GulfMark to draw on revolver for purchase of Rigdon Marine

By Sara Rosenberg

New York, May 29 - GulfMark Offshore Inc. plans to use borrowings under its current revolving credit facility, along with cash on hand, to fund the acquisition of Rigdon Marine Corp., according to a news release.

The combined company will initially operate 90 vessels with an additional 16 vessels under construction for delivery through 2010.

GulfMark is purchasing Rigdon Marine, an operator of technologically advanced offshore supply vessels, for $150 million in cash and about 2.1 million shares of GulfMark common stock, plus assumption of about $268 million in debt and about $19 million in expenditures to complete the vessels under construction.

GulfMark is a Houston-based provider of marine transportation services to the energy industry.

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