Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - GULFMARK OFFSHORE INC | glf20180328_8k.htm |
Exhibit 99.1
GulfMark Offshore Announces Improving Utilization and
Revenue For The Quarter Ended December 31, 2017
HOUSTON, March 28, 2018 — GulfMark Offshore, Inc. (“GulfMark” or the “Company”) (NYSE: GLF) today announced its results of operations for the three month period ended December 31, 2017. Recent highlights include:
|
● |
Successfully reorganized, converted $429 million of debt into equity and raised $125 million of new equity |
|
● |
Strong balance sheet with sufficient cash and borrowing capacity |
|
● |
Number one market position in the U.K. North Sea segment, which is leading the global OSV recovery |
|
● |
Highest global utilization since Q4 2015 |
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● |
Highest Americas utilization since Q3 2015 |
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● |
16 percentage point sequential quarterly increase in Southeast Asia utilization |
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● |
10 percentage point sequential quarterly increase in Americas utilization |
|
● |
Lowest G&A run rate in over 10 years; owned vessel count up approximately 40% during same period |
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● |
G&A run rate down to $25 million per year and continuing to decrease |
|
● |
No remaining contracted capital obligations |
|
● |
New investor-focused board |
|
● |
Significant asset appreciation opportunity with appraised fleet value of approximately $600 million and an original construction cost of approximately $1.7 billion |
Quintin Kneen, President and CEO, commented, “We are proud to report that the turnaround of GulfMark has progressed successfully, and we are now in an excellent position to capitalize on the ultimate recovery in the offshore vessel market. Our market leading position in the U.K. sector of the North Sea; our young, technologically advanced vessels; our strong balance sheet and our improving operational performance put us in position to achieve our goal of a cash flow positive run rate by the end of 2018.
“Our significant exposure to the recovery-leading North Sea market is proving advantageous. Tendering activity for vessels is up substantially in the North Sea. High-end day rates for premium tonnage in the upcoming summer are approaching $17,000 per day. This means average term rates for 2018 should be well above the 2017 full-year average term rate of approximately $8,000 per day. Our marketed utilization in the North Sea remains well over 90%, and we are very optimistic about activity levels continuing their pattern of year-over-year increases in 2018. The North Sea has recovered to the point where we are seeing the typical calendar year seasonality, and our expectation is that we will see the strongest second and third quarters in years.
GulfMark Offshore, Inc.
Press Release
March 28, 2018
Page 2
“Our post-restructuring balance sheet positions us as one of the lowest net-debt offshore vessel companies in the world. We are confident that our existing liquidity, comfortable covenant requirements and improving cash flow from operations provide strong liquidity to provide GulfMark with one of the best competitive positions in the offshore support vessel industry.”
Kneen continued, “Returning to sustainable, positive cash flow is key to every member of the GulfMark team. As shown in the tables to this press release, we were EBITDA positive for the stub period since emerging from our restructuring through the end of the year, and that was before implementing additional measures to improve cash flow.
“In 2018, we have already taken actions to lower our cost structure further while better positioning Gulfmark to capitalize on improving market conditions. Our general and administrative expense for 2017 was $35.8 million. We currently estimate our general and administrative expenses will be under $25.5 million in 2018. This reduction in G&A expense is enabled by our world class information systems. It is part of an overall streamlining of our operations which is also making GulfMark more efficient and better positioned both to be patient and to capitalize on improving market conditions.
“The significant improvement in tendering activity, utilization and days worked in Southeast Asia and the Americas during the fourth quarter tells us these regions are matching the early pattern of the recovery that we have already seen in the North Sea. As such, we anticipate strengthening day rates and utilization in 2018 throughout the Company.”
“I continue to be amazed at what our employees achieved, while maintaining a positive, can-do attitude throughout the restructuring and industry downturn. Their focus on operational excellence and safety remains steadfast, and my sincere thanks goes out to all of our employees worldwide for their dedication to GulfMark.”
