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    GulfMark Offshore provides update on vessel sales

    Vessel & ROV News // August 11, 2006

    GulfMark Offshore has provided an update on the status of the sale of two of the company's vessels, as previously announced by President and COO Bruce Streeter.

    M. Streeter said: "In conjunction with the ongoing strategy of GulfMark to renew its fleet at opportune times, we have received deposits on two of the older vessels, one working in the North Sea and the other in Southeast Asia."

    "The aggregate sales price of the two vessels is approximately US$18 million and, subject to normal conditions, we expect one of the sales to close during the third quarter and the other in the fourth quarter of this year. These transactions will provide us an excellent return while at the same time allowing us the flexibility to continue to upgrade the fleet through opportunistic actions," Streeter said.


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