GULFMARK OFFSHORE INC - FORM 8-K - EX-99.1 - PRESENTATION

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8-K - FORM 8-K - GULFMARK OFFSHORE INC	d354422d8k.htm

GulfMark Offshore, Inc

Exhibit 99.1

Forward Looking Statements

Cautionary Statement Regarding Forward-Looking Statements

This presentation contains certain 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: the price of

oil and gas and its 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, including the Company's Form 10-K for the year ended

December

31, 2011. Consequently, the forward-looking statements contained herein should not be

regarded as representations that the projected outcomes can or will be achieved.

NYSE: GLF www.GulfMark.com

Long Term Revenue & EBITDA

(in millions of dollars)

* Note: Adjusted for Special Items, See Supporting Information at the end of this Presentation

$100

$200

$300

$400

$500

$600

$700

$100

$200

$300

$400

$500

$600

$700

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012 TTM

Revenue

EBITDA*

Total Revenue in Backlog

(in thousands of dollars)

$2,500

$5,000

$7,500

$10,000

$12,500

$15,000

$17,500

$20,000

$22,500

$25,000

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

2005

2006

2007

2008

2009

2010

2011

2012

Global Vessel Diversification

Revenue Breakout by Region

–

Year Ended March 31, 2012

US Gulf

Mexico

Trinidad

West Africa

North Sea

Worldwide

SE Asia

Brazil

PSV 15

FSV/Crew 4

FSV/Crew

PSV 7

PSV

PSV 47

PSV

PSV 2

AHTS 2

AHTS

AHTS 17

AHTS

SpV 1

SpV

Total 71

Benefits of Geographic Diversification

Gulf of Mexico:

Deepwater Utilization on Recovery

Decreased Exposure to U.S. Gulf of Mexico by Approximately 50%

—

Lower Utilization, but also Lower Revenue Exposure in the U.S. Gulf of Mexico

Option Value of Positioning Vessels on Short-Term Contracts in Trinidad

—

Ability to Quickly Capitalize on a Recovery in the U.S. Gulf of Mexico

Supply Constraint of Deepwater Vessels

—

Due to the Disproportionate Movement of Higher Specification Vessels Out of the Gulf

of Mexico as Compared to Lower Specification Vessels

Vessel Differentiation Based on Safety, Quality, and Training

—

Due to the Deepwater Horizon Event, we Anticipate a Preference for Our Highly

Trained Mariners and the Modern Safety Equipment on Our Vessels

Modifying Certain Vessels in Existing Fleet in Anticipation of U.S. Gulf of

Mexico Recovery

The GulfMark Fleet

Young & Versatile Fleet

Number of Vessels We Built Per Year

Vessel Dispositions Demonstrate

Long-Term Value

Vessel

Name

Year of

Sale

Year

Built

Age at

Disposal

Sales

Price

Original

Cost

Sales Price as a

Percentage of

Original Cost

Swordfish

2012

2009

8,775,000

8,328,295

105%

Sailfish

2012

2007

8,350,000

6,900,000

121%

Bluefin

2012

2008

6,350,000

6,019,100

105%

Highland Pioneer

2011

1983

2,850,000

4,699,301

61%

North Traveller

2010

1998

18,692,000

17,775,436

105%

Seapower

2010

1974

380,000

1,355,389

28%

Sea Searcher

2009

1976

2,000,000

1,298,096

154%

Highland Sprite

2009

1986

5,075,000

6,935,050

73%

Sefton Supporter

2009

1971

1,029,000

909,535

113%

North Fortune

2008

1983

19,000,000

9,955,746

191%

Sea Eagle

2008

1976

2,000,000

985,754

203%

Sem Valiant

2008

1981

2,600,000

2,798,898

93%

North Crusader

2008

1984

19,000,000

12,380,504

153%

Sea Diligent

2008

1981

3,950,000

2,805,178

141%

Sea Endeavor

2007

1981

2,500,000

2,573,100

97%

Sea Explorer

2007

1981

5,125,000

2,821,841

182%

Sem Courageous

2007

1981

2,500,000

2,132,069

117%

North Prince

2007

1978

5,650,000

7,212,539

78%

Sentinel

2006

1979

7,400,000

4,733,578

156%

Highland Patriot

2006

1982

10,800,000

7,289,049

148%

Average Age

Total Average

122%

Worldwide Vessel Fleet by Category

Source:

Platou

Global

Support

Vessel

Monthly

December

2011

Size (bhp)

Category

Spec

< 10,000

AHTS Small

Low-end

< 500

PSV Small

Low-end

10,000-15,999

AHTS Medium

Low-end

500-899

PSV Medium

High-end

16,000-19,999

AHTS Large

High-end

> 900

PSV Large

High-end

> 19,999

AHTS X-Large

High-end

Vessel categorization

AHTS

PSV

200

400

600

800

1000

1200

1400

200

400

600

800

1000

1200

1400

AHTS XL

PSV Large

PSV Medium

AHTS Large

AHTS Medium

AHTS Small

PSV Small

GulfMark

Vessel Focus

Building For Our Future

Significant number of new generation rigs on order

Increasing Activity both in the North Sea and New Frontiers

Industry call for higher specification vessels to meet increasing regulatory

demands:

