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Nice news, spec :)
NEWS - GulfMark Offshore and Rigdon Marine Announce Signing of Purchase Agreement
HOUSTON, May 28, 2008 (PRIME NEWSWIRE) -- GulfMark Offshore and Rigdon Marine Announce Signing of Purchase Agreement
GulfMark Offshore, Inc. (NYSE:GLF) today announced it had entered into a definitive purchase agreement to acquire Rigdon Marine Corporation (RMC), a major operator of technologically advanced offshore supply vessels. The purchase will add the RMC management team, an experienced group of mariners and a fleet of modern vessels designed to support the expanding demand in the deepwater Gulf of Mexico. The combined company will initially operate 90 vessels with an additional 16 vessels under construction for delivery through 2010. Geographically diversified, the combined fleet will have 24 vessels in the domestic Gulf of Mexico bringing the total fleet to 34 vessels based in the Americas, 42 vessels based in the North Sea and 14 in Southeast Asia.
Combination Highlights:
* GulfMark will have an Enterprise Value approaching $2 Billion.
* Accretive to GulfMark's remaining 2008 and future cash flow and
earnings per share.
* Adds annualized revenues of over $115 Million from the 22 owned
vessels in the Rigdon fleet at closing.
* Revenue contribution from the total 28 owned vessel Rigdon fleet
could approach an annual rate of $150 million.
* Creates one of the world's youngest, largest and most
geographically balanced, high specification offshore support
vessel fleets with an average age of less than 10 years.
* Management team comprised of seasoned industry veterans with years
of international and domestic operations experience.
* Provides immediate diversification of global operations through
expanded base of assets, services and clients.
* Establishes an organization with a significant position in the
growing deepwater Gulf of Mexico market.
The combination of GulfMark and Rigdon Marine will create an organization of over 2,000 valued employees and 90 vessels, capable of working in virtually all OSV markets, with an additional 16 vessels of several different designs under construction. Nine of the vessels will deliver between the middle of 2008 and the middle of 2009 and the remaining seven between mid 2009 and mid 2010.
Bruce Streeter, President and CEO of GulfMark said, "Rigdon Marine has an excellent employee base with a strong management team, excellent market penetration and a growing fleet of well designed vessels. The addition of Rigdon Marine will complement and expand the strong asset base of GulfMark. The integration of the two companies with strong safety cultures, highly skilled employee bases and equipment designed to meet the future needs of the industry, strategically positions the combined company for future growth and value creation. In addition to the domestic U.S. vessel operations and customer base, we will add operations in Trinidad and a vessel working in support of seismic services worldwide. Our Americas operations will now encompass the U.S., Mexico, Trinidad and Brazil. We expect the combination to be accretive to GulfMark earnings and cash flow per share from the outset, including the remaining part of 2008. More importantly, as future vessel deliveries of the combined company enter the market, GulfMark will have a strong position in the domestic United States market and the capacity to expand to further locations, thus complementing our strong international presence."
President and CEO Larry Rigdon of Rigdon Marine commented, "GulfMark is a solid company with a large technically-advanced fleet and a company culture that blends well with Rigdon's. I believe that the combination of Rigdon and GulfMark will benefit the shareholders of both companies, and more importantly, provide further opportunities for all our employees to grow and reach their career objectives."
Transaction Details
Under the terms of the agreement, GulfMark will acquire 100% of the outstanding equity interest of Rigdon Marine and its holding company for consideration comprising $150 million in cash and approximately 2.1 million shares of GulfMark common stock, plus assumption of approximately $268 million in debt and approximately $19 million in expenditures to complete the vessels under construction. GulfMark expects to finance the cash portion of the consideration with cash on hand and borrowings under its current $175 million revolver. In conjunction with the transaction, Mr. Rigdon will join the GulfMark Board of Directors.
Timing
The boards of directors of GulfMark and Rigdon Marine have both unanimously approved the transaction. The transaction is expected to close during the third quarter of 2008 and is subject to regulatory approvals, certain due diligence, financing and other customary conditions.
