GulfMark estimates that it will receive net proceeds from this offering of $76.9 million ($88.4 million if the underwriter exercises its overallotment option in full), after deducting estimated offering expenses of $150,000 payable by it. GulfMark intends to use those net proceeds to repay amounts borrowed under its existing credit facility and for general corporate purposes, which may include funding of its new vessel construction program and the acquisition of other vessels.
GulfMark and its subsidiaries provide marine transportation services to the energy industry through a fleet of 60 offshore support vessels, primarily in the North Sea, offshore Southeast Asia, and the Americas.
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