As more fully explained in the Company’s Form 10-K that will be filed on April 2, 2018, the Company emerged from Chapter 11 bankruptcy on November 14, 2017, at which time it adopted fresh start accounting in accordance with applicable accounting and reporting regulations. This resulted in the Company becoming a new entity for financial reporting purposes on November 15, 2017.
Conference Call/Webcast Information
GulfMark will conduct a conference call to discuss earnings with analysts, investors and other interested parties at 9:00 a.m. Eastern Time on Thursday, March 29, 2018. To participate in the call, investors in the U.S. should dial 1-888-317-6003 at least 15 minutes before the start time and when prompted, enter the conference passcode 6349266. Canada-based callers should dial 1-866-284-3684, and international callers outside of North America should dial 1-412-317-6061. The webcast of the conference call also can be accessed by visiting our website, www.gulfmark.com. An audio file of the earnings conference call will be available on the Company’s website approximately two hours after the end of the call.
GulfMark Offshore, Inc.
Press Release
March 28, 2018
Page 3
GulfMark Offshore, Inc. provides marine transportation services to the energy industry through a fleet of offshore support vessels serving major offshore energy markets in the world.
| Contact: | Sam Rubio |
| E-mail: | Sam.Rubio@GulfMark.com |
| (713) 963-9522 |
Certain statements and information in this press release that are not historical facts may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “expected to be,” “anticipate,” “plan,” “intend,” “foresee,” “forecast,” “continue,” “can,” “will,” “will continue,” “may,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Statements in this press release that contain forward-looking statements may include, but are not limited to, information concerning our possible or assumed future results of operations and statements about future operating expenses, liquidity, vessels sales, market developments, taxes, reductions in costs and expenses, and funding of capital commitments. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues are based on our forecasts for our existing operations. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the price of oil and gas and its effect on offshore drilling, vessel utilization and day rates; industry volatility; fluctuations in the size of the offshore marine vessel fleet in areas where the Company operates; changes in competitive factors; delays or cost overruns on construction projects, and other material factors that are described from time to time in the Company’s filings with the SEC, including the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Consequently, these forward-looking statements should not be regarded as representations that the projected or anticipated outcomes can or will be achieved. These forward-looking statements speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
In addition to financial results determined in accordance with U.S. generally accepted accounting principles (GAAP), this earnings release also includes non-GAAP financial measures (as defined under the SEC’s Regulation G). Net income, excluding gains & costs, as well as measures derived from it (including diluted EPS, excluding gains & costs; and effective tax, excluding gains & costs) are non-GAAP financial measures. Management believes that the exclusion of certain gains & costs from these financial measures enables it to evaluate more effectively GulfMark’s operations period over period, and to identify operating trends that could otherwise be masked by the excluded items. The foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. The following tables include a reconciliation of these non-GAAP measures to the comparable GAAP measures.
GulfMark Offshore, Inc.