Conference Call
GulfMark will hold a conference call to discuss the transaction with analysts, investors and other interested parties at 11:00 A.M. EDT/10:00 A.M. CDT on Thursday, May 29, 2008. Those interested in participating in the conference call should dial 877-381-5943 (706-679-4543 if outside the U.S. and Canada) 5 minutes in advance of the start time and ask for the GulfMark Conference Call. The conference call will also be available via audio webcast and can be accessed from the Investor Relations section of the company's website at www.gulfmark.com, or by going to www.investorcalendar.com. A telephonic replay of the conference call will be available for 4 days, starting approximately 2 hours after the completion of the call, and can be accessed by dialing 800-642-1687 (international callers should use 706-645-9291) and entering access code 49832966.
Article from 2002 announcing a Gulfmark Offshore contract in Brazil from 2004 through 2009
http://www.rigzone.com/news/article.asp?a_id=4015
GulfMark Awarded Contract for Brazilian MFSV
GulfMark Offshore Inc. Thursday, August 08, 2002
GulfMark Offshore Inc. announced a contract with Enterprise Oil do Brasil Ltda., a subsidiary of the Royal Dutch/Shell Group, for a newbuild multi-purpose Multi Function Support Vessel (MFSV) to work on the Bijupira and Salema project in the Campos Basin, Brazil for an initial term of five years. The new vessel, a UT 719-2 design, will be constructed at an approximate cost of $24 million in Brazil by the Estaleiro Promar yard, with delivery anticipated in the third quarter of 2004.
The ship will support FPSO operations in the field through assisting with the mooring and towing of the loading tankers. In addition, it will support ROV operations involved in the inspection and examination of subsea equipment as well as the hull of the FPSO. The vessel will also be equipped to handle firefighting, environmental and life saving functions.
The new UT 719-2 will substitute for the previously announced UT 755L to be built in the same yard and will provide the Company with the equivalent licensing benefits. The UT 719-2 vessel is a flexible, dynamically positioned, multi-purpose anchor-handler but is smaller than the UT 722L anchor-handlers currently under construction in Norway.
A vessel from the existing fleet will act as a front runner for the newbuild Brazilian vessel and will be mobilized to Brazil in time for the startup of production operations in the Bijupira and Salema fields, currently estimated to begin in mid-2003.
Bruce Streeter, president and COO, commented on the new contract: "We are pleased to have been awarded this contract and to be a part of the Bijupira and Salema project. This is an opportunity for GulfMark to be a licensed, direct participant in the rapidly growing Brazilian offshore sector and is a further example of our efforts to expand our modern, technologically advanced deepwater fleet in international locations.
Fresh 52 week highs and good volume today ;)
Nice article for the GLF library
http://www.thestreet.com/story/10415500/1/gulfmark-offshore-unduly-punished.html
shhhhhh! keep it down to a whisper in here, OK?
it's a pleasure, with your company. thank you!
OMG, who let you in here?
I'll have a word with the doorman 'bout that.
Pardon me whilst I tidy up around here. I had a little party here all by myself today celebrating the earnings release.
If you missed the conf call it is archived on the website or a transcript here-
http://seekingalpha.com/article/74987-gulfmark-offshore-inc-q1-2008-earnings-call-transcript?source=yahoo&page=1
Thanks for stopping in, the virtual door is always open.
i heard, i like, but root'n from full pockets of the other for now. lead on!
Earnings + suprise $1.40 vs $1.10 expectation!
Gulfmark Offshore keeps SLAMMING the earnings with good news and we have 1 boardmark? Nobody interested in a well run oil service company?
Trailing P/E about 12 forward P/E about 8, >30% net margin, no debt to speak of, aggressive newbuild program funded by available cash flow. What's not to like?
Like banging a drum in a soundproof room. OK, I'll keep it quiet.
I picked up some on the pre-earnings dip as I am bullish long on GLF.
I am expecting a solid earnings report as well as a very favorable currency adjustment.
Several new PSVs are on contract and I think they had accelerated the drydocks into the last Q so we may have less drydock impact this Q.
