S&P: GulfMark unchanged

Standard & Poor's said that the ratings on GulfMark Offshore Inc. (B+/stable) would be unaffected by the company's announcement that it plans to offer 2 million shares of common stock for estimated net proceeds of $77 million.

Proceeds would be used to repay debt under its $175 million credit facility and for general corporate purposes, including upcoming costs associated with new vessel construction, the agency said.

S&P added that liquidity and debt leverage should meaningfully improve as a result of the transaction, but GulfMark could still pursue additional vessel construction to the detriment of recently improved debt levels.

Any future positive rating actions would require GulfMark to show a commitment to maintaining a less aggressive financial policy over the medium to long term, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.