GulfMark Offshore Announces Third Quarter 2016 Operating Results

HOUSTON, Nov. 09, 2016 (GLOBE NEWSWIRE) -- GulfMark Offshore, Inc. ("GulfMark" or the "Company") (NYSE:GLF) today announced its results of operations for the three- and nine-month periods ended September 30, 2016. Recent highlights include:
  • Increased Sequential Quarterly Utilization for the Second Consecutive Quarter Although Day Rates Continue to Decline
  • Reduced Direct Operating Expenses (Excluding Certain Gains and Costs Discussed Below) by 4% vs. Previous Quarter
  • Direct Operating Expenses Per Marketed Day Decreased by Approximately $950 Per Day or 14% vs. Previous Quarter
  • Reduced General and Administrative Expenses (Excluding Certain Gains and Costs Discussed Below) by 1% vs. Previous Quarter
  • Secured Long-Term Contract for Our Recently Delivered 300 Class Jones Act Vessel in U.S. Gulf of Mexico
  • Achieved Average Marketed Vessel Utilization of 80%
  • Reactivated Two Stacked Vessels to Begin Long-Term Contracts in Q4 2016
  • 31 Vessels Stacked, 46% of Company Fleet
  • Sold Two Vessels During the Quarter for Proceeds of $3.6 Million
  • Maintained Liquidity Position of Approximately $132 Million at Quarter End

For the quarter ended September 30, 2016, revenue was $27.8 million, and net loss was $24.7 million, or $0.98 per diluted share. Included in the results are certain gains and costs described below that totaled $1.8 million or 0.07 per diluted share. Quarterly loss excluding these items was $22.9 million or $0.91 per diluted share.

Quintin Kneen, President and CEO, commented, "The market remains extremely challenging, and we expect these difficult conditions to continue for an extended period of time. Global vessel stacking continues to allow for incremental utilization improvements, and we recorded sequential quarterly utilization increases in each of our regions during the third quarter. Given the significant global oversupply of vessels and the expiration of long-term charters fixed before the downturn, our average day rates will continue to decline. Similar to the previous quarter, we reduced direct operating costs while increasing utilization. Also, we continue to manage working capital carefully, and we reduced days sales outstanding by 10 days during the quarter.

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