GulfMark Awarded Contract for Brazilian MFSV
The new UT 719-2 will substitute for the previously announced UT 755L to be built in the same yard and will provide the Company with the equivalent licensing benefits. The UT 719-2 vessel is a flexible, dynamically positioned, multi-purpose anchor-handler but is smaller than the UT 722L anchor-handlers currently under construction in Norway. A vessel from the existing fleet will act as a front runner for the newbuild Brazilian vessel and will be mobilized to Brazil in time for the startup of production operations in the Bijupira and Salema fields, currently estimated to begin in mid-2003. Bruce Streeter, president and COO, commented on the new contract: "We are pleased to have been awarded this contract and to be a part of the Bijupira and Salema project. This is an opportunity for GulfMark to be a licensed, direct participant in the rapidly growing Brazilian offshore sector and is a further example of our efforts to expand our modern, technologically advanced deepwater fleet in international locations."
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