GulfMark loss grows - not yet out of Chapter 11 proceedingsCompany News // November 2, 2017
Comparing the nine months ended 30 September 2017 with the nine months ended 30 September 2016, GulfMark Offshore says its loss has widened.
It had a net loss of US$190.0 million on revenues of US$74.8 million in the first nine months of 2017 compared to a net loss in the months ended 30 September 2016 of US$163.5 million on revenues of $97.1 million.
Revenues for the nine months ended 30 September 2017 fell US$22.3 million, or 23.0%, compared to the same period in 2016.
Average day rates also fell, from US$10,360 during the nine months ended 30 September 2016 to US$8,347 during the nine months ended 30 September 2017, resulting in a US$21.0 million decline in revenue.
The strong US Dollar was responsible for a further decrease in revenue of US$3.1 million.
Partially offsetting these decreases was an increase in utilization of 4.0 per cent, causing an increase in revenue of US$5.3 million.
GulfMark said it had an operating loss of US$80.9 million for the nine months ended 30 September 2017, compared to an operating loss of US$214.4 million during the same period of 2016, but that change wa partly accounted for by the fact that during the nine months ended 30 September 2016 it recognized impairment charges of US$162.8 million.
Excluding these charges, the operating loss in the first nine months of 2017 increased US$29.3 million compared to the first nine months of 2016.
The company remains in Chapter 11 proceedings and has extended certain agreements with other parties until 10 November 2017.
GulfMark filed a voluntary petition for relief and commenced the Bankruptcy Case under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware earlier this year.