New York Stock Exchange delists GulfMark Offshore

The New York Stock Exchange (NYSE) announced Monday that it has dropped GulfMark Offshore Inc., a delisting move. The offshore service vessel company, headquartered in Houston, lost most of its value after the company disclosed on March 15 that it decided not to pay the $13.7 million interest premium that was due that day on the company’s 6.375% senior notes due in 2022.

GulfMark’s stock value fell below the $1 closing price needed for 30 consecutive trading days to remain a part of the exchange. The company has informed exchange officials that it has no immediate plans to apply for reinstatement to the stock exchange.

It was reported by the online site Splash 24/7 in October that Seacor Holdings’ CEO Charles Fabrikant wrote a letter to Gulfmark’s chairman David Butters concerning a merger of the two companies. Seacor was on the hook for $54 million worth of GulfMark’s notes due in 2022 at the time. Seacor was willing to pay $305 million to acquire GulfMark, the report said.

PSV delivered to GulfMark last summer. GulfMark photo

PSV delivered to GulfMark last summer. GulfMark photo

GulfMark was still building boats as late as last summer when BAE Southwest Shipyards, Mobile, Ala., delivered the Hercules, a 288’x62’x26′, DP-2 platform supply vessel. Designed by MMC Ship Design & Marine Consulting LTD, Gdynia, Poland, Hercules is built to perform a variety of deepwater and ultradeepwater services in the Gulf of Mexico, including decommissioning activities, drilling support and deepwater well intervention projects. The MMC 887 300 class PSV is also built for maximum fuel economy. It is designed with hybrid propulsion and control systems, enabling the ship to operate with variable power including two Transit Modes (High-Speed Transit and Green PTO/PTI Efficiency Mode) and two DP-2 modes with additional redundancy.

“GulfMark’s focus is on upgrading our vessels from machinery to living conditions, making each vessel safer and more comfortable for the crew, creating a more efficient operating vessel,” Danny Lee, GulfMark’s director of operations, said in a statement at the time of delivery. “This vessel sets itself apart from other PSVs with her multiple modes of operation for transit and Dynamic Positioning.”

About the author

Ken Hocke

Ken Hocke has been the senior editor of WorkBoat since 1999. He was the associate editor of WorkBoat from 1997 to 1999. Prior to that, he was the editor of the Daily Shipping Guide, a transportation daily in New Orleans. He has written for other publications including The Times-Picayune. He graduated from Louisiana State University with an arts and sciences degree, with a concentration in English, in 1978.

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