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    GulfMark misses revenue guidance but making good progress

    Company News // November 10, 2015

    Reporting on its third quarter results, GulfMark Offshore says it has missed revenue guidance it made earlier this year but is doing well reducing costs, reducing its debt and maintaining positive cashflow.

    For the third quarter ended 30 September 2015, revenue was US$60.7 million and net loss was US$185.2 million.

    Quintin Kneen, president and CEO of GulfMark, said: “In this difficult operating environment, we are pleased with our ability to improve the aspects of our business that are under our control during the downturn. Our cost reductions continue to be strong, and we see costs falling even further in the coming quarters.

    "Our ability to quickly reduce costs has been essential to our ability to maintain positive cashflows and decreasing debt levels. We are managing our working capital efficiently. We generated cash from operations during the quarter, even after taking into account our semi-annual interest payments. We paid down our revolver by US$49 million during the quarter, and we improved our net debt position from last quarter.

    "We are committed to preserving liquidity," said Mr Kneen, "and creating operational flexibility and continuing to reduce our level of net debt."

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