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.
GulfMark Offshore, Inc. Q2 2010 Earnings Call Transcript
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