GulfMark Looks to Raise at Least $76.9M
GulfMark Offshore, Inc. said that it has agreed to issue and sell 2,000,000 shares of its common stock to Jefferies & Company, Inc. at a price of $38.50 per share. GulfMark has also granted Jefferies & Company an option to acquire an additional 300,000 shares to cover overallotments. The shares are being resold by Jefferies & Company to the public under a shelf registration statement.
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.
- Tidewater To Buy GulfMark As Offshore Drilling Eyes Recovery (Jul 16)
- GulfMark Offshore Ends 4Q on a High Note (Feb 27)
- GulfMark Offshore Reports 1Q Operating Results (Apr 28)