10111
Richmond Avenue, Suite 340, Houston, Texas
|
77042
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
YES x
|
NO o
|
Large
accelerated filer x
|
Accelerated
filer o
|
Non-accelerated
filer o
|
Smaller
reporting company o
|
YES o
|
NO x
|
Page
Number
|
|||
3
|
|||
3
|
|||
4
|
|||
5
|
|||
6
|
|||
7
|
|||
16
|
|||
24
|
|||
24
|
|||
26
|
|||
27
|
|||
27
|
|||
28
|
September
30,
|
December
31,
|
|||||||
2008
|
2007
|
|||||||
(In
thousands)
|
||||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 39,451 | $ | 40,119 | ||||
Trade
accounts receivable, net allowance for doubtful accounts of $264 in
2008
|
||||||||
and
$149 in 2007
|
107,998 | 87,243 | ||||||
Other
accounts receivable
|
8,430 | 3,399 | ||||||
Prepaid
expenses and other current assets
|
8,088 | 3,273 | ||||||
Total
current assets
|
163,967 | 134,034 | ||||||
Vessels
and equipment at cost, net of accumulated depreciation of $211,932
in
|
||||||||
2008
and $218,342 in 2007
|
1,117,749 | 641,333 | ||||||
Construction
in progress
|
132,577 | 112,667 | ||||||
Goodwill
|
129,020 | 34,264 | ||||||
Intangibles
|
33,877 | - | ||||||
Fair
value hedge
|
7,758 | 6,740 | ||||||
Deferred
costs and other assets
|
10,373 | 4,974 | ||||||
Total
assets
|
$ | 1,595,321 | $ | 934,012 | ||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ | 26,889 | $ | 21,409 | ||||
Income
taxes payable
|
5,077 | 2,516 | ||||||
Accrued
personnel costs
|
19,909 | 17,872 | ||||||
Accrued
interest expense
|
2,845 | 5,793 | ||||||
Accrued
professional fees
|
1,993 | 982 | ||||||
Other
accrued liabilities
|
3,599 | 1,906 | ||||||
Current
portion of long-term debt
|
18,970 | - | ||||||
Total
current liabilities
|
79,282 | 50,478 | ||||||
Long-term
debt
|
468,411 | 159,558 | ||||||
Long-term
income taxes:
|
||||||||
Deferred
tax liabilities
|
114,780 | 2,731 | ||||||
Income
tax liabilities – FIN 48
|
10,255 | 9,060 | ||||||
Other
income taxes payable
|
20,139 | 23,602 | ||||||
Fair
value hedge
|
7,758 | 6,740 | ||||||
Cash
flow hedge
|
2,967 | - | ||||||
Other
liabilities
|
4,763 | 5,752 | ||||||
Stockholders’
equity:
|
||||||||
Preferred
stock, no par value; 2,000 authorized; no shares issued
|
- | - | ||||||
Common
stock, $0.01 par value; 30,000 shares authorized; 25,351 and
22,983
|
||||||||
shares
issued, respectively
|
250 | 227 | ||||||
Additional
paid-in capital
|
351,074 | 211,004 | ||||||
Retained
earnings
|
461,310 | 336,846 | ||||||
Accumulated
other comprehensive income
|
76,383 | 128,308 | ||||||
Treasury
stock, at cost
|
(7,068 | ) | (4,200 | ) | ||||
Deferred
compensation expense
|
5,017 | 3,906 | ||||||
Total
stockholders’ equity
|
886,966 | 676,091 | ||||||
Total
liabilities and stockholders’ equity
|
$ | 1,595,321 | $ | 934,012 | ||||
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
(In
thousands, except shares and per share amounts)
|
||||||||||||||||
Revenue
|
$ | 124,616 | $ | 74,717 | $ | 289,857 | $ | 214,571 | ||||||||
