S&P: GulfMark unaffected

Standard & Poor's said the ratings on GulfMark Offshore Inc. (BB-/negative) would be unaffected by the announced newbuild program of about $140 million to construct six Anchor Handling Tug Supply vessels for its Southeast Asia market.

The agency noted such aggressive construction programs are reflected in the current negative outlook on GulfMark's ratings.

S&P said it is concerned that the current strong markets for GulfMark's fleet may have weakened by the time the new vessels are delivered.

S&P added it expects continued debt repayment for the remainder of 2005 and 2006 to strengthen GulfMark's balance sheet and provide liquidity, if necessary, for the announced construction costs when they become due in late 2007 and 2008.

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