SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM T-1
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STATEMENT OF ELIGIBILITY UNDER THE
TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
Check if an Application to Determine Eligibility
of a Trustee Pursuant to Section 305(b)(2)
STATE STREET BANK AND TRUST COMPANY
(Exact name of trustee as specified in its charter)
Massachusetts 04-1867445
(Jurisdiction of incorporation or (I.R.S. Employer
organization if not a U.S. national bank) Identification No.)
225 Franklin Street, Boston, Massachusetts 02110
(Address of principal executive offices) (Zip Code)
Maureen Scannell Bateman, Esq. Executive Vice President and General
Counsel
225 Franklin Street, Boston, Massachusetts 02110
(617) 654-3253
(Name, address and telephone number of agent for service)
(GulfMark Offshore, Inc.)
(Exact name of obligor as specified in its charter)
(DELAWARE) (76-0526032)
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
(5 Post Oak Park, Suite 1170
Houston, TX 77027
(713) 963-9522
(Address of principal executive offices) (Zip Code)
(8 3/4 Senior Notes due 2008)
(Title of indenture securities)
GENERAL
Item 1. General Information.
Furnish the following information as to the trustee:
(a) Name and address of each examining or supervisory
authority to which it is subject.
Department of Banking and Insurance of The Commonwealth
of Massachusetts, 100 Cambridge Street, Boston,
Massachusetts.
Board of Governors of the Federal Reserve System,
Washington, D.C., Federal Deposit Insurance Corporation,
Washington, D.C.
(b) Whether it is authorized to exercise corporate trust
powers.
Trustee is authorized to exercise corporate trust powers.
Item 2. Affiliations with Obligor.
If the Obligor is an affiliate of the trustee, describe each
such affiliation.
The obligor is not an affiliate of the trustee or of its
parent, State Street Corporation.
(See note on page 2.)
Item 3. through Item 15. Not applicable.
Item 16. List of Exhibits.
List below all exhibits filed as part of this statement of
eligibility.
1. A copy of the articles of association of the trustee as
now in effect.
A copy of the Articles of Association of the trustee,
as now in effect, is on file with the Securities and
Exchange Commission as Exhibit 1 to Amendment No. 1 to
the Statement of Eligibility and Qualification of
Trustee (Form T-1) filed with the Registration
Statement of Morse Shoe, Inc. (File No. 22-17940) and
is incorporated herein by reference thereto.
2. A copy of the certificate of authority of the trustee
to commence business, if not contained in the articles
of association.
A copy of a Statement from the Commissioner of Banks of
Massachusetts that no certificate of authority for the
trustee to commence business was necessary or issued is
on file with the Securities and Exchange Commission as
Exhibit 2 to Amendment No. 1 to the Statement of
Eligibility and Qualification of Trustee (Form T-1)
filed with the Registration Statement of Morse Shoe,
Inc. (File No. 22-17940) and is incorporated herein by
reference thereto.
3. A copy of the authorization of the trustee to exercise
corporate trust powers, if such authorization is not
contained in the documents specified in paragraph (1) or
(2), above.
A copy of the authorization of the trustee to exercise
corporate trust powers is on file with the Securities and
Exchange Commission as Exhibit 3 to Amendment No. 1 to the
Statement of Eligibility and Qualification of Trustee Form
T-1) filed with the Registration Statement of Morse Shoe,
Inc. (File No. 22-17940) and is incorporated herein by
reference thereto.
4. A copy of the existing by-laws of the trustee, or
instruments corresponding thereto.
A copy of the by-laws of the trustee, as now in effect, is
on file with the Securities and Exchange Commission as
Exhibit 4 to the Statement of Eligibility and
Qualification of Trustee (Form T-1) filed with the
Registration Statement of Eastern Edison Company (File No.
33-37823) and is incorporated herein by reference thereto.
5. A copy of each indenture referred to in Item 4. if the
obligor is in default.
Not applicable.
6. The consents of United States institutional trustees
required by Section 321(b) of the Act.
The consent of the trustee required by Section 321(b) of
the Act is annexed hereto as Exhibit 6 and made a part
hereof.
7. A copy of the latest report of condition of the trustee
published pursuant to law or the requirements of its
supervising or examining authority.
A copy of the latest report of condition of the trustee
published pursuant to law or the requirements of its
supervising or examining authority is annexed hereto as
Exhibit 7 and made a part hereof.
NOTES
In answering any item of this Statement of Eligibility, which
relates to matters peculiarly within the knowledge of the obligor or any
underwriter for the obligor, the trustee has relied upon information
furnished to it by the obligor and the underwriters, and the trustee
disclaims responsibility for the accuracy or completeness of such
information.
