This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.01 0.00%
FB $99.75 0.00%
GOOG $682.74 0.00%
TSLA $147.99 0.00%
YHOO $27.05 0.00%


Chart of I:DJI
DOW 16,027.05 -177.92 -1.10%
S&P 500 1,853.44 -26.61 -1.42%
NASDAQ 4,283.7530 -79.3910 -1.82%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs