GulfMark Offshore gets $175 million revolver

By Sara Rosenberg

New York, June 8 - GulfMark Offshore Inc. closed on a new $175 million revolving credit facility due 2013, according to a company news release.

DnB NOR Bank ASA acted as the lead bank on the deal.

The revolver is divided into three separate facilities among GulfMark and two of its North Sea operating subsidiaries.

Mandatory reductions in the facility size will begin in late 2011.

Borrowings of about $81 million, along with cash on hand, were used to replace all of the outstanding $90.6 million bank debt previously financed through two separate secured revolving loan agreements in addition to two separate vessel mortgages.

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

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