Press Release
March 28, 2018
Page 4
|
Income Statements (unaudited) |
Successor |
Predecessor |
Successor |
Predecessor |
||||||||||||||||||||||||
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(in thousands, except per share data) |
Period from November 15 Through December 31, |
Period from October 1 Through November 14, |
Three Months Ended September 30, |
Three Months Ended December 31, |
Period from November 15 Through December 31, |
Period from January 1 Through November 14, |
Twelve Months Ended December 31, |
|||||||||||||||||||||
|
2017 |
2017 |
2017 |
2016 |
2017 |
2017 |
2016 |
||||||||||||||||||||||
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Revenue |
$ | 13,593 | $ | 13,424 | $ | 25,805 | $ | 26,616 | $ | 13,593 | $ | 88,229 | $ | 123,719 | ||||||||||||||
|
Direct operating expenses |
9,859 | 10,830 | 20,431 | 18,181 | 9,859 | 69,821 | 83,165 | |||||||||||||||||||||
|
Drydock expense |
- | (262 | ) | 1,138 | 475 | - | 5,432 | 4,662 | ||||||||||||||||||||
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General and administrative expenses |
3,407 | 5,409 | 8,579 | 8,944 | 3,407 | 32,369 | 37,663 | |||||||||||||||||||||
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Pre-petition restructuring charges |
1 | 24 | 50 | - | 1 | 17,861 | - | |||||||||||||||||||||
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Depreciation and amortization |
4,425 | 6,731 | 13,843 | 13,397 | 4,425 | 47,721 | 58,182 | |||||||||||||||||||||
|
Impairment charges |
- | - | - | - | - | - | 162,808 | |||||||||||||||||||||
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(Gain) loss on sale of assets and other |
- | - | (34 | ) | 2,582 | - | 5,207 | 8,564 | ||||||||||||||||||||
|
Operating Loss |
(4,099 | ) | (9,308 | ) | (18,202 | ) | (16,963 | ) | (4,099 | ) | (90,182 | ) | (231,325 | ) | ||||||||||||||
|
Interest expense |
(1,343 | ) | (1,471 | ) | (3,192 | ) | (8,127 | ) | (1,343 | ) | (28,815 | ) | (33,486 | ) | ||||||||||||||
|
Interest income |
57 | 1 | 9 | 14 | 57 | 26 | 133 | |||||||||||||||||||||
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Gain on extinguishment of debt |
- | - | - | - | - | - | 35,912 | |||||||||||||||||||||
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Reorganization items |
(969 | ) | (305,946 | ) | (8,882 | ) | - | (969 | ) | (319,922 | ) | - | ||||||||||||||||
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Other financing cost |
- | - | - | (11,287 | ) | - | - | (11,287 | ) | |||||||||||||||||||
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Foreign currency loss and other |
(439 | ) | (247 | ) | 368 | 477 | (439 | ) | (270 | ) | (2,384 | ) | ||||||||||||||||
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Loss before income taxes |
(6,793 | ) | (316,971 | ) | (29,899 | ) | (35,886 | ) | (6,793 | ) | (439,163 | ) | (242,437 | ) | ||||||||||||||
|
Income tax (provision) benefit |
10,304 | 106,057 | 5,256 | (3,602 | ) | 10,304 | 38,244 | 39,458 | ||||||||||||||||||||
|
Net Income/(Loss) |
$ | 3,511 | $ | (210,914 | ) | $ | (24,643 | ) | $ | (39,488 | ) | $ | 3,511 | $ | (400,919 | ) | $ | (202,979 | ) | |||||||||