Costs
and expenses:
|
||||||||||||||||
Direct
operating expenses
|
46,482 | 26,876 | 104,092 | 76,478 | ||||||||||||
Drydock
expense
|
3,504 | 3,068 | 9,826 | 8,539 | ||||||||||||
General
and administrative expenses
|
11,123 | 7,482 | 29,321 | 22,699 | ||||||||||||
Depreciation
and amortization expense
|
13,463 | 7,615 | 31,726 | 22,147 | ||||||||||||
Gain
on sale of assets
|
(2,347 | ) | (4,131 | ) | (18,757 | ) | (10,393 | ) | ||||||||
Total
costs and expenses
|
72,225 | 40,910 | 156,208 | 119,470 | ||||||||||||
Operating
income
|
52,391 | 33,807 | 133,649 | 95,101 | ||||||||||||
Other
income (expense):
|
||||||||||||||||
Interest
expense
|
(5,151 | ) | (1,464 | ) | (7,268 | ) | (6,114 | ) | ||||||||
Interest
income
|
385 | 825 | 977 | 2,696 | ||||||||||||
Foreign
currency gain (loss)
|
134 | (772 | ) | (185 | ) | (1,404 | ) | |||||||||
Other
|
2,144 | 906 | 2,508 | 1,626 | ||||||||||||
Total
other expense, net
|
(2,488 | ) | (505 | ) | (3,968 | ) | (3,196 | ) | ||||||||
Income
before income taxes
|
49,903 | 33,302 | 129,681 | 91,905 | ||||||||||||
Income
tax provision
|
(4,484 | ) | (2,070 | ) | (5,217 | ) | (5,599 | ) | ||||||||
Net
income
|
$ | 45,419 | $ | 31,232 | $ | 124,464 | $ | 86,306 | ||||||||
Earnings
per share:
|
||||||||||||||||
Basic
|
$ | 1.83 | $ | 1.39 | $ | 5.33 | $ | 3.85 | ||||||||
Diluted
|
$ | 1.78 | $ | 1.35 | $ | 5.19 | $ | 3.73 | ||||||||
Weighted
average shares outstanding:
|
||||||||||||||||
Basic
|
24,865 | 22,497 | 23,358 | 22,413 | ||||||||||||
Diluted
|
25,445 | 23,198 | 23,994 | 23,127 | ||||||||||||
Common
Stock at $0.01 Par Value
|
Additional
Paid-In Capital
|
Retained
Earnings
|
Accumulated
Other Comprehensive Income
|
Treasury
Stock
|
Deferred
Compen-sation Expense
|
Total
Stockholders' Equity
|
||||||||||||||||||||||
Shares
|
Amount
|
|||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||
Balance
at December 31, 2007
|
$ | 227 | $ | 211,004 | $ | 336,846 | $ | 128,308 | (172 | ) | $ | (4,200 | ) | $ | 3,906 | $ | 676,091 | |||||||||||
Net
income
|
124,464 | 124,464 | ||||||||||||||||||||||||||
Issuance
of common stock
|
22 | 139,907 | 139,929 | |||||||||||||||||||||||||
Exercise
of stock options
|
1 | 163 | 164 | |||||||||||||||||||||||||
Shares
reacquired
|
(27 | ) | (1,757 | ) | (1,757 | ) | ||||||||||||||||||||||
Deferred
compensation plan
|
(21 | ) | (1,111 | ) | 1,111 | - | ||||||||||||||||||||||
Translation
adjustment
|
(51,925 | ) | (51,925 | ) | ||||||||||||||||||||||||
Balance
at September 30, 2008
|
$ | 250 | $ | 351,074 | $ | 461,310 | $ | 76,383 | (220 | ) | $ | (7,068 | ) | $ | 5,017 | $ | 886,966 | |||||||||||
Nine
Months Ended
|
||||||||
September
30,
|
||||||||
2008
|
2007
|
|||||||
(In
thousands)
|
||||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 124,464 | $ | 86,306 | ||||
Adjustments
to reconcile net income to net cash provided by
operations:
|
||||||||
Depreciation
and amortization expense
|
31,726 | 22,147 | ||||||
Gain
on sale of assets
|
(18,757 | ) | (10,393 | ) | ||||
Amortization
of stock based compensation
|
4,258 | 3,007 | ||||||
Amortization
of deferred financing costs on debt
|
535 | 528 | ||||||
Adjustment
for doubtful accounts receivable, net of write-offs
|
141 | (196 | ) | |||||
Deferred
income tax expense
|
3,301 | 2,800 | ||||||
Foreign
currency transaction loss
|
188 | 1,258 | ||||||
Change
in operating assets and liabilities:
|
||||||||
Accounts
receivable
|
(8,888 | ) | (20,641 | ) | ||||
Prepaids
and other
|
673 | (897 | ) | |||||
Accounts
payable
|
817 | 4,902 | ||||||
Accrued
liabilities and other
|
(9,943 | ) | (2,578 | ) | ||||
Net
cash provided by operating activities
|
128,515 | 86,243 | ||||||
Cash
flows from investing activities:
|
||||||||
Purchases
of vessels and equipment
|
(93,125 | ) | (124,835 | ) | ||||
Proceeds
from disposition of vessels and equipment
|
23,948 | 13,275 | ||||||
Cash
received with acquisition of business
|
31,028 | - | ||||||
Consideration
paid for acquired business
|
(152,621 | ) | - | |||||
Net
cash used in investing activities
|
(190,770 | ) | (111,560 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Proceeds
from debt, net of debt financing costs
|
163,399 | 250 | ||||||
Repayments
of debt
|
(101,798 | ) | (1,077 | ) | ||||
Proceeds
from exercise of stock options
|
163 | 761 | ||||||
Proceeds
from issuance of common stock
|
362 | 304 | ||||||
Net
cash provided by financing activities
|
62,126 | 238 | ||||||
Effect
of exchange rate changes on cash and cash equivalents
|
(539 | ) | 2,920 | |||||
Net
decrease in cash and cash equivalents
|
(668 | ) | (22,159 | ) | ||||
Cash
and cash equivalents at beginning of the period
|
40,119 | 82,759 | ||||||
Cash
and cash equivalents at end of period
|
$ | 39,451 | $ | 60,600 | ||||
Supplemental
cash flow information:
|
||||||||
Interest
paid, net of interest capitalized
|
$ | 9,445 | $ | 8,397 | ||||
Income
taxes paid
|
$ | 2,854 | $ | 207 | ||||
Three
Months Ended
|
Three
Months Ended
|
|||||||||||||||||||||||
September
30, 2008
|
September
30, 2007
|
|||||||||||||||||||||||
Income
|
Shares
|
Per
Share
|
Income
|
Shares
|
Per
Share
|
|||||||||||||||||||
Amount
|
Amount
|
|||||||||||||||||||||||
Earnings
per share, basic
|
$ | 45,419 | 24,865 | $ | 1.83 | $ | 31,232 | 22,497 | $ | 1.39 | ||||||||||||||
Dilutive
effect of common stock options and unvested restricted
stock
|
580 | 701 | ||||||||||||||||||||||
Earnings
per share, diluted
|
$ | 45,419 | 25,445 | $ | 1.78 | $ | 31,232 | 23,198 | $ | 1.35 | ||||||||||||||
Nine
Months Ended
|
Nine
Months Ended
|
|||||||||||||||||||||||
September
30, 2008
|
September
30, 2007
|
|||||||||||||||||||||||
Income
|
Shares
|
Per
Share
|
Income
|
Shares
|
Per
Share
|
|||||||||||||||||||
Amount
|
Amount
|
|||||||||||||||||||||||
Earnings
per share, basic
|
