. (NYSE:GLF) announced managerial retirements and promotions. Mr. David Butters, Chairman of the Board of GulfMark Offshore, announced that Bruce Streeter has elected to retire from the Company as an officer and director effective at our Annual Stockholders Meeting on June 4, 2013. Bruce has led the Company for 23 years since its inception as President and Chief Executive Officer. The Board thanks him for his years of service during which the Company grew from 11 ships to our current fleet of 70 ships. Mr. Butters said, "We all are indebted to Bruce for his many years of contributions. Mr. Butters also announced that Quintin Kneen, the Chief Financial Officer, would assume the additional role of President and Chief Executive Officer. Mr.

GulfMark Offshore Appoints CFO

GulfMark Offshore, Inc. announced that it has appointed James (Jay) M. Mitchell as Executive Vice President and Chief Financial Officer (CFO). Mr. Mitchell replaces Quintin Kneen who, as previously announced, will assume the role of President and Chief Executive Officer (CEO) on June 4. Mr. Mitchell brings over two decades of energy background to GulfMark, including past executive roles as a private company CEO and a public company CFO. His experience includes strategic planning, mergers and acquisitions, finance, accounting, treasury, taxation, risk management and investor relations. His most recent experience was as CEO of the privately held Flex Energy. Previously, Mr.

Wärtsilä Tests Remote Control Ship Operating Capability

Gulfmark Offshore's the 'Highland Chieftain' was the vessel used for the test. (Photo: Wärtsilä)

Wärtsilä said it has taken a further important step toward developing its Smart Marine capabilities by successfully testing the remote control of ship operations. The testing, which involved driving the vessel through a sequence of manoeuvres using a combination of Dynamic Positioning (DP) and manual joystick control, was carried out on August 21 off the North Sea coast of Scotland in collaboration with Gulfmark Offshore, the U.S. based operator who provided the vessel for the project.

Is it the End for Bender Shipbuilding?

Bender Shipbuilding & Repair Co. agreed to seek protection from its creditors, filing a Chapter 11 bankruptcy petition to reorganize. The company announced in a prepared statement that it intended to cut its workforce to about 300 to keep operations, including a ship repair job, running. “I regret very much the impact this decision has on our employees and vendors, and the community,” said Tom Bender, President and CEO, pledging to “devote every waking minute” to getting the company through the process and back to business as usual as quickly as possible. Monday, according to a blog on AL.com (http://blog.al.com) a U.S. U.S. Bankruptcy Judge reportedly ruled that Seacor Marine was due to collect a $5 million guarantee from Bender…

Seaspan Marine Names Reynolds President

Bart Reynolds (Photo: Seaspan)

Bart Reynolds has been hired to take over as president of Seaspan Marine, the company announced today. Appointed to lead Seaspan’s Marine Division, Reynolds joins the company with more than 20 years of experience in leadership positions and senior management. In the last 15 years, Reynolds has held positions in the offshore supply boat business in the United States, West Africa, the Mediterranean and Latin America, most recently serving as Vice President, Americas at GulfMark Offshore Inc. Prior to that, he worked at Tidewater Marine LLC as Area Manager, U.S. Operations.

Long Joins SEACOR Holdings as Executive VP

SEACOR Holdings Inc. has appointed William “Bill” C. Long as the company's Executive Vice President, Chief Legal Officer and Corporate Secretary, effective immediately. He will report directly to Charles Fabrikant, SEACOR's Executive Chairman and Chief Executive Officer. Long brings to SEACOR more than 20 years of business and legal experience with publicly-traded companies. Prior to joining SEACOR Holdings, Long served as Senior Vice President, General Counsel and Secretary of GulfMark Offshore, Inc., and previously spent more than 17 years with Diamond Offshore Drilling, Inc., where he was Senior Vice President, General Counsel and Secretary.

Gulf Offshore Selects CapRock VSAT

CapRock Communications announced a three-year contract with Gulf Offshore – a wholly owned subsidiary of GulfMark Offshore Inc. – to deploy its broadband maritime service, SeaAccess Communications, onboard its fleet operating in the North Sea and along the coast of Africa. SeaAccess’ VSAT (Very Small Aperture Terminal) services will enable GulfMark to extend its corporate IT network and applications to its vessels and provide onboard crew morale services. The GulfMark Group operates significant fleets in the North Sea, Southeast Asia and the Americas. Having evolved into a global marine transportation provider focused on the continuous development of its technologically advanced fleet, deploying the always-on VSAT service is a natural extension of its mission.

Bourbon to Sell Interest in Rigdon Companies

Under the merger proposal between Rigdon Marine Corporation and Gulfmark Offshore announced on May 28, Bourbon will sell its interest in the Rigdon companies. This sale will be effective on completion of the merger which is due to take place in the 3rd quarter of 2008. For BOURBON it will generate: capital gain on sale of approximately 60 million euros, repayment by Rigdon of loans granted by BOURBON, for a total of 110 million euros, which, in addition to the cash proceeds from the sale, will reduce the group’s debt. Since January 2006, Bourbon had contributed to the implementation of Rigdon’s financial structure. As this company has been so far accounted for according to the equity method, the sale will have no impact on revenues nor on Bourbon’s EBITDA.

MCP and Gulf Offshore Claim Mobile First in North Sea

Maritime Communication Partner (MCP) has signed a three-year contract with leading offshore shipping operator Gulf Offshore Norway, owned by GulfMark Offshore Inc. The deal provides three vessels, all of which operate on the Norwegian Continental Shelf, with solutions enabling seamless mobile phone coverage and internet access. MCP is the first firm to offer this custom-made offshore solution to vessels operating in the North Sea. MCP, an established leader in the mobile communications market for cruise and ferry operators, is now bringing its expertise and proven global network capabilities to the offshore segment. Its new solution allows crews to communicate at sea as they would on land.

GulfMark 4Q Results Show 8% Decline

GulfMark Offshore Inc. announced results for the fourth quarter, reporting an 8% decline in earnings despite higher revenue. The Texas-based company reported that net income for the fourth quarter was $8.18 million or $0.39 per share, which declined from $8.90 million or $0.44 per share in the prior year quarter. On average, six analysts polled by First Call/Thomson Financial had estimated fourth quarter earnings of $0.45 per share. The fourth quarter results of the prior year included an income tax benefit of $4.8 million or $0.24 per share on release of deferred tax liabilities related to a tax audit. Income from continuing operations before tax for the quarter was $9.32 million, an increase from $4.08 million in the previous year quarter.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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