•

Deeper Waters and Harsher Environments

•

Increased cargo carrying capacity and flexibility

•

Enhanced Green Footprint and offering greater safety support greater

Remontowa Shipyard, Poland

Delivery Q2/2013 Q3/2013

Two

MMC

887

1000m²

Deck

Area

MAIN PARTICULARS

Large Cargo Capacities

LOA

88.93 m

Beam

18.80 m

Depth

7.40 m

DWT

5100 T

Max Draft

6.05 m

Speed

14.30 kts

FiFi System

Tank Cleaning System

Oil Recovery

SPS Code

Green Passport*

41 Berths

Gym

Recreational Lounges

Total Power

6800 kW

Propulsion

Diesel electric

2 x 2000 kW Azimuth

Thrusters

1 x 910 kW Bow Tunnel

1 x 800 kW Retractable Azimuth

New Build Program Announced

One

MMC

879

846m²

Deck

Area

DPII

Total Power

6800 kW

Propulsion

Diesel electric

2 x 2000 kW Azimuth

Thrusters

2 x 910 kW Bow Tunnel

MAIN PARTICULARS

Large Cargo Capacities

LOA

79.45 m

Beam

16.80 m

Depth

7.40 m

DWT

4000 T

Max Dr

6.00 m

Speed

14.00 kts

FiFi System

Tank Cleaning System

Oil Recovery

SPS Code

Green Passport

29 Berths

Gym

Recreational Lounges

Remontowa Shipyard, Poland

Delivery Q3/2013

New Build Program Cont’d

Two

755

715m²

Deck

Area

DPII

Total Power

5580 kW

Propulsion

Conventional

2 x 2790 kW CPP

Thrusters

2 x 590 kW Stern Tunnel

2 x 660 kW Bow Tunnel

MAIN PARTICULARS

Large Cargo Capacities

LOA

74.95 m

Beam

16.00 m

Depth

7.00 m

DWT

3000 T

Max Dr

5.80 m

Speed

14.50 kts

FiFi System

Tank Cleaning System

Oil Recovery

SPS Code

Green Passport*

25 Berths

Gym

Recreational Lounges

Rosetti Shipyard, Italy

Delivery Q4/2013

Q1/2014

New Build Program Cont’d

Two

ST-216

Arctic

1050m²

Deck

Area

Total Power

8400 kW

Propulsion

Diesel electric

2 x 2600 kW CRP

Thrusters

2 x 1100 kW Bow Tunnel

1 x 883 kW Retractable

Azimuth

MAIN PARTICULARS

Large Cargo Capacities

LOA

92.60 m

Beam

19.20 m

Depth

8.40 m

DWT

4700 T

Max Dr

6.85 m

Speed

17.00 kts

Ice Classed

Winterized

Rescue

Oil Recovery

Tank Cleaning System

SPS Code

Green Passport

40 Berths

Gym

Recreational Lounges

Siemek A/S Shipyard, Flekkefjord, Norway

Delivery Q2/2013

New Build Program Cont’d

New Build Program Cont’d

Two

270’

Large

PSV

DPII

MAIN PARTICULARS

Large Cargo Capacities

LOA

271 ft

Beam

58 ft

Depth

20 ft

DWT

3500 T

FiFi System

Diesel Electric Powered

Total Power

7350 kW

•U.S. Flagged –

U.S. GOM is Anticipated Destination

•Expected

Delivery

–

Q2/2013

and

2014

•Expected Cost -

$37.5 million each

Thoma Sea Shipyard, Louisiana, U.S.A.

Planned Locations for New Build Vessels

(Map of North Sea)

Stretch Project

Financial Information

Consistent Reduction in

Net Debt Position

Finalization of Previous

New-Build Program

Initiation of Current

New-Build Program

Net-Debt to

Total Book

Capitalization

10%

15%

20%

25%

30%

35%

40%

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

Q3 2008

Q4 2008

Q1 2009

Q2 2009

Q3 2009

Q4 2009

Q1 2010

Q2 2010

Q3 2010

Q4 2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Strong Customer Base

Note: Percentages Based on Vessel Count as of May 4, 2012

Super Majors &

National Oil

Companies

50%

Majors & Large

Independents

23%

Smaller

Independents &

Others

37%

Quarter Ended March 31, 2012

(in thousands of dollars)

Revenues

$ 37,663

$ 14,225

$ 35,547

87,435

Direct operating expenses

20,020

53%

3,803

27%

24,986

70%

48,809

56%

Drydock expense

3,551

2,290

16%

355

6,196

General and administrative expenses (Regional)

3,667

10%

773

2,601

7,041

General and administrative expenses (Corporate)

5,075

Depreciation expense

4,761

13%

2,510

18%

7,178

20%

15,029

17%

(Gain) loss on sale of assets / Other special items

(1,149)

-3%

(1,149)

Operating Income

$ 5,664

15%

$ 4,849

34%

$ 1,576

$ 6,434

Pre-Gain Operating Income

$ 5,664

15%

$ 4,849

34%

$ 428

$ 5,286

EBITDA (Pre Gain)

$ 10,425

28%

$ 7,359

52%

$ 7,606

21%

20,315

23%

Interest expense

(8,865)

Interest income

Foreign currency gain (loss) and other

(1,392)

Income before income taxes

$ (3,744)

Income tax benefit (provision)

836

22%

Net Income

$ (2,909)

Diluted Earnings Per Share

$ (0.11)

Diluted Earnings Per Share (Before Special Items)

$ (0.16)

Weighted average diluted common shares

25,997

Consolidating Income Statement for the Three Months Ended Mar 31, 2012

North Sea

Southeast

Asia

Americas

Total

Investment Highlights

Industry Leaders in HSE Performance & People Development

Strong Demand for Modern Offshore Marine Equipment

Global Presence and Operations Expertise

Financial Stability & Flexibility