|
Diluted Income/(Loss) per share |
$ | 0.35 | $ | (8.03 | ) | $ | (0.94 | ) | $ | (1.57 | ) | $ | 0.35 | $ | (15.47 | ) | $ | (8.09 | ) | |||||||||
|
Weighted average diluted common shares |
9,998 | 26,254 | 26,254 | 25,226 | 9,998 | 25,917 | 25,094 | |||||||||||||||||||||
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Other Data |
||||||||||||||||||||||||||||
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Revenue by Region (000's) |
||||||||||||||||||||||||||||
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North Sea |
$ | 8,304 | $ | 7,149 | $ | 16,134 | $ | 15,258 | $ | 8,304 | $ | 52,217 | $ | 76,759 | ||||||||||||||
|
Southeast Asia |
1,368 | 1,324 | 1,973 | 3,155 | 1,368 | 8,606 | 14,069 | |||||||||||||||||||||
|
Americas |
3,921 | 4,951 | 7,698 | 8,203 | 3,921 | 27,406 | 32,891 | |||||||||||||||||||||
|
Total |
$ | 13,593 | $ | 13,424 | $ | 25,805 | $ | 26,616 | $ | 13,593 | $ | 88,229 | $ | 123,719 | ||||||||||||||
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Rates Per Day Worked |
||||||||||||||||||||||||||||
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North Sea |
$ | 9,765 | $ | 9,725 | $ | 10,653 | $ | 10,059 | $ | 9,765 | $ | 10,287 | $ | 11,960 | ||||||||||||||
|
Southeast Asia |
5,359 | 5,414 | 5,525 | 6,106 | 5,359 | 5,457 | 7,291 | |||||||||||||||||||||
|
Americas |
8,098 | 7,919 | 8,419 | 10,611 | 8,098 | 8,267 | 10,441 | |||||||||||||||||||||
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Total |
$ | 8,441 | $ | 8,362 | $ | 9,272 | $ | 9,494 | $ | 8,441 | $ | 8,874 | $ | 16,053 | ||||||||||||||
|
Overall Utilization |
||||||||||||||||||||||||||||
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North Sea |
62.6 | % | 63.9 | % | 65.2 | % | 65.0 | % | 62.6 | % | 63.1 | % | 66.8 | % | ||||||||||||||
|
Southeast Asia |
53.3 | % | 53.7 | % | 37.6 | % | 51.2 | % | 53.3 | % | 46.9 | % | 42.5 | % | ||||||||||||||
|
Americas |
40.0 | % | 43.3 | % | 31.9 | % | 25.1 | % | 40.0 | % | 32.5 | % | 20.7 | % | ||||||||||||||
|
Total |
50.6 | % | 52.7 | % | 45.4 | % | 43.5 | % | 50.6 | % | 46.2 | % | 65.6 | % | ||||||||||||||
|
Average Owned Vessels |
||||||||||||||||||||||||||||
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North Sea |
25.0 | 25.0 | 25.0 | 24 | 25.0 | 24.9 | 25.7 | |||||||||||||||||||||
|
Southeast Asia |
10.0 | 10.0 | 10.0 | 10 | 10.0 | 10.0 | 12.0 | |||||||||||||||||||||
|
Americas |
31.0 | 31.0 | 31.0 | 33 | 31.0 | 31.4 | 31.3 | |||||||||||||||||||||
|
Total |
66.0 | 66.0 | 66.0 | 67.5 | 66.0 | 66.3 | 69.0 | |||||||||||||||||||||
|
Drydock Days |
||||||||||||||||||||||||||||
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North Sea |
4 | - | 8 | 12 | 4 | 91 | 81 | |||||||||||||||||||||
|
Southeast Asia |
- | - | 22 | 1 | - | 22 | 24 | |||||||||||||||||||||
|
Americas |
5 | 1 | 2 | 12 | 5 | 38 | 37 | |||||||||||||||||||||
|
Total |
9 | 1 | 32 | 25 | 9 | 151 | 142 | |||||||||||||||||||||
GulfMark Offshore, Inc.
Press Release
March 28, 2018
Page 5
|
Consolidated Balance Sheets |
Successor (unaudited) |
Predecessor |
||||||
|
(dollars in thousands) |
December 31, |
December 31, |
||||||
|
2017 |
2016 |
