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TheStreet Open House

GulfMark Offshore Announces First Quarter 2013 Operating Results

HOUSTON, April 29, 2013 (GLOBE NEWSWIRE) -- GulfMark Offshore, Inc. (NYSE:GLF) today announced its results of operations for the three-month period ended March 31, 2013. For the first quarter ended March 31, 2013, revenue was $96.9 million, and net income was $2.9 million, or $0.11 per diluted share.

Bruce Streeter, President and CEO, commented, "The year is off to a good start and we continue to be encouraged by the year-over-year improvement in our business. We exceeded the high-end of our revenue guidance for the first quarter, with revenue for the first quarter of 2013 being 11% higher than the first quarter of 2012. This is a positive start for the year and we continue to believe that 2013 will be a very good year for our business, employees, and stockholders. The year-over-year increase is being driven by the U.S. Gulf of Mexico which is continuing to be the strong market we anticipated, with utilization levels near 100% for several weeks thus far this year. Based on the strong demand, day rates have increased significantly for a majority of our contracts. We are also pleased with the performance of the North Sea fleet during the first quarter. Historically in the first quarter, due to seasonal effects, the North Sea has performed lower than the previous quarter; however, this year both average day rates and utilization showed improvement from the fourth quarter. Additionally during the quarter, we fixed two of our large anchor handlers on long-term contracts at increased day rates, which will benefit us beginning this month. We are optimistic that the continued growth in the global drilling fleet, combined with the well-timed delivery of our new build vessels during the year, point to positive opportunities for us in the coming quarters. As expected and previously mentioned, Southeast Asia results were down significantly from the fourth quarter. However, we are seeing significant performance improvements in the region and we expect to see an increase in profitability as the year progresses.

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