The answer furnished to Item 2. of this statement will be amended,
if necessary, to reflect any facts which differ from those stated and
which would have been required to be stated if known at the date hereof.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, as
amended, the trustee, State Street Bank and Trust Company, a corporation
organized and existing under the laws of The Commonwealth of
Massachusetts, has duly caused this statement of eligibility to be
signed on its behalf by the undersigned, thereunto duly authorized, all
in the City of Hartford and The State of Connecticut, on the 28th of
August 2000.
STATE STREET BANK AND TRUST COMPANY
By: /s/ Michael M. Hopkins
--------------------------------
NAME: Michael M. Hopkins
TITLE: Vice-President
EXHIBIT 6
CONSENT OF THE TRUSTEE
Pursuant to the requirements of Section 321(b) of the Trust
Indenture Act of 1939, as amended, in connection with the proposed
issuance by GulfMark Offshore, Inc. of its 8 3/4 Senior Notes due 2008,
we hereby consent that reports of examination by Federal, State,
Territorial or District authorities may be furnished by such authorities
to the Securities and Exchange Commission upon request therefor.
STATE STREET BANK AND TRUST COMPANY
By: /s/ Michael M. Hopkins
--------------------------------
NAME: Michael M. Hopkins
TITLE: Vice-President
Dated: August 28, 2000
EXHIBIT 7
Consolidated Report of Condition of State Street Bank and Trust Company,
Massachusetts and foreign and domestic subsidiaries, a state banking
institution organized and operating under the banking laws of this
commonwealth and a member of the Federal Reserve System, at the close of
business March 31, 2000 published in accordance with a call made by the
Federal Reserve Bank of this District pursuant to the provisions of the
Federal Reserve Act and in accordance with a call made by the
Commissioner of Banks under General Laws, Chapter 172, Section 22(a).
<TABLE>
<CAPTION>
Thousands of
ASSETS Dollars
<S> <C>
Cash and balances due from depository institutions:
Noninterest-bearing balances and currency and coin.... 1,729,456
Interest-bearing balances............................. 15,545,883
Securities................................................. 16,291,430
Federal funds sold and securities purchased
under agreements to resell in domestic offices
of the bank and its Edge subsidiary....................12,425,721
Loans and lease financing receivables:
Loans and leases, net of unearned income............... 6,025,830
Allowance for loan and lease losses.................... 50,320
Allocated transfer risk reserve........................ --
Loans and leases, net of unearned income and allowances 5,975,510
Assets held in trading accounts............................. 1,831,088
Premises and fixed assets................................... 526,764
Other real estate owned..................................... --
Investments in unconsolidated subsidiaries.................. 525
Customers' liability to this bank on acceptances outstanding 97,101
Intangible assets........................................... 221,328
Other assets................................................ 1,589,845
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Total assets................................................56,234,651
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LIABILITIES
Deposits:
In domestic offices................................... 12,553,450
Noninterest-bearing ............................. 10,754,179
Interest-bearing ................................ 1,799,271
In foreign offices and Edge subsidiary................ 23,821,255
Noninterest-bearing.............................. 59,866
Interest-bearing ................................ 23,761,389
Federal funds purchased and securities sold under
agreements to repurchase in domestic offices of
the bank and of its Edge subsidiary................... 13,480,380
Demand notes issued to the U.S. Treasury................... 741,621
Trading liabilities................................... 1,118,126
Other borrowed money....................................... 2,090
Subordinated notes and debentures.......................... --
Bank's liability on acceptances executed and outstanding... 97,101
Other liabilities.......................................... 303,847
Total liabilities.......................................... 53,117,870
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EQUITY CAPITAL
Perpetual preferred stock and related surplus.............. --
Common stock............................................... 29,931
Surplus.................................................... 516,208
Undivided profits and capital reserves/Net unrealized
holding gains (losses) ............................... 2,654,001
Net unrealized holding gains (losses) on available-for-
sale securities.................................. (69,067)
Cumulative foreign currency translation adjustments........ (14,292)
Total equity capital....................................... 3,116,781
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Total liabilities and equity capital 56,234,651
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</TABLE>
I, Rex S. Schuette, Senior Vice President and Comptroller of the above
named bank do hereby declare that this Report of Condition has been
prepared in conformance with the instructions issued by the Board of
Governors of the Federal Reserve System and is true to the best of my
knowledge and belief.
Rex S. Schuette
We, the undersigned directors, attest to the correctness of this Report
of Condition and declare that it has been examined by us and to the best
of our knowledge and belief has been prepared in conformance with the
instructions issued by the Board of Governors of the Federal Reserve
System and is true and correct.
David A. Spina
Marshall N. Carter
Truman S. Casner