|||||||
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Current assets: |
||||||||
|
Cash and cash equivalents |
$ | 64,613 | $ | 8,822 | ||||
|
Trade accounts receivable, net of allowance for doubtful accounts of $3,470, $3,380, and $2,482, respectively |
20,378 | 22,043 | ||||||
|
Other accounts receivable |
7,471 | 7,650 | ||||||
|
Prepaid expenses and other current assets |
11,058 | 12,995 | ||||||
|
Total current assets |
103,520 | 51,510 | ||||||
|
Vessels, equipment and other fixed assets at cost, net of accumulated depreciation of $4,392, $516,399 and $468,817, respectively |
363,845 | 970,522 | ||||||
|
Construction in progress |
283 | 24,698 | ||||||
|
Deferred costs and other assets |
4,670 | 7,173 | ||||||
|
Total assets |
$ | 472,318 | $ | 1,053,903 | ||||
|
Current liabilities: |
||||||||
|
Current maturities of long-term debt |
$ | - | $ | 483,326 | ||||
|
Debtor in possession financing |
- | - | ||||||
|
Accounts payable |
12,770 | 11,666 | ||||||
|
Income and other taxes payable |
1,540 | 3,678 | ||||||
|
Accrued personnel costs |
5,040 | 9,109 | ||||||
|
Accrued interest expense |
451 | 8,163 | ||||||
|
Accrued restructuring charges |
7,458 | - | ||||||
|
Other accrued liabilities |
5,231 | 9,305 | ||||||
|
Total current liabilities |
32,490 | 525,247 | ||||||
|
Long-term debt |
92,365 | - | ||||||
|
Long-term income taxes: |
||||||||
|
Deferred tax liabilities |
3,355 | 58,094 | ||||||
|
Other income taxes payable |
18,374 | 17,768 | ||||||
|
Other liabilities |
1,244 | 3,173 | ||||||
|
Liabilities subject to compromise |
- | - | ||||||
|
Stockholders' equity: |
||||||||
|
Successor: |
||||||||
|
Preferred stock, $0.01 par value; 5,000 authorized; no shares issued |
- | - | ||||||
|
Common stock, $0.01 par value; 25,000 authorized; 7,043 issued and 7,042 outstanding |
70 | - | ||||||
|
Additional paid-in capital |
317,932 | - | ||||||
|
Retained earnings |
3,511 | - | ||||||
|
Accumulated other comprehensive income |
2,977 | - | ||||||
|
Treasury stock |
(70 | ) | - | |||||
|
Deferred compensation |
70 | - | ||||||
|
Predecessor: |
||||||||
|
Preferred stock, no par value; 2,000 authorized; no shares issued |
- | - | ||||||
|
Class A Common Stock, $0.01 par value; 60,000 shares authorized; 29,629 and 27,994 shares issued and 28,372 and 27,122 outstanding, respectively; Class B Common Stock $0.01 par value; 60,000 shares authorized; no shares issued |
- | 278 | ||||||
|
Additional paid-in capital |
- | 411,983 | ||||||
|
Retained earnings |
- | 241,207 | ||||||
|
Accumulated other comprehensive income (loss) |
- | (148,402 | ) | |||||
|
Treasury stock, at cost |
- | (64,580 | ) | |||||
|
Deferred compensation expense |
- | 9,135 | ||||||
|
Total stockholders' equity |
324,490 | 449,621 | ||||||
|
Total liabilities and stockholders' equity |
$ | 472,318 | $ | 1,053,903 | ||||
GulfMark Offshore, Inc.
Press Release
March 28, 2018
Page 6
|
Consolidated Statements of Cash Flows (unaudited) |
Successor |
Predecessor |
Successor |
Predecessor |
||||||||||||||||||||||||
|
(dollars in thousands) |
Period from November 15, 2017 to December 31, |
Period from October 1, 2017 to November 14, |
