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