USA: GulfMark Offshore Places Order for Two Platform Supply Vessels

GulfMark Offshore, Inc announced yesterday that the company is continuing with its U.S. flag construction program. The company has placed an order at BAE Systems for two additional Jones Act PSVs for the U.S. Gulf of Mexico. This will bring the total number of vessels under construction to 11, with seven vessels destined for the North Sea and international markets and four destined for the U.S. Gulf of Mexico.

The two new platform supply vessels will be constructed as 300 Class, DP2, fire-fighting certified, multi-service platform supply vessels. The total cost of these two vessels is anticipated to be below $100 million.

Bruce Streeter, President and CEO commented, “Despite an unusually high drydock plan, fewer vessels as a result of vessel sales and some funded mobilizations to take advantage of improving markets, we continue to anticipate ongoing improvement in revenue on a year-over-year basis for the foreseeable future. The second quarter demonstrated a growth in demand reflected in average day rates and utilization that we expect to continue and to be a significant part of 2012 annual results. Our business has demonstrated some significant calendar year seasonality over the past two years, and we hope our initiation of revenue guidance helps provide insight into these fluctuations. We are continuing our ongoing investment in our fleet, which will add to our earnings power beginning in 2013. Our outlook for the future in all three of our operating regions around the world is optimistic, and we are looking forward to the bright future ahead.”

The two PSVs, to be constructed at BAE Systems, are scheduled for delivery in the fourth quarter of 2014 and the first quarter of 2015.

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Shipbuilding Tribune Staff, July 25, 2012; Image: gulfmark