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PRESS RELEASE
FOR IMMEDIATE RELEASE
GULFMARK OFFSHORE, INC. ANNOUNCES SALE OF VESSEL
and NEW CONSTRUCTION CONTRACT
HOUSTON, TX., August 7, 2000 -- GulfMark Offshore, Inc. (NASDAQ:GMRK) today
announced the sale of its 1982 built vessel, the Highland Fortress. Total
proceeds from the sale were approximately $8.5 million. The resulting gain on
the sale is approximately $3.6 million before taxes and will be reflected in
the Company's third quarter results. The new owner of the vessel is expected
to take the vessel out of the North Sea where it will be used in a cable
project.
In anticipation of the sale of the Fortress, the Company recently completed
negotiations for the construction of a newbuild platform supply vessel plus an
option for a second vessel with the Aker Brattvaag Group, Norway. The vessels
will be similar to the Company's 1998 built lengthened UT755, the Highland
Rover. The 236 foot vessels will be equipped with an advanced dynamic
positioning system, expanded accommodations and a moon pool for the launching
of remotely operated vehicles (ROVs). Total cost of construction of the first
vessel is expected to be less than $15 million, with delivery expected during
the third quarter of 2001.
Bruce Streeter, President and Chief Operating Officer, said "The Highland
Fortress has been a reliable vessel for the Company over the years. The
timing of the sale and the ability to replace the Fortress with a new vessel
that contains significantly more features coincides with the Company's plan to
continually upgrade our fleet. Furthermore, with the Fortress leaving the oil
service industry, the addition of the newbuild vessel will have a neutral
effect on the worldwide fleet."
GulfMark Offshore, Inc. provides marine transportation services to the energy
industry with a fleet of fifty (50) offshore support vessels, primarily in the
North Sea, offshore Southeast Asia and Brazil.
Contact: Edward A. Guthrie, Executive Vice President & CFO
(713) 963-9522
This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 which involve
known and unknown risk, uncertainties and other factors. Among the factors
that could cause actual results to differ materially are: prices of oil and
gas and their effect on industry conditions; industry volatility; fluctuations
in the size of the offshore marine vessel fleet in areas where the Company
operates; changes in competitive factors; and other material factors that are
described from time to time in the Company's filings with the SEC.
Consequently, the forward-looking statements contained herein should not be
regarded as representations that the projected outcomes can or will be
achieved.
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