Seasonally, this is not a strong quarter so lost days is unknown to me at this time.
GLF - date and time for Q1 earnings and conf call
GulfMark Offshore, Inc. Announces 1st Quarter 2008 Earnings Release Date and Conference Call Information
1:42p ET April 18, 2008 (PrimeNewswire)
GulfMark Offshore, Inc. (NYSE:GLF) today announced plans to release earnings for the first quarter ended March 31, 2008, before the market opens on Wednesday, April 30, 2008. The Company will also conduct a conference call to discuss the results with analysts, investors and other interested parties at 1:30 p.m. EDT the same day. Those who wish to participate in the conference call should dial 877-381-5943 in the United States or 706-679-4543 from outside.
A telephonic replay of the conference call will be available for 4 days, starting approximately 2 hours after the completion of the call, and can be accessed by dialing 800-642-1687 (international callers should use 706-645-9291) and entering access code 44447121.
The call is also being webcast and can be accessed from the Investor Relations section of GulfMark Offshore's website at www.gulfmark.com. Investors can also access the webcast at www.InvestorCalendar.com. The webcast will be available for replay until June 30, 2008.
GulfMark Offshore, Inc. provides marine transportation services to the energy industry through a fleet of sixty-three (63) offshore support vessels, primarily in the North Sea, offshore Southeast Asia, and the Americas.
Certain statements and answers to questions during the conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve known and unknown risk, uncertainties and other factors. Among the factors that could cause actual results to differ materially are: price of oil and gas and their effect on industry conditions; industry volatility; fluctuations in the size of the offshore marine vessel fleet in areas where the Company operates; changes in competitive factors; delay 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. Consequently, the forward-looking statements made during the call should not be regarded as representations that the projected outcomes can or will be achieved.
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: GulfMark Offshore, Inc.
I still check in here from time to time but there seems to be no interest in investment in GLF as it climbs to new 52-week highs.
One boardmark?
I mentioned it politely on a couple boards and got a little interest but no way to tell if there are views from non-posters.
I guess I'll enjoy it quietly.
Anyone is welcome to post here but be careful where you walk and please don't disturb the cobwebs, they add a little atmosphere :)
Thank you for the overview, that will give me some good insight to look further at those indicators and how to apply them as guidance.
Much appreciated.
I can give you a brief overview but an explanation would take too long.
First I look at the ADX to get a read of the strength of the trend for a security. If the ADX is < 20, the security is in a trading range and thus I use momentum-based indicators and discount trend-based indicators. If the ADX is > 20 and trending up, the security is in a strong trend and thus use trend-based indicators and discount momentum-based indicators.
My favorite momentum-based indicators are RSI, Force Index, Full STO, and MFI.
My favorite trend-based indicators are moving averages, Parabolic SAR, and Fast MACD.
In the case of GulfMark, its ADX is 22.76 and raising. Since it's overbought, one exit criterion is a close < the 5-day EMA. I like the 5-day EMA because it seems to be descriptive of the short-term trend but not too short to produce many wipsaws.
If you only had time to read one TA book, the one I'd recommend is The Visual Investor: How to Spot Market Trends by John Murphy. It's an easy read and most likely a very profitable one too.
Thanks frenchee, I'm trying to learn the TA ropes. Can you explain the indicators you're using and elaborate a bit?
GLF now overbought. Would be a good point to take some profits with a close < 5-day EMA.
New 52 Week High for GLF!
All the stars are aligned for further growth.
I feel like I have the Super Daily Double - DPDW and GLF !!!
You look good to go here spec, and yes, the upper bollie still presents some resistance. By the we she's trading you should continue in the rising channel and hit new zeniths.
Looks like the GLF chart is in the power zone. I guess resistance still around 56.61 (upper bollie) if we break that or stay in the rising channel we may see new 52 week highs this week.
Far from a TA expert here but this I do know - the "ka-ching bell" has been ringing off the hook at GLF with record revenues.
