GulfMark unveils first quarter 2016 resultsCompany News // April 27, 2016
For the first quarter ended 31 March 2016, GulfMark Offshore had revenues of US$38.8 million and made a net loss of US$91.2 million or $3.66 per diluted share. Included in the results are after-tax special items that totaled US$78.6 million or $3.16 per diluted share. The quarterly loss before these special items was US$12.5 million or US$0.50 per diluted share.
Quintin Kneen, the company's President and CEO, said: "We are pleased to have generated positive cash flow from operations despite difficult market conditions. Our team’s ability to maintain marketed utilization, implement operational efficiencies and manage working capital continues to achieve our objective of generating positive cash flow in each quarter of the downturn.
"We continue to reduce our future capital expenditures, and we have less than US$4 million of capital commitments remaining for 2016. We anticipate that the delivery of our first 300 Class Jones Act vessel in the second quarter will improve cash flow throughout the downturn.
“Continually positive cash flow has allowed us to reduce our overall debt and net debt positions during the quarter. We purchased US$20 million face value of our Senior Notes for approximately US$10 million. We will continue to look for ways to strengthen the balance sheet as we prepare for the future.
"Importantly, we expect to be in compliance with our debt covenants and maintain access to our revolving credit facilities through the end of 2017.
“Each operating region continues to meet the challenges manifested during this unprecedented time in the offshore industry. We are developing innovative ways to adapt our business to market conditions while standing firm in our commitment to our customers, safe operations and vessel reliability.”