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Gulfmark Offshore achieves record quarterly revenue

Gulfmark Offshore achieves record quarterly revenue
New York-listed Gulfmark Offshore has achieved a record quarterly revenue of $131.4m in the three months ended 30 June 2014 on the back of strong vessel utilisation in the Americas region.

Net profit for the quarter also rose to $14.2m compared to $9.86m in the same period of last year.

“Strong performance in the US Gulf of Mexico and our increasing vessel count drove us to our highest-ever total quarterly revenue, and are keeping us on pace for our first full year revenue in excess of $500m,” said Quintin Kneen, president and ceo of Gulfmark Offshore.

“The Americas region performed above our expectations during the quarter and achieved 92% utilization. The US Gulf of Mexico, in particular, delivered strong results. We are exceptionally pleased with the increased activity, which included utilization of 90% during the quarter,” Kneen said.

“We achieved this utilization despite investing 5% of vessel availability in drydock and vessel enhancements and having several vessel contracts rollover during the quarter.”

Elsewhere, activity levels in the North Sea and Southeast Asia during the quarter were lower than anticipated.

Gulfmark Offshore operates 35 vessels in the North Sea, 15 in Asian waters and 29 in the US Gulf of Mexico. The fleet consists mainly of PSVs and AHTS vessels.