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    GulfMark Offshore to build six new vessels at Keppel Singmarine

    Vessel & ROV News // November 15, 2005

    GulfMark Offshore has announced that it has placed an order for six new vessels to be built at a cost of about US$140 million.

    Singapore-based Keppel Singmarine Pte Ltd will build the Anchor Handling Tug Supply Vessels, with the first scheduled to be delivered in the third quarter 2007, followed by one each quarter until third quarter 2008.

    The vessels will be paid for out of the company's cash from operations, and may be supplemented by a credit facility.

    GulfMark said the vessels are being built to meet the growing demand of its customer base in Southeast Asia, and that it expects many of the vessels to remain in the region.

    The company said that it anticipates an additional US$25 million in annual contract earnings before interest, taxes, depreciation and amortization, upon the vessels' completion.


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