GulfMark moves to expand in Mexico

U.S.-based offshore support vessel provider GulfMark Offshore has entered into a partnership with a Mexican company with an aim of expanding business activities in Mexico.

GulfMark revealed on Monday it has entered into an agreement with Marcos y Asociados Infraestructura y Energia SC through a Mexican joint venture entity, GulfMark Servicios de Mexico, S de R.L. de C.V.

The joint venture, which is majority Mexican owned, will provide Mexican and foreign flagged offshore support vessels (OSVs) to GulfMark’s Mexican customer base, which has been expanding since the company began Mexico operations in 2005.

Marcos y Asociados, established in 1995, is a financial consulting and business development firm specializing in the Mexico energy industry with an active presence in the sector.

With representation in Mexico City and Ciudad del Carmen, GulfMark Servicios de Mexico, will provide OSV services from GulfMark’s fleet of vessels using local mariners and shore side support staff.

Back in November 2017 GulfMark completed its financial restructuring plan and emerged from bankruptcy protection under chapter 11 of the U.S. Bankruptcy Code.

The company’s reorganization plan converted approximately $429.6 million of outstanding bonds into equity, and raised approximately $125 million of new equity capital.

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