Three Months Ended September 30, |
Three Months Ended December 31, |
Period from November 15, 2017 to December 31, |
Period from January 1, 2017 to November 14, |
Twelve Months Ended December 31, |
|||||||||||||||||||||
|
2017 |
2017 |
2017 |
2016 |
2017 |
2017 |
2016 |
||||||||||||||||||||||
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Cash flows from operating activities: |
||||||||||||||||||||||||||||
|
Net loss |
$ | 3,511 | $ | (210,914 | ) | $ | (24,643 | ) | $ | (39,488 | ) | $ | 3,511 | $ | (400,919 | ) | $ | (202,979 | ) | |||||||||
|
Adjustments to reconcile net loss to net cash provided by (used in) operations: |
||||||||||||||||||||||||||||
|
Depreciation and amortization |
4,425 | 6,731 | 13,842 | 13,397 | 4,425 | 47,721 | 58,182 | |||||||||||||||||||||
|
(Gain) loss on sale of assets |
- | - | (34 | ) | 2,582 | - | 5,207 | 8,564 | ||||||||||||||||||||
|
Amortization of Stock-based compensation |
- | 267 | 642 | 1,186 | - | 2,805 | 5,209 | |||||||||||||||||||||
|
Amortization of deferred financing costs |
275 | 6 | 29 | 579 | 275 | 10,314 | 3,254 | |||||||||||||||||||||
|
Provision for doubtful accounts receivable, net of write-offs |
- | 80 | (2 | ) | 646 | - | 879 | 1,801 | ||||||||||||||||||||
|
Impairment charges |
- | - | - | - | - | - | 162,808 | |||||||||||||||||||||
|
Gain on extinguishment of debt |
- | - | - | - | - | - | (35,912 | ) | ||||||||||||||||||||
|
Other financing costs |
- | - | - | 5,988 | - | - | 5,988 | |||||||||||||||||||||
|
Deferred income tax provision (benefit) |
(9,658 | ) | (1,268 | ) | (5,835 | ) | 6,052 | (9,658 | ) | 66,004 | (38,456 | ) | ||||||||||||||||
|
Foreign currency (gain) loss |
392 | 325 | (1,133 | ) | (2,052 | ) | 392 | (428 | ) | 1,025 | ||||||||||||||||||
|
Reorganization items, net |
- | 188,286 | - | - | - | 188,286 | - | |||||||||||||||||||||
|
Change in operating assets and liabilities: |
||||||||||||||||||||||||||||
|
Accounts receivable |
$ | (1,275 | ) | $ | (156 | ) | $ | 2,289 | $ | (1,580 | ) | $ | (1,275 | ) | $ | 3,205 | $ | 15,144 | ||||||||||
|
Prepaids and other |
714 | 663 | 999 | 952 | 714 | (3,229 | ) | 1,677 | ||||||||||||||||||||
|
Accounts payable |
424 | 3,170 | 270 | 460 | 424 | 238 | (593 | ) | ||||||||||||||||||||
|
Other accrued liabilities and other |
(8,064 | ) | 1,240 | 3,783 | 6,325 | (8,064 | ) | 16,099 | (9,051 | ) | ||||||||||||||||||
|
Net cash provided by (used in) operating activities |
$ | (9,256 | ) | $ | (11,570 | ) | $ | (9,793 | ) | $ | (4,953 | ) | $ | (9,256 | ) | $ | (63,818 | ) | $ | (23,339 | ) | |||||||
|
Cash flows from investing activities: |
||||||||||||||||||||||||||||
|
Purchases of vessels, equipment and other fixed assets |
(141 | ) | (81 | ) | (239 | ) | (1,112 | ) | (141 | ) | (24,983 | ) | (16,188 | ) | ||||||||||||||
|
Proceeds from disposition of vessels and equipment |
- | - | 33 | 1,500 | - | 3,065 | 6,529 | |||||||||||||||||||||
|
Net cash provided by (used in) investing activities |
(141 | ) | (81 | ) | (206 | ) | 388 | (141 | ) | (21,918 | ) | (9,659 | ) | |||||||||||||||
|
Cash flows from financing activities: |
||||||||||||||||||||||||||||
