Gulfmark Offshore announces second quarter 2011 operating results

Company News - July 25, 2011

GulfMark Offshore has reported net income of US$13.3 million, or US$0.51 per diluted share, on revenues of $96.9 million for the quarter ended June 30, 2011.

Bruce Streeter, President and CEO, commented, "Overall this has been an outstanding quarter and we are proud of what our employees accomplished. Although all of us would like to see more activity in the Gulf of Mexico, as we indicated on last quarter's earnings conference call, we continue to see encouraging short- and long-term trends in all of our regions.

"Despite limited offshore drilling permits in the US Gulf of Mexico, utilization in the Americas is up as we begin to see the benefit of repositioning a significant portion of our US flagged vessels to Trinidad and Brazil.

"In our other regions of the world, we have concentrated on building our term contract position and have taken advantage of strengthening markets.

"Direct operating expense has been higher during the first half of 2011, in part because we repositioned vessels to achieve better overall operating profitability, but as a result we incurred higher than estimated operating costs in locations such as Brazil.

"On a consolidated basis, profitability increased meaningfully during the quarter and the Company's long-term outlook continues to improve. New jack-ups, semi-submersibles and drillship orders, combined with strong crude oil prices, support our optimistic view that customers will increasingly demand technologically advanced offshore support vessels in the future."