2008 is almost fully booked on long term contracts and what they do have available for the spot market will likely be at excellent rates. Outstanding growth rate and margins.
spec machine: Very nice climb rate here. Slow and steady.
Yep, upper bollie looks to be resistance. Trade on, player.
Now here's a boring chart for you. Just a smooth climb 3-5% a day, really boring.
Upper Bollie is 56.27 is that the next resistance?
GLF bounced off of support in the 49s. Lookin' good now, spec.
http://investorshub.advfn.com/boards/read_msg.asp?message_id=27884715
Looks like I lost out on getting more shares on a dip. She seems to be cruising now.
GulfMark Offshore never puts out much news. You never hear when a new vessel is delivered and put on contract except in the filings.
Oh well, at least it makes me read the filings cover to cover. This company is very solid and growing earnings at an amazing rate. They're pouring lots of it back into new vessels which is compounding the earnings growth.
Like a 35% CD with a 5 yr term, IMHO.
sorry, there I go pumping again
The gap filling isn't out of the question yet.
Support lies @ 50, 49.40
Well Bud Fox, where do you reckon she'll go from here?
3.5% on a mega rally day like today is really just lukewarm. Do you think GLF might fill that gap from the 25th?
GLF Daily and Weekly Charts ~>
Daily
Weekly
come on in, kick the tires, eom
I resemble that remark. ;)
Quite possible that new 52 week highs will be printed this week.
GLF chugga chugga chugga
Going forward
A very important aspect of having a low debt/equity ratio such as GLF is for times such as these when the cost of credit rises. During the aggressive vessel newbuild program you will note that the current CapEx including recently announced additions is funded by free cash flow and the credit line is barely scratched.
Having the margins to generate cash for expansion adds shareholder value more effectively than exercising credit since the cost of the credit is eliminated.
This is certainly one to have in your long-term growth portfolio.
IMO
wow spec machine, it looks like you have a real winner here. i'm totally wrapped up into our mutually held Company, but i like the potential similar chart pattern between this and the other. Congratulations!
Updated institutional holdings >94%
GLF GLF
GulfMark Offshore, Inc. NYSE
Ownership Summary Description
INSTITUTIONAL
Total Number of Holders 184
% of Shares Outstanding 94.75%
Total Shares Held 21,765,401
Total Value of Holdings $1,094,582,016
Net Activity (156,221)
Top 5 Holders Shares Held
LEHMAN BROTHERS... 2,178,953
BANK OF NEW YOR... 1,320,036
STEINBERG ASSET... 1,175,911
ESTABROOK CAPIT... 1,111,934
FRIESS ASSOCIAT... 1,002,500
link
http://www.nasdaq.com/asp/Holdings.asp?mode=&kind=&timeframe=&intraday=&charttype=&splits=&earnings=&movingaverage=&lowerstudy=&comparison=&index=&symbol=GLF&symbol=DPDW&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&symbol=&FormType=&mkttype=&pathname=&page=holdingssummary&selected=GLF
The webcast of the earnings conf call is certainly worth a listen.
The presentation slide shows from recent conventions are available on the IR section of the company website. They give an excellent visual of the progress and projections for GulfMark Offshore.
Nice +10.8% intra-day move on earnings
shame so few are trading this stock, it really has long term growth in its blood
if you Weeeeeeeeee in the forest and nobody is around, does it make a sound?
Sweet earnings report! eom
Nice EOD rally today
probably means good news Monday!
On a roll the last few days with the chart looking good.
Headed into earnings and if the new vessels have been delivered on time we should be getting good news Monday before market open.
GulfMark has some top end vessels coming online (seems like) every quarter. A real growth story here.
Long term buy/hold IMHO.
Earning release and conf. call - Feb 25
February 6, 2008 - 12:00 PM EST
GulfMark Offshore, Inc. Announces 4th Quarter 2007 Earnings Release Date and Conference Call Information
HOUSTON, Feb. 6, 2008 (PRIME NEWSWIRE) -- GulfMark Offshore, Inc. (NYSE:GLF) today announced plans to report earnings for the fourth quarter and twelve months ended December 31, 2007, on Monday, February 25, 2008 at approximately 6:00 a.m. EST.