|
Proceeds from debt, net of direct financing cost |
- | 227,443 | - | - | - | 227,443 | - | |||||||||||||||||||||
|
Repayments of debt |
- | (187,637 | ) | - | - | - | (187,637 | ) | - | |||||||||||||||||||
|
Rights offering proceeds |
- | 124,979 | - | - | - | 124,979 | - | |||||||||||||||||||||
|
Borrowings under revolving loan facilities, net |
- | (65,443 | ) | 7,000 | 10,000 | - | - | 65,194 | ||||||||||||||||||||
|
Proceeds from borrowings under DIP financing facilities |
- | (18,000 | ) | 1,000 | - | - | - | - | ||||||||||||||||||||
|
Revolving loan facilities activity, net |
- | 2,000 | - | - | - | - | (5,000 | ) | ||||||||||||||||||||
|
Repurchase of senior notes |
- | - | - | - | - | - | (33,448 | ) | ||||||||||||||||||||
|
Debt issuance costs |
(862 | ) | (8,398 | ) | (1,000 | ) | (140 | ) | (862 | ) | (9,398 | ) | (971 | ) | ||||||||||||||
|
Other financing costs |
- | - | - | (5,988 | ) | - | (4,299 | ) | (5,988 | ) | ||||||||||||||||||
|
Proceeds from issuance of stock |
- | - | - | 75 | - | - | 380 | |||||||||||||||||||||
|
Net cash provided by (used in) financing activities |
$ | (862 | ) | $ | 74,944 | $ | 7,000 | $ | 3,947 | $ | (862 | ) | $ | 151,088 | $ | 20,167 | ||||||||||||
|
Effect of exchange rate changes on cash |
(67 | ) | 185 | 343 | (339 | ) | (67 | ) | 765 | (286 | ) | |||||||||||||||||
|
Net decrease in cash and cash equivalents |
(10,326 | ) | 63,478 | (2,656 | ) | (957 | ) | (10,326 | ) | 66,117 | (13,117 | ) | ||||||||||||||||
|
Cash and cash equivalents at beginning of period |
74,939 | 11,461 | 14,117 | 9,779 | 74,939 | 8,822 | 21,939 | |||||||||||||||||||||
|
Cash and cash equivalents at end of period |
$ | 64,613 | $ | 74,939 | $ | 11,461 | $ | 8,822 | $ | 64,613 | $ | 74,939 | $ | 8,822 | ||||||||||||||
|
Supplemental cash flow information: |
||||||||||||||||||||||||||||
|
Interest paid, net of interest capitalized |
$ | 1 | $ | 4,405 | $ | 3,109 | $ | 614 | $ | 1 | $ | 7,514 | $ | 30,820 | ||||||||||||||
|
Income taxes paid, net |
- | 1,383 | 73 | (167 | ) | - | 1,456 | 2,124 | ||||||||||||||||||||
GulfMark Offshore, Inc.
Press Release
March 28, 2018
Page 7
|
Contract Cover |
As of March 28, 2018 |
As of March 15, 2017 |
||||||||||
|
2018 |
2019 |
2017 |
2018 |
|||||||||
|
Region: |
Vessel Days |
Vessel Days |
Vessel Days |
Vessel Days |
||||||||
|
North Sea |
36% | 11% | 42% | 25% | ||||||||
|
Southeast Asia |
18% | 0% | 22% | 14% | ||||||||
|
Americas |
6% | 0% | 19% | 3% | ||||||||
|
Overall Fleet |
19% | 4% | 28% | 13% | ||||||||
|
Reconciliation of Non-GAAP Measures: For the Period from October 1 Through November 14, 2017 |
||||||||||||||||
|
(Predecessor) |
||||||||||||||||
|
(dollars in millions, except per share data) |
Operating Income (Loss) |
Other Income (Expense) |
Tax (Provision) Benefit |
Net Income (Loss) |
||||||||||||
|
Excluding Gains and Costs |
$ | (9.0 | ) | $ | (1.8 | ) | $ | (1.1 | ) | $ | (11.9 | ) | ||||
|
Reorganization/Fresh Start Items |
- | (634.0 | ) | 221.9 | (412.1 | ) | ||||||||||
|
Gain on Extinguishment of Debt |
- | 343.0 | (120.1 | ) | 223.0 | |||||||||||
|
Post Petition Expenses |
