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TheStreet Open House

GulfMark Offshore Announces Fourth Quarter And Full Year 2012 Operating Results

HOUSTON, Feb. 25, 2013 (GLOBE NEWSWIRE) -- GulfMark Offshore, Inc. (NYSE:GLF) today announced the results of operations for the three- and twelve-month periods ended December 31, 2012. For the three months ended December 31, 2012, consolidated revenue was $95.0 million, and the net loss for the same period was $4.9 million, or $0.19 per diluted share. For the twelve months ended December 31, 2012, consolidated revenue was $389.2 million and net income was $19.3 million, or $0.73 per diluted share.

Bruce Streeter, President and CEO, commented, "We have emphasized the cyclicality of our business and our belief that 2012 was a year where we positioned GulfMark to take advantage of the strong upside that appears to be developing. Since 2009, we have seen year-over-year improvement in the global market for our vessels, and we continue to see an improving and expanding marketplace as we look ahead. The U.S. Gulf of Mexico is developing into a very strong market, with utilization levels near 100% for several of the weeks thus far this year. The North Sea continues to be a strong market and current indications point to a meaningful increase in drilling activity for the 2013 season. A variety of reasons led to a weaker spot market than anticipated in 2012, however, the growth in the drilling fleet, the number of sanctioned projects and, in particular, the very positive planning in Norway point to future opportunities. Southeast Asia, although down noticeably in the fourth quarter, is showing strong signs of improvement in Malaysia and Indonesia. Operating costs, driven largely by mariner labor costs, continue to put pressure on profitability, but we are pushing costs through to operators as contracts roll over and anticipate that these cost pressures will wane as the current backlog of new vessels are delivered in 2013 and 2014.

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