GulfMark Offshore Acquires Platform Supply Vessel

GulfMark Offshore has acquired the Waveney Citadel, a 2003 built UT755L design platform supply vessel from Waveney Shipping PLC, a privately held United Kingdom company which owns three new generation PSVs, including the Citadel, all of which are currently managed by GulfMark. The total purchase price for the Citadel is 9.4 million pounds, or approximately $18 million. The acquisition will be funded from cash on hand and our $100 million revolving line of credit.

Commenting on the acquisition, Bruce Streeter, President and COO said, "The UT755L's high capacity and flexible work modes are recognized around the world. As managers, we are well aware of the Citadel's capabilities, operating characteristics and profitability as we have been involved with the vessel since construction. The addition of the Citadel to our fleet is very timely as we have experienced a significant improvement in demand; consequently the vessel's earning power will be realized from the initial acquisition date.''