The Company will also conduct a conference call to discuss the results with analysts, investors and other interested parties at 9:00 a.m. EST the same day. Those who wish to participate in the conference call should dial 877-381-5943 in the United States or 706-679-4543 from outside.
A telephonic replay of the conference call will be available for 4 days, starting approximately 2 hours after the completion of the call, and can be accessed by dialing 800-642-1687 (international callers should use 706-645-9291) and entering access code 34186248.
The call is also being webcast and can be accessed from the Investor Relations section of GulfMark Offshore's website at www.gulfmark.com. Investors can also access the webcast at www.InvestorCalendar.com. The webcast will be available for replay through May 25, 2008.
GulfMark Offshore, Inc. provides marine transportation services to the energy industry through a fleet of sixty-one (63) offshore support vessels, primarily in the North Sea, offshore Southeast Asia, and the Americas.
Certain statements and answers to questions during the conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve known and unknown risk, uncertainties and other factors. Among the factors that could cause actual results to differ materially are: price of oil and gas and their effect on industry conditions; industry volatility; fluctuations in the size of the offshore marine vessel fleet in areas where the Company operates; changes in competitive factors; delay 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. Consequently, the forward-looking statements made during the call should not be regarded as representations that the projected outcomes can or will be achieved.
CONTACT: GulfMark Offshore, Inc.
Russell K. Bay, Vice President - Investor
Relations & Treasurer
(713) 963-9522
Rusty.Bay@GulfMark.com
Edward A. Guthrie, Executive Vice
President - Finance & CFO
(713) 963-9522
Ed.Guthrie@GulfMark.com
January 30, 2008
12:41 pm EST... S&P REITERATES BUY OPINION ON SHARES OF GULFMARK
OFFSHORE (GLF 40.23****):We currently estimate Q4 EPS of $1.12 vs. $1.25, $0.04
above consensus. While we think that offshore supply vessel dayrates in the U.S.
Gulf of Mexico will remain weak given reduced drilling activity in the region, we
expect that dayrates in the key North Sea region will continue to be robust,
although Q4 '06 North Sea utilization at nearly 97% will be tough to match.We
see prospects improving for GLF with its newbuild program, under which 12 new
vessels will be added over the next three years. On DCF and relative metrics, we
keep our 12-month target price at $54. /S. Glickman
GLF - A glimmer of hope in today's action
Up 7% from intra-day low closing near HOD on average volume.
GLF green by 3% for the day
GLF has been a good money maker for me but I'm waiting for the rally to begin again.
Expansion of the fleet with all new vessels going on favorable contracts at delivery should be boosting revenues in coming quarters.
IMO, we will see uptrends begin soon. Cash waiting for this one in my account. What's in your wallet?
GulfMark Offshore Updates Potential Impact of Foreign Tax Changes
HOUSTON, Jan. 11, 2008 (PRIME NEWSWIRE) -- GulfMark Offshore, Inc. (NYSE:GLF) announced today the potential impact that recent legislative changes and several forward strategic tax planning initiatives are expected to have on the Company's tax provision for 2007 and future periods. Edward A. Guthrie, Executive Vice President -- Finance and Chief Financial Officer said: "We wanted to clarify as soon as possible the impact of several foreign tax changes discussed in the most recent conference call as well as the effects of several tax planning initiatives in certain foreign jurisdictions which have been underway for some time. Although the impacts are still our best estimates at this time, the net result of these factors will enable GulfMark to maintain or improve its effective tax rate in future years."
Norway
"Norwegian Tonnage Tax" legislation has been enacted as part of the 2008 Norwegian budgetary process, in essentially the same form as proposed in October 2007. This legislation creates a new "Tonnage Tax" system from January 2007 forward which is similar to other EU tonnage tax systems. As part of the legislation, the previous "Tonnage Tax" system covering the period from 1996 through 2006 was repealed. Companies that participated in the repealed tonnage tax system are now required to pay the tax on accumulated untaxed shipping profits as of December 31, 2006 with two-thirds of the liability payable in equal installments over ten years. The remaining one-third of the tax liability can be met through qualified environmental expenditures on Norwegian flagged vessels. Any remaining portion of the environmental part of the liability at the end of ten years would be payable at that time.
We believe the total liability for the repealed "Norwegian Tonnage Tax," subject to year-by-year evaluation, could approach $25 million (USD equivalent of the NOK liability), which will be recorded in our tax provision in the fourth quarter of 2007. This would result in $16.7 million tax payable over ten years with the first annual cash payment in 2008 of approximately $1.7 million. We expect to complete expenditures over the next ten years sufficient to meet the one-third environmental portion of the total liability.
The legislation is subject to legal challenge which could involve a protracted period. At this point, we have no knowledge as to the likelihood of the success of the challenges, the timing of those challenges and what, if any, change in the planned payment schedule could arise from legal action. GulfMark's Norwegian ship owning subsidiary expects to opt into the new "Tonnage Tax" regime which will result in minimal tax provision/payments based on the tonnage of the Company's Norwegian flagged vessels.
Mexico
As discussed in our most recent third quarter conference call, a new revenue based tax has been passed by Mexico effective January 1, 2008. The newly enacted tax creates an alternative minimum tax with rates of 16.5 percent for 2008, 17 percent for 2009 and 17.5 percent for 2010 and beyond. This alternative minimum tax is payable to the extent that it exceeds the current income tax liability. There may be legal challenges to this legislation as well and/or adjustments in the implementation of the tax. The effects of this new tax, however, will be included in our forward projections for the two vessels operating in Mexico, which have just over two years remaining on their current contracts.
Other
Other fourth quarter 2007 tax provision items will include a foreign tax issue previously recognized through the adoption of FIN 48 at the outset of 2007 that was resolved during the fourth quarter of 2007 and another uncertain foreign tax position that has been reevaluated based on new information resulting in a net benefit of approximately $4.0 million. These items, coupled with a net favorable adjustment resulting from the reconciliations of prior years' annual provisions and actual tax returns filed of approximately $0.9 million, total $4.9 million and will partially mitigate the fourth quarter 2007 impact of the Norwegian liability referenced above.
Furthermore, expansion of our operations in Southeast Asia and the evolving tax laws in those jurisdictions in which GulfMark operates have provided strategic tax planning opportunities. We have completed the assessment process and are in the final stages of implementing the structural changes that should allow the company to maximize benefits from these tax initiatives in 2008 and beyond.
The result of the various changes enumerated above will, we believe, result in GulfMark maintaining or improving its favorable effective tax rate in future periods.
GulfMark Offshore, Inc. provides marine transportation services to the energy industry through a fleet of sixty-one (61) offshore support vessels, primarily in the North Sea, offshore Southeast Asia, and the Americas.
Certain statements and answers to questions during the company's presentation and projections shown on the company's slide presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve known and unknown risk, uncertainties and other factors. Among the factors that could cause actual results to differ materially are: price of oil and gas and their effect on industry conditions; industry volatility; fluctuations in the size of the offshore marine vessel fleet in areas where the Company operates; changes in competitive factors; delay 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. Consequently, the forward-looking statements made during the presentation or projections depicted on the company's slide presentation should not be regarded as representations that the projected outcomes can or will be achieved.
CONTACT: GulfMark Offshore, Inc.
Russell K. Bay, Vice President - Investor Relations &
Treasurer
(713) 963-9522
Rusty.Bay@GulfMark.com
Edward A. Guthrie, Executive Vice President - Finance & CFO
Ed.Guthrie@GulfMark.com
(713) 963-9522
Source: PrimeNewswire (January 11, 2008 - 5:43 PM EST)
AP - Gulfmark Rises on Expectations of Growth
Tuesday December 18, 2:07 pm ET
Shares of Gulfmark Offshore Rise on Analyst Predictions of Continued Growth
NEW YORK (AP) -- Shares of Gulfmark Offshore Inc. rose Tuesday, as an analyst predicted that the marine transportation provider will continue to benefit from balanced supply and demand, a relatively young fleet and expected continued growth.
In afternoon trading, Gulfmark shares rose $2.04, or 4.8 percent, to $44.55, after climbing as high as $45.53 earlier in the day. In the past 52 weeks, the company's shares have traded between $31.80 and $57.24.
Sonny Randhawa of Banc of America Securities assumed coverage of Gulfmark and upgraded the company to "Buy" from "Neutral" with a $57 price target.
"We expect GulfMark's shares to trade higher as global offshore support vessel dayrates increase, especially in Southeast Asia, where the company is systematically decreasing the age of its fleet through newbuilds and dispositions of older vessels," Randhawa wrote in a note to investors.
"We see room to the upside for shares through continued organic growth and deliveries of newbuilds."
Randhawa said Gulfmark shares are about 20 percent off their highs, partially as a result of concerns about the supply of new offshore support vessels entering the market.
But the market, at worst, appears balanced if the growing amount of less traditional work is taken into account, he said.
In addition, Randhawa said Gulfmark's relatively small size will allow it to boost its earnings by expanding its fleet and estimated the annual earnings-per-share benefit from each new platform supply vessel at about 20 cents.
The analyst also said that Gulfmark has the second-youngest fleet among its peers with an average age of about 11.5 years, and he expects it to stay that way through 2010, which would position it well in case of consolidation.
kinda quiet here but GLF making nice progress
way undervalued near term still, IMO
great long term play as well
SE Asia market "white hot" - latest webcast - see IBox to find the webcast on GulfMark Offshore website.
SE Asia is the operating area for some of the most recent delivered vessels and some of the new construction contracts just announced.
Other comments were that the contracts there were shifting to larger "higher specification" vessels which is the forte of GulfMark.
Another 5 vessels, $130 Million, will be added to the fleet and paid for with available cash.
Is it any wonder that institutional ownership is nearly 90% of the 20.3M float?
Since it is so quiet here I'll throw out a prediction for today's quarterly report. Earnings at slightly over $2/share and revenues at or above record levels.
At the current P/E of slightly over 8 and given the current growth demonstrated, this is a very undervalued stock at this time.
My only question is WHEN will that change. I plan to hold this long term but would like to see some better reflection of current value in the pps.
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http://www.gulfmark.com/index.php
GulfMark Offshore, Inc. provides offshore marine services primarily to companies involved in offshore exploration and production of oil and natural gas. The Company's vessels transport materials, supplies and personnel to offshore facilities, as well as move and position drilling structures. The Company and its subsidiaries operate through three segments: the North Sea, Southeast Asia and the Americas. As of December 31, 2006, its fleet consisted of 59 offshore supply vessels, of which 33 are in the North Sea, 12 vessels offshore Southeast Asia, four vessels offshore Brazil, two in the Mediterranean Sea, two vessels offshore India, three in the Gulf of Mexico and three offshore Africa. In April 2006 and September 2006, it acquired two vessels under construction, which are working in Southeast Asia. Its principal customers are major integrated oil and natural gas companies, large independent oil and natural gas exploration and production companies working in international markets.
GulfMark Offshore Announces Closing of Rigdon Marine Transaction |
HOUSTON, July 1, 2008 (PRIME NEWSWIRE) -- GulfMark Offshore, Inc. (NYSE:GLF) today announced it has closed on the previously announced acquisition of Rigdon Marine. The combined company will initially operate 90 vessels with an additional 16 vessels under construction for delivery through 2010. Geographically diversified, the GulfMark fleet will operate 24 vessels in the U.S. Gulf of Mexico and bring the total Americas based fleet to 34 vessels, with an additional 43 vessels based in the North Sea and 13 vessels based in Southeast Asia. |
Rigdon - M/V First and Ten
A post with more detailed charts - http://investorsh ub.advfn.com/boards/read_msg.asp?message_id=23395041
LATEST IBox update Dec 16, 2009
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