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GulfMark Offshore Announces Fourth Quarter And Full Year 2012 Operating Results

Drydock expense in the fourth quarter was $9.9 million and full-year drydock expense was $33.3 million, consistent with the latest guidance.

General and administrative expense was $16.1 million for the fourth quarter, approximately $4.1 million over the anticipated 2012 quarterly run rate of $12 million. The increase was driven largely by two factors: the write-off of $2.3 million in receivables in the U.K., related mainly to a customer that suddenly filed for bankruptcy, and $1.5 million of additional severance and other costs associated with the management restructuring in Southeast Asia.

Results of Operations for the Year

Consolidated revenue for the year ended December 31, 2012 was $389.2 million, an increase of $7.3 million, or 2%, from the prior year. Consolidated operating income for the year was $51.0 million, a decrease of $27.5 million, or 35%, from the prior year. Earnings per diluted share for the year was $0.73.

Liquidity and Capital Commitments

Cash flow from operations totaled $37.6 million in the fourth quarter of 2012. Cash on hand at December 31, 2012 was $185.2 million, and as of that date there were no amounts drawn on the Company's $150.0 million revolving credit facility. Total debt at December 31, 2012 was $501.0 million, and debt, net of cash on hand, was $315.8 million.

Capital expenditures during the fourth quarter totaled $81.5 million, which included $50.5 million of progress payments on the construction of new vessels and the purchase of a PSV in the North Sea for $28.6 million.

As of December 31, 2012, the Company had approximately $276 million of unfunded capital commitments related to the construction of 11 vessels. Anticipated progress payments over the next three calendar years are as follows: $228 million in 2013; $38 million in 2014; and $10 million in 2015. The Company expects to fund the construction contract commitments from cash on hand and cash generated by operations through 2014.

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