$ | 124,464 | 23,358 | $ | 5.33 | $ | 86,306 | 22,413 | $ | 3.85 | ||||||||||||||
Dilutive
effect of common stock options and unvested restricted
stock
|
636 | 714 | ||||||||||||||||||||||
Earnings
per share, diluted
|
$ | 124,464 | 23,994 | $ | 5.19 | $ | 86,306 | 23,127 | $ | 3.73 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
(In
thousands)
|
||||||||||||||||
Net
income
|
$ | 45,419 | $ | 31,232 | $ | 124,464 | $ | 86,306 | ||||||||
Comprehensive
income:
|
||||||||||||||||
Foreign
currency translation
|
(64,230 | ) | 17,828 | (48,958 | ) | 38,777 | ||||||||||
Interest
rate hedge
|
(2,967 | ) | - | (2,967 | ) | - | ||||||||||
Other
comprehensive income
|
$ | (21,778 | ) | $ | 49,060 | $ | 72,539 | $ | 125,083 | |||||||
Consideration:
|
||||
Cash
|
$ | 150,000 | ||
Purchase
Price adjustments
|
2,621 | |||
Common
stock
|
133,151 | |||
Net
consideration
|
285,772 | |||
Debt
assumed
|
268,935 | |||
Purchase
Price
|
$ | 554,707 | ||
Net
book value of acquisition
|
$ | 57,139 | ||
Elimination
of minority interest
|
7,661 | |||
Vessels
step-up to fair market value
|
172,201 | |||
Construction
in progress step-up for fair market value
|
10,500 | |||
Intangibles
step-up to fair market value
|
34,598 | |||
Deferred
income taxes
|
(83,138 | ) | ||
Pre-acquisition
goodwill
|
(7,200 | ) | ||
Restructuring
liabilities
|
(1,970 | ) | ||
Goodwill
|
97,201 | |||
Adjustment
to book value
|
(1,220 | ) | ||
$ | 285,772 | |||
Depreciable
vessels and equipment
|
$ | 441,415 | ||
Construction
in Progress
|
46,982 | |||
Customer
relationships
|
34,598 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Revenue
|
$ | 124,616 | $ | 92,164 | $ | 344,857 | $ | 264,491 | ||||||||
Operating
income
|
52,391 | 37,235 | 153,758 | 108,611 | ||||||||||||
Net
income
|
45,419 | 29,623 | 128,667 | 84,608 | ||||||||||||
Basic
earnings per share
|
$ | 1.83 | $ | 1.32 | $ | 5.17 | $ | 3.77 |
Vessel
Additions Since December 31, 2007
|
|||||||||||
Year
|
Length
|
Month
|
|||||||||
Vessel
|
Region
|
Type
|
Built
|
(feet)
|
BHP
|
DWT
|
Deliverd
|
||||
Sea
Apache
|
SEA
|
AHTS
|
2008
|
250
|
10,700
|
2,700
|
Jan
2008
|
||||
Sea
Kiowa
|
SEA
|
AHTS
|
2008
|
250
|
10,700
|
2,700
|
Mar
2008
|
||||
Sea
Choctaw
|
SEA
|
AHTS
|
2008
|
250
|
10,700
|
2,700
|
Jul
2008
|
||||
Knock
Out
|
Americas
|
PSV
|
2008
|
190
|
3,894
|
1,860
|
Aug
2008
|
||||
Albacore
|
Americas
|
Crew
|
2008
|
165
|
7,200
|
331
|
Aug
2008
|
||||
Mako
|
Americas
|
FSV
|
2008
|
181
|
7,200
|
543
|
Oct
2008
|
||||
Vessels
Sold Since December 31, 2007
|
|||||||||||
Year
|
Length
|
Month
|
|||||||||
Vessel
|
Region
|
Type
|
Built
|
(feet)
|
BHP
|
DWT
|
Sold
|
||||
Sea
Diligent
|
SEA
|
SmAHTS
|
1981
|
192
|
4,610
|
1,219
|
Jun
2008
|
||||
North
Crusader
|
N.
Sea
|
AHTS
|
1984
|
236
|
12,000
|
2,064
|
Jun
2008
|
||||
Sem
Valiant
|
SEA
|
SmAHTS
|
1981
|
191
|
3,900
|
1,220
|
Jul
2008
|
||||
Sea
Eagle
|
SEA
|
SmAHTS
|
1976
|
185
|
3,850
|
1,215
|
Sep
2008
|
||||
North
Fortune
|
N.
