GulfMark cuts debt by $24.2 million, ends Q2 with $10.6 million cash

By Lisa Kerner

Charlotte, N.C., July 27 – GulfMark Offshore, Inc. reduced its total debt by about $24.2 million in the second quarter to about $462 million.

The company ended the quarter on June 30 with $10.6 million of cash, net debt of $451.3 million and liquidity of $143 million at quarter-end, according to chief financial officer Jay Mitchell.

GulfMark held its earnings conference call on Wednesday.

During the quarter, GulfMark repurchased $49 million of debt in the open market for about $24 million for a gain in the current and a reduction of ongoing interest expense.

The company sold one vessel during the quarter. Subsequent to quarter-end, GulfMark sold two vessels for total proceeds of $3.6 million.

GulfMark’s second-quarter revenue was down sequentially at $30.5 million, and net loss was $47.6 million, or $1.90 per diluted share.

Houston-based GulfMark Offshore provides marine transportation services to the energy industry.

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