Index rises 45 points in April

6/1/2010

In April, the WorkBoat Composite Index jumped 45 points, or 3.6 percent. The strong month comes on the heels of a 7.2-percent gain in March and an increase of 3.7 percent in the first quarter. For the month, winners topped losers by a 4-1 ratio.

Oil service companies were among the top percentage gainers in April. OSV operator Gulfmark Offshore was up almost $8 or 30 percent. The Houston-based company reported increased income and earnings in the first quarter compared to a year earlier. The company reported first-quarter net income of $21.5 million and earnings of 84 cents a share. This compares to net income of $14.2 million and 56 cents a share for the same period in 2009.

Gulfmark reported that utilization has been steadily increasing in the Gulf of Mexico since August 2009 and utilization of its Gulf fleet hit 91 percent in March. Revenue in its Americas segment was up 12 percent.

SDLq We have seen a general market improvement in PSV term activity in the North Sea and higher vessel utilization in the Gulf of Mexico, SDRq Bruce Streeter, the company SSRq s president and CEO, said in a conference call with analysts. SDLq In the U.S. Gulf, we have one vessel in drydock but all of the rest of the vessels have been working. We are specifically encouraged about 2010. SDRq

Streeter added that he has become increasingly optimistic about a rebound in 2010. SDLq Forward comments are much more positive than three months ago and indicate a strong future, SDRq he told analysts. SDLq The recovery will occur, and the future has strong promise. SDRq

- David Krapf


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