Sea
|
Lg
PSV
|
1983
|
264
|
6,120
|
3,366
|
Oct
2008
|
GulfMark Offshore
Consolidated
|
|||||
Owned
|
Managed
|
Total
|
|||
Vessels
|
Vessels
|
Fleet
|
|||
December
31, 2007
|
47
|
14
|
61
|
||
New
Build Program
|
6
|
-
|
6
|
||
Vessel
Additions
|
22
|
9
|
31
|
||
Vessel
Sales
|
(5)
|
-
|
(5)
|
||
Total
|
70
|
23
|
93
|
||
Operating
Income (Loss) by Operating Segment
|
||||||||||||||||||||
North
Sea
|
Southeast
Asia
|
Americas
|
Other
|
Total
|
||||||||||||||||
(In
thousands)
|
||||||||||||||||||||
Quarter
Ended September 30, 2008
|
||||||||||||||||||||
Revenue
|
$ | 59,169 | $ | 21,094 | $ | 44,353 | $ | - | $ | 124,616 | ||||||||||
Direct
operating expenses
|
23,677 | 4,493 | 18,312 | - | 46,482 | |||||||||||||||
Drydock
expense
|
1,628 | (211 | ) | 2,087 | - | 3,504 | ||||||||||||||
General
and administrative expenses
|
2,837 | 511 | 2,765 | 5,010 | 11,123 | |||||||||||||||
Depreciation
and amortization expense
|
5,328 | 1,512 | 6,452 | 171 | 13,463 | |||||||||||||||
Gain
on sale of assets
|
(6 | ) | (2,340 | ) | (1 | ) | - | (2,347 | ) | |||||||||||
Operating
income (loss)
|
$ | 25,705 | $ | 17,129 | $ | 14,738 | $ | (5,181 | ) | $ | 52,391 | |||||||||
Quarter
Ended September 30, 2007
|
||||||||||||||||||||
Revenue
|
$ | 58,117 | $ | 10,940 | $ | 5,660 | $ | - | $ | 74,717 | ||||||||||
Direct
operating expenses
|
22,405 | 1,433 | 3,038 | - | 26,876 | |||||||||||||||
Drydock
expense
|
2,670 | 164 | 234 | - | 3,068 | |||||||||||||||
General
and administrative expenses
|
2,744 | 567 | 387 | 3,784 | 7,482 | |||||||||||||||
Depreciation
and amortization expense
|
6,245 | 642 | 690 | 38 | 7,615 | |||||||||||||||
Gain
on sale of assets
|
- | (4,131 | ) | - | - | (4,131 | ) | |||||||||||||
Operating
income (loss)
|
$ | 24,053 | $ | 12,265 | $ | 1,311 | $ | (3,822 | ) | $ | 33,807 | |||||||||
North
Sea
|
Southeast
Asia
|
Americas
|
Other
|
Total
|
||||||||||||||||
(In
thousands)
|
||||||||||||||||||||
Nine
Months Ended September 30, 2008
|
||||||||||||||||||||
Revenue
|
$ | 173,129 | $ | 57,497 | $ | 59,231 | $ | - | $ | 289,857 | ||||||||||
Direct
operating expenses
|
68,358 | 9,862 | 25,872 | - | 104,092 | |||||||||||||||
Drydock
expense
|
6,750 | 234 | 2,842 | - | 9,826 | |||||||||||||||
General
and administrative expenses
|
8,996 | 1,423 | 3,897 | 15,005 | 29,321 | |||||||||||||||
Depreciation
and amortization expense
|
18,249 | 4,698 | 8,312 | 467 | 31,726 | |||||||||||||||
Gain
on sale of assets
|
(13,043 | ) | (5,713 | ) | (1 | ) | - | (18,757 | ) | |||||||||||
Operating
income (loss)
|
$ | 83,819 | $ | 46,993 | $ | 18,309 | $ | (15,472 | ) | $ | 133,649 | |||||||||
Nine
Months Ended September 30, 2007
|
||||||||||||||||||||
Revenue
|
$ | 169,782 | $ | 28,103 | $ | 16,686 | $ | - | $ | 214,571 | ||||||||||
Direct
operating expenses
|
61,673 | 5,121 | 9,684 | - | 76,478 | |||||||||||||||
Drydock
expense
|
6,926 | 1,306 | 307 | - | 8,539 | |||||||||||||||
General
and administrative expenses
|
8,684 | 819 | 1,091 | 12,105 | 22,699 | |||||||||||||||
Depreciation
and amortization expense
|
18,151 | 1,700 | 2,197 | 99 | 22,147 | |||||||||||||||
Gain
on sale of assets
|
(5,013 | ) | (5,380 | ) | - | - | (10,393 | ) | ||||||||||||