- | (14.9 | ) | 5.2 | (9.7 | ) | ||||||||||
|
Severance Costs |
(0.3 | ) | - | 0.1 | (0.2 | ) | ||||||||||
|
U.S. GAAP |
$ | (9.3 | ) | $ | (307.7 | ) | $ | 106.1 | $ | (210.9 | ) | |||||
|
Reconciliation of Non-GAAP Measures: For the Period from November 14 Through December 31, 2017 |
||||||||||||||||
|
(Successor) |
||||||||||||||||
|
(dollars in millions, except per share data) |
Operating Income (Loss) |
Other Income (Expense) |
Tax (Provision) Benefit |
Net Income (Loss) |
||||||||||||
|
Excluding Gains and Costs |
$ | (4.1 | ) | $ | (1.7 | ) | $ | (5.2 | ) | $ | (11.1 | ) | ||||
|
Post Petition Expenses |
- | (1.0 | ) | 0.3 | (0.6 | ) | ||||||||||
|
Transition Tax on Foreign Earnings |
- | - | 15.2 | 15.2 | ||||||||||||
|
U.S. GAAP |
$ | (4.1 | ) | $ | (2.7 | ) | $ | 10.3 | $ | 3.5 | ||||||
|
Owned Vessels by Classification |
||||||||||||||||||||||||||||
|
AHTS |
PSV |
|||||||||||||||||||||||||||
|
Region |
LgAHTS |
SmAHTS |
LgPSV |
PSV |
FSV |
SpV |
Total |
|||||||||||||||||||||
|
North Sea |
3 | - | 24 | - | - | - | 27 | |||||||||||||||||||||
|
Southeast Asia |
8 | 2 | - | - | - | - | 10 | |||||||||||||||||||||
|
Americas |
- | 2 | 21 | 4 | 1 | 1 | 29 | |||||||||||||||||||||
| 11 | 4 | 45 | 4 | 1 | 1 | 66 | ||||||||||||||||||||||
GulfMark Offshore, Inc.
Press Release
March 28, 2018
Page 8
|
EBITDA (unaudited) |
Successor |
Predecessor |
Successor |
Predecessor |
||||||||||||||||||||||||
|
(in thousands) |
Period from November 15 Through December 31, |
Period from October 1 Through November 14, |
Three Months Ended September 30, |
Three Months Ended December 31, |
Period from November 15 Through December 31, |
Period from January 1 Through November 14, |
Twelve Months Ended December 31, |
|||||||||||||||||||||
|
2017 |
2017 |
2017 |
2016 |
2017 |
2017 |
2016 |
||||||||||||||||||||||
|
Net Income (Loss) |
$ | 3,511 | $ | (210,914 | ) | $ | (24,643 | ) | $ | (39,488 | ) | $ | 3,511 | $ | (400,919 | ) | $ | (202,979 | ) | |||||||||
|
Interest expense |
1,343 | 1,471 | 3,192 | 8,127 | 1,343 | 28,815 | 33,486 | |||||||||||||||||||||
|
Interest income |
(57 | ) | (1 | ) | (9 | ) | (14 | ) | (57 | ) | (26 | ) | (133 | ) | ||||||||||||||
|
Income tax provision (benefit) |
(10,304 | ) | (106,057 | ) | (5,256 | ) | 3,602 | (10,304 | ) | (38,244 | ) | (39,458 | ) | |||||||||||||||
|
Depreciation, amortization and impairment |
4,425 | 6,731 | 13,843 | 13,397 | 4,425 | 47,721 | 220,990 | |||||||||||||||||||||
|
EBITDA |
$ | (1,082 | ) | $ | (308,770 | ) | $ | (12,873 | ) | $ | (14,376 | ) | $ | (1,082 | ) | $ | (362,653 | ) | $ | 11,906 | ||||||||
|
Adjustments: |
||||||||||||||||||||||||||||
|
Gain on extinguishment of debt |
- | - | - | - | - | - | (35,912 | ) | ||||||||||||||||||||
|
Reorganization items |
969 | 305,946 | 8,882 | - | 969 | 319,922 | - | |||||||||||||||||||||
|
Other financing costs |
- | - | - | 11,287 | - | - | 11,287 | |||||||||||||||||||||
|
Foreign currency loss and other |
439 | 247 | (368 | ) | (477 | ) | 439 | 270 | 2,384 | |||||||||||||||||||
|
Adjusted EBITDA |
$ | 326 | $ | (2,577 | ) | $ | (4,359 | ) | $ | (3,566 | ) | $ | 326 | $ | (42,461 | ) | $ | (10,335 | ) | |||||||||