GulfMark Offshore Announces Settlement of Dispute with Shipyard Providing No Further Required Capital Expenditures

HOUSTON, March 15, 2016 -- GulfMark Offshore, Inc. (NYSE:GLF) today announced that a settlement has been reached in the previously disclosed dispute resolution proceedings with a U.S. shipyard. The settlement reached results in no additional payments required to that shipyard. The delivery of the first vessel is scheduled for the third quarter of 2016. The settlement also grants an option to purchase the second vessel for $26 million on June 30, 2017, with payment due at delivery if the option is exercised.

Quintin Kneen, President and CEO commented, “We are pleased with the results of the settlement and to have this uncertainty resolved. The option to make no further capital expenditures allows us to adjust our investment to match market conditions.

“These 300 Class Jones Act qualified platform supply vessels are designed to work in any market, under any market conditions. They meet the higher cargo carrying capacities, fuel efficiency, increased berthing, safety, firefighting and environmental classifications preferred by our customers in the global marketplace. They will be the only U.S. flagged platform supply vessels that have Fire Fighting Vessel Class 2 (FFV2) with 3 water monitors and mobile foam generators; Safety Standby Service GR B – (300) with 2 Fast Rescue Craft, facilities and equipment to treat 300 survivors; Oil Recovery Capability Class 2; HAB (WB) for vibration, noise, climate control and lighting; Green Passport (GP); and Environmental Notation (ENVIRO) for MARPOL.

“We will continue to be innovative and forward-looking in the vessels we design and in our cost and liability management as we proactively manage the Company through the current environment.”

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.

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,” “expected to be,” “anticipate,” “plan,” “intend,” “foresee,” “forecast,” “continue,” “can,” “will,” “will continue,” “may,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Statements in this press release that contain forward-looking statements may include, but are not limited to, information concerning our possible or assumed future results of operations and statements about future operating expenses, liquidity, vessels sales, market developments, taxes, reductions in costs and expenses and funding of capital commitments. 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, 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 or anticipated 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. 

Contact: Michael Newman 
Investor Relations                   
E-mail: [email protected]
(713) 963-9522