Operating
income (loss)
|
$ | 79,361 | $ | 24,537 | $ | 3,407 | $ | (12,204 | ) | $ | 95,101 | |||||||||
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Revenue
by Region (000’s) (a):
|
||||||||||||||||
North
Sea Based Fleet (b)
|
$ | 59,169 | $ | 58,117 | $ | 173,129 | $ | 169,782 | ||||||||
Southeast
Asia Based Fleet
|
21,094 | 10,940 | 57,497 | 28,103 | ||||||||||||
Americas
Based Fleet
|
44,353 | 5,660 | 59,231 | 16,686 | ||||||||||||
Rates
Per Day Worked (a) (b) (c):
|
||||||||||||||||
North
Sea Based Fleet
|
23,449 | 22,941 | 23,389 | 22,684 | ||||||||||||
Southeast
Asia Based Fleet
|
18,844 | 10,470 | 17,062 | 9,254 | ||||||||||||
Americas
Based Fleet
|
16,815 | 11,132 | 16,164 | 11,072 | ||||||||||||
Overall
Utilization (c):
|
||||||||||||||||
North
Sea Based Fleet
|
94.1 | % | 94.5 | % | 93.9 | % | 92.7 | % | ||||||||
Southeast
Asia Based Fleet
|
97.2 | % | 96.6 | % | 93.2 | % | 93.4 | % | ||||||||
Americas
Based Fleet
|
93.9 | % | 94.2 | % | 91.7 | % | 94.2 | % | ||||||||
Average
Owned/Chartered Vessels (a) (d):
|
||||||||||||||||
North
Sea Based Fleet
|
27.0 | 28.2 | 27.4 | 28.7 | ||||||||||||
Southeast
Asia Based Fleet
|
12.8 | 12.0 | 13.5 | 12.2 | ||||||||||||
Americas
Based Fleet
|
31.0 | 6.0 | 14.8 | 6.0 | ||||||||||||
Total
|
70.8 | 46.2 | 55.7 | 46.9 | ||||||||||||
(a)
|
Includes
all owned or bareboat chartered
vessels.
|
(b)
|
Revenue
for vessels in the North Sea based fleet are primarily earned in Pound
Sterling (GBP), Norwegian Kroner (NOK) and Euros, and have been converted
to U.S. Dollars (US$) at the average exchange rate for the
period. The average equivalent exchange rate per one US$ for
the period indicated is as follows:
|
Quarter
Ended
|
Nine
Months Ended
|
|||
September
30,
|
September
30,
|
|||
2008
|
2007
|
2008
|
2007
|
|
1
US$ =
|
||||
GBP
|
0.528
|
0.495
|
0.513
|
0.503
|
NOK
|
5.359
|
5.750
|
5.244
|
5.992
|
Euro
|
0.665
|
0.727
|
0.657
|
0.744
|
(c)
|
Rates
per day worked is defined as total charter revenues divided by number of
days worked. Utilization rate is defined as the total days
worked divided by total days of availability in the
period.
|
(d)
|
Average
number of vessels is calculated based on the aggregate number of vessel
days available during each period divided by the number of calendar days
in such period. Includes owned and bareboat vessels only, and
is adjusted for vessel additions and dispositions occurring during each
period.
|
Quarter
Ended
|
Nine
Months Ended
|
||||||||||||||
September
30,
|
September
30,
|
||||||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||||
1
US$ =
|
|||||||||||||||
GBP
|
0.528
|
0.495
|
0.513
|
0.503
|
|||||||||||
NOK
|
5.359
|
5.750
|
5.244
|
5.992
|
|||||||||||
Euro
|
0.665
|
0.727
|
0.657
|
0.744
|
·
|
the
cost of using hedging instruments in relation to the risks of currency
fluctuations,
|
·
|
the
propensity for adjustments in currency denominated vessel day rates over
time to compensate for changes in the purchasing power of the currency as
measured in U.S. Dollars,
|
·
|
the
level of U.S. Dollar denominated borrowings available to us,
and
|
·
|
the
conditions in our U.S. Dollar generating regional
markets.
