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GulfMark Offshore Announces Fourth Quarter And Full Year 2012 Operating Results

Outlook

CEO Bruce Streeter commented on the outlook for the Company, stating, "We remain extremely confident that 2013 is going to be a strong year for GulfMark. We have 11 vessels under construction, eight of which will be delivered during the year, and another three vessels going through our extremely successful stretch transformation. I continue to be optimistic about our business and the investments we are making around the world in both our people and in our vessels. The continuing drive to make the Company better for our customers and our stockholders requires the relentless attention of all of our employees, and, as always, I want to thank the roughly 1700 mariners and 200 shore-based employees who support our customers and who dedicate themselves to safe and efficient operations every day."

Conference Call/Webcast Information

GulfMark will conduct a conference call to discuss the Company's earnings with analysts, investors and other interested parties at 9:00 a.m. Eastern time on Tuesday, February 26, 2013. To participate in the teleconference, investors in the U.S. should dial 1-877-317-6789 at least 10 minutes before the start time and reference GulfMark. Canada-based callers should dial 1-866-605-3852, and international callers outside of North America should dial 1-412-317-6789. The webcast of the conference call also can be accessed by visiting the Company's website, www.gulfmark.com . An audio file of the earnings conference call will be available on the Company's website approximately two hours after the end of the call.

GulfMark Offshore, Inc. provides marine transportation services to the energy industry through a fleet of offshore support vessels serving major offshore energy markets in the world.

The GulfMark Offshore, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7000

Certain statements and information in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues are based on our forecasts for our existing operations. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the price of oil and gas and its effect on offshore drilling, vessel utilization and day rates; industry volatility; fluctuations in the size of the offshore marine vessel fleet in areas where the Company operates; changes in competitive factors; delays or cost overruns on construction projects, and other material factors that are described from time to time in the Company's filings with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 2011, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Consequently, the forward-looking statements contained herein should not be regarded as representations that the projected outcomes can or will be achieved. These forward-looking statements speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

     
Operating Data (unaudited) Three Months Ended Twelve Months Ended
(dollars in thousands, except per share data) December 31, September 30, December 31, December 31, December 31,
  2012 2012 2011 2012 2011
           
Revenue  $ 95,019  $ 101,867  $ 99,892  $ 389,205  $ 381,870
Direct operating expenses  51,755  48,778  43,257  198,187  182,585
Drydock expense  9,930  9,515  (1)  33,280  15,932
General and administrative expenses  16,100  14,389  11,303  54,600  45,495
Depreciation and amortization expense  15,145  14,697  15,032  59,722  59,586
(Gain) loss on sale of assets  3  (3,919)  (2,028)  (8,741)  (2,018)
Impairment charge  293  859  1,750  1,152  1,750
Operating Income   1,793  17,548  30,579  51,005  78,540
           
Interest expense  (5,207)  (4,331)  (5,200)  (23,244)  (22,314)
Interest income  109  64  368  338  748
Loss on extinguishment of debt  (550)  (187)  --  (4,378)  --
Foreign currency gain (loss) and other  (1,307)  539  442  (1,779)  (2,346)
Income (loss) before income taxes  (5,162)  13,633  26,189  21,942  54,628
Income tax benefit (provision)  273  (627)  (2,544)  (2,669)  (4,694)
Net Income (Loss)  $ (4,889)  $ 13,006  $ 23,645  $ 19,273  $ 49,934
           
Diluted earnings (loss) per share  $ (0.19)  $ 0.49  $ 0.90  $ 0.73  $ 1.91
Weighted average diluted common shares  26,303  26,294  26,032  26,228  25,962
           
Other Data          
Revenue by Region (000's)          
North Sea  $ 39,477  $ 41,757  $ 43,982  $ 164,273  $ 172,393
Southeast Asia  13,605  17,633  15,880  60,504  63,754
Americas  41,937  42,477  40,030  164,428  145,723
           
Rates Per Day Worked          
North Sea  $ 19,848  $ 19,821  $ 20,923  $ 20,075  $ 20,071
Southeast Asia  14,165  14,844  14,690  14,383  15,053
Americas  18,339  17,939  14,867  17,150  14,526
           
Overall Utilization           
North Sea 84.5% 93.1% 91.7% 89.6% 92.4%
Southeast Asia 70.4% 88.7% 86.0% 79.4% 85.1%
Americas 83.4% 82.7% 85.4% 82.5% 80.5%
           
