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GulfMark Offshore, Inc. Q2 2010 Earnings Call Transcript

Consolidated direct operating expenses were down slightly during the second quarter. Foreign currency is the overriding factor that drove the dollar value of those expenses lower. On a stable currency basis, expenses were up slightly, due to having the North Purpose in for a full quarter in Q2. The North Purpose delivered in mid-first quarter.

On a stable currency basis, expenses are expected to increase slightly in the second half of 2010 due to the delivery of the last two vessels. Each vessel will add approximately $700,000 per quarter of direct operating cost.

On the last call, we guided dry dock expense to be $5.5 million for the second quarter. We ended up performing approximately $6.2 million of dry docks during the quarter. For the full year of 2010, we are still anticipating spending approximately $22 million for dry docks. That works out to an expectation of about $9 million to be spent on dry docks for the second half of 2010.

Bruce will provide an update on vessel movements shortly, but for those vessels that we intend to relocate out of the Gulf of Mexico, our intention is to dry dock those vessels before they leave. So depending on those opportunities, dry dock expense may be higher than I just indicated.

But not withstanding the impromptu dry docks, for Q3, we are currently expecting to spend $5 million on 7 dry docks; 1 in the North Sea for approximately $1 million, 4 in the Americas for $2 million, and 2 dry docks in Southeast Asia for $2 million.

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