|
GulfMark
Offshore, Inc.
|
|||
(Registrant)
|
|||
By:
|
/s/
Edward A. Guthrie
|
||
Edward
A. Guthrie
|
|||
Executive
Vice President, Treasurer and
|
|||
Chief
Financial Officer
|
|||
Date:
October 29, 2008
|
Exhibit
No.
|
Document
Description
|
|
3.1
|
Certificate
of Incorporation, dated December 4, 1996
|
Incorporated
by reference to Exhibit 3.1 to our quarterly report on Form 10-Q
for the quarter ended September 30, 2002
|
3.2
|
Certificate
of Amendment of Certificate of Incorporation, dated March 6,
1997
|
Incorporated
by reference to Exhibit 3.2 to our quarterly report on Form 10-Q
for the quarter ended September 30, 2002
|
3.3
|
Certificate
of Amendment of Certificate of Incorporation, dated May 24,
2002
|
Incorporated
by reference to Exhibit 3.3 to our quarterly report on Form 10-Q
for the quarter ended September 30, 2002
|
3.4
|
Bylaws,
dated December 6, 1996
|
Incorporated
by reference to Exhibit 3.3 to our Registration Statement on
Form S-4, Registration No. 333-24141 filed on March 28,
1997
|
3.5
|
Amendment
No. 1 to Bylaws
|
Incorporated
by reference to Exhibit 3.1 to our Form 8-K/A filed on September 17,
2007
|
4.1
|
See
Exhibit Nos. 3.1, 3.2 and 3.3 for provisions of the Certificate of
Incorporation and Exhibit 3.4 for provisions of the Bylaws defining
the rights of the holders of Common Stock
|
Incorporated
by reference to Exhibits 3.1, 3.2 and 3.3 to our quarterly report on Form
10-Q for the quarter ended September 30, 2002 and Exhibit 3.3 to our
Registration Statement on Form S-4, Registration No. 333-24141 filed
on March 28, 1997
|
4.2
|
Specimen
Certificate for GulfMark Offshore, Inc. Common Stock, $0.01 par
value
|
Incorporated
by reference to Exhibit 4.2 to our Registration Statement on
Form S-1, Registration No. 333-31139 filed on July 11,
1997
|
4.3
|
Indenture,
dated July 21, 2004, among GulfMark Offshore, Inc., as Issuer, and
U.S. Bank National Association, as Trustee, including a form of the
Company’s 7.75% Senior Notes due 2014
|
Incorporated
by reference to Exhibit 4.4 to our quarterly report on Form 10-Q
for the quarter ended September 30, 2004
|
4.4
|
Registration
Rights Agreement, dated July 21, 2004, among GulfMark Offshore, Inc.
and the initial purchasers
|
Incorporated
by reference to Exhibit 4.5 to our quarterly report on Form 10-Q
for the quarter ended September 30, 2004
|
4.5
|
Registration
Rights Agreement, dated July 1, 2008 among GulfMark Offshore Inc. and
certain of the Rigdon Shareholders
|
Incorporated
by reference to Exhibit 4.5 in Form 8-K, filed on July 7,
2008
|
31.1
|
Section
302 certification for B.A. Streeter
|
Filed
herewith
|
31.2
|
Section
302 certification for E.A. Guthrie
|
Filed
herewith
|
32.1
|
Section
906 certification furnished for B.A. Streeter
|
Filed
herewith
|
32.2
|
Section
906 certification furnished for E.A. Guthrie
|
Filed
herewith
|
99.1
|
Risk
Factors incorporated by reference from GulfMark Offshore, Inc’s filing on
Form S-3 (333-153459) filed September 12, 2008, contained on page 3 of the
prospectus under the heading “Risk Factors.”
|
Filed
herewith
|