Average Owned Vessels          
North Sea  24.7  24.0  25.2  24.2  24.8
Southeast Asia  15.3  15.0  14.0  14.9  14.0
Americas  29.7  30.8  35.0  31.9  35.0
Total   69.7  69.8  74.2  71.0  73.8
           
Drydock Days          
North Sea  64  27  --  185  149
Southeast Asia  39  50  11  135  117
Americas  80  150  5  407  182
Total   183  227  16  727  448
           
Drydock Expenditures (000's)  $ 9,930  $ 9,515  $ (1)  $ 33,280  $ 15,932
       
       
Summary Financial Data (unaudited) As of, or Three Months Ended As of, or Twelve Months Ended  
(dollars in thousands, except per share data) December 31, September 30, December 31, December 31, December 31,  
  2012 2012 2011 2012 2011  
Balance Sheet Data            
Cash and cash equivalents   $ 185,175  $ 148,993  $ 128,817  $ 185,175  $ 128,817  
Working capital  224,837  210,825  178,902  224,219  178,902  
Vessels, equipment and other fixed assets, net   1,136,360  1,107,960  1,143,441  1,136,360  1,143,441  
Construction in progress   169,429  117,693  37,107  169,429  37,107  
Total assets   1,745,674  1,637,413  1,499,799  1,745,674  1,499,799  
Long-term debt (1)  500,999  390,000  305,830  500,999  305,830  
Shareholders' equity   1,027,882  1,049,088  996,860  1,027,882  996,860  
(1) Current portion of long-term debt included in working capital.        
             
Cash Flow Data            
Cash provided by operating activities   $ 37,571  $ 21,188  $ 43,276  $ 102,736  $ 97,471  
Cash flow used in investing activities   (81,448)  (59,922)  (34,406)  (198,764)  (49,408)  
Cash flow provided by (used in) financing activities   79,253  40,550  7,337  150,604  (16,231)  
             
Forward Contract Cover  2013   2012      
North Sea 57%   68%      
Southeast Asia 33%   41%      
Americas 48%   32%      
Total  48%   44%      
             
Forward Contract Cover  2014   2013      
North Sea 36%   53%      
Southeast Asia 15%   15%      
Americas 24%   15%      
Total  27%   25%      
   
             
Reconciliation of Non-GAAP Measures: Year Ended December 31, 2012    
(dollars in millions, except per share data) Operating Income Interest Expense Other Expense Tax Provision (Benefit) Net Income (Loss) Diluted EPS
Before Special Items  $ 43.5  $ (19.7)  $ (0.3)  $ (2.8)  $ 20.7  $ 0.79
Gain on Sale of Vessel  8.7  --   --   (3.2)  5.5  0.21
Charges Related to Debt Refinancing  --   (3.5)  (4.4)  3.2  (4.7)  (0.18)
Impairment Charge  (1.2)  --   --   --   (1.2)  (0.04)
Brazilian Foreign Currency Loss  --   --   (1.1)  0.1  (1.0)  (0.04)
U.S. GAAP  $ 51.0  $ (23.2)  $ (5.8)  $ (2.7)  19.3  $ 0.74
             
Reconciliation of Non-GAAP Measures: Year Ended December 31, 2011    
(dollars in millions, except per share data) Operating Income Interest Expense Other Expense Tax Provision Benefit (Provision)  Net Income  Diluted EPS
Before Special Items  $ 78.3  $ (22.3)  $ (1.6)  $ (4.7)  49.7  $ 1.90
Gain on Sale of Vessel  2.0  --   --   --   2.0  0.08
Charges Related to Debt Refinancing  --   --   --   --   --   -- 
Impairment Charge  (1.8)  --   --   --   (1.8)  (0.07)
Brazilian Foreign Currency Loss  --   --   --   --   --   -- 
U.S. GAAP  $ 78.5  $ (22.3)  $ (1.6)  $ (4.7)  $ 49.9  $ 1.91
         
         
Vessel Count by Reporting Segment        
    North Sea   Southeast Asia    Americas    Total 
Owned Vessels as of November 6, 2012 24 15 30 69
Newbuild Deliveries/Additions 1 0 0 1
Sales & Dispositions 0 0 0 0
Intercompany Relocations 0 1 (1) 0
Owned Vessels as of February 25, 2013 25 16 29 70
Managed Vessels 8 0 0 8
Total Fleet as of February 25, 2013 33 16 29 78
CONTACT: Michael Newman
         Investor Relations
         E-mail: Michael.Newman@GulfMark.com
         (713) 963-9522

GulfMark Offshore, Inc. Logo

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