GulfMark Offshore announces second quarter resultsCompany News // August 6, 2015
GulfMark Offshore has announced its results of operations for the three- and six-month periods ended 30 June 2015.
For the second quarter ended 30 June 2015, revenue was US$74.5 million, and net loss was US$8.2 million, or US$0.33 per diluted share. Included in the results are workforce redundancy charges that total US$0.06 per diluted share. Quarterly loss before this special item was US$0.27 per diluted share.
Quintin Kneen, President and CEO, said: "We are pleased with the progress we have made on several fronts. Our North Sea region is benefiting from its strong franchise position in the area and has done extremely well for a difficult market. Our North Sea utilization outperformed the broader market by six percentage points, and we exceeded the broader market term day rate by approximately 12 per cent. Subsequent to quarter end, we sold one of our oldest vessels for a gain, and we continue to make progress in divesting older tonnage.
"Consolidated revenue was at the high end of our guidance and operating costs came in well below our guidance, positioning us to improve positive quarterly cash flow from operations. Our expense reduction initiatives continue to yield better than anticipated savings.
"We now believe that we will be able to capture about US$60 million of annual direct operating expense savings, an additional US$25 million in savings over our previous goal of about US$35 million.
"We successfully renegotiated our revolving credit facilities and are pleased with the support our banks have shown us. We are confident that the amendment should provide us with the necessary liquidity and flexibility to navigate the Company through the current downturn."
Mr Kneen continued: "We are pleased with our accomplishments thus far and are optimistic about the future. We are cognizant of the near-term challenges this industry faces, but our relationships with key customers remain as strong as ever. We will continue to focus on opportunistically selling vessels, reducing operating costs and maintaining capital discipline, which allows us to maximize cash flow, maintain liquidity and improve long-term operational efficiencies."