Offshore marine services specialist GulfMark building for the future

Aberdeen-based marine transport services company GulfMark Offshore (GulfMark) has refinanced an existing loan worth £90m thanks to Royal Bank of Scotland Corporate & Institutional Banking (RBS CIB). End Quote

(1888PressRelease) March 09, 2012 - GulfMark operates one of the largest fleet of offshore vessels in the North Sea and focuses predominantly on supporting the oil and gas industry. Established in 1990, the company has evolved into the largest operator of Platform Supply Vessels in the North Sea; it also operates across high-growth markets in Southeast Asia and the Americas.

In addition to transporting drilling materials, supplies and personnel to offshore facilities, it also moves and positions drilling structures. While the company operates 92 offshore vessels worldwide in total, GulfMark has a significant presence in the UK with more than 600 of its 1,700 global workforce employed from its Aberdeen base.
The £90m package has been settled with RBS CIB and extends the maturity on its existing term-loan facility through to 2014. This ongoing funding will assist GulfMark in continuing to expand their capability in the North Sea, most recently through the initiation of a new build construction programme designed to deliver seven new vessels for the North Sea operating area.

Perry Kennedy, Managing Director of GulfMarks' North Sea Operations, said: "We are grateful to the team at RBS for their continued support and look forward to building further on our relationship with them. The new-build construction programme of 7 vessels which are due to deliver over 2013/2014 is excellent news for GulfMark and our North Sea region."

Derek Busby, Aberdeen and North of Scotland Regional Director, RBS CIB, said: "We are very pleased to continue our support for GulfMark Offshore, a major player here in Aberdeen and indeed around the world. GulfMark makes an important business contribution in Scotland, not least through the numbers employed, and we will continue to provide the investment funding required by the Scottish business community and the wider economy."

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