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    GulfMark Offshore reports record revenue and income

    News // May 13, 2005
    GulfMark Offshore has announced a new record in quarterly net income of US$8.9 million, or US$0.43 per share (diluted) for the quarter ended March 31, 2005, on the highest quarterly revenue ever achieved, US$48.1 million.

    This compares to a net loss of (US$4.9) million, or (US$0.25) per share (diluted) on revenue of US$31.6 million for the first quarter of 2004, before a change in accounting for dry dock expenditures.

    In addition, operating income of US$15.1 million for the first quarter of 2005 surpassed the previous record of US$11.6 million set in the third quarter of 2001, was more than double the US$7.3 million for the fourth quarter of 2004 and was a vast improvement over the operating loss of (US$0.1) million for the first quarter of 2004.

    The significant improvement in the first quarter of 2005, compared to the same period in 2004, was due primarily to the continued strengthening of day rates in the North Sea, the addition of two vessels and improved utilisation in the North Sea and Southeast Asia.

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