GulfMark Offshore Inc. NEW (fka GLFMQ) (GLF)

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Capital One downgrades GulfMark Offshore (NYSE: GLF) from Add to Neutral.
January 21, 2009 10:39 AM EST

Capital One analyst says, "Downgrading to Neutral as N Sea and SE Asia have considerably weakened over the past couple months. While the company has significant contract coverage for both regions in '09, we believe the headline exposure will continue to weigh on the stock. Rigdon rollovers in the GOM could still provide upside, but weakening in the N Sea likely offsets in the back half of the year. We continue to highlight Hornbeck Offshore (NYSE: HOS) and believe the GOM deepwater will remain a stable market, that TTB utilization could actually improve from 3Q levels, and that there are certain sets of OSVs HOS could still acquire."

GulfMark Offshore, Inc. provides offshore marine services primarily to companies involved in offshore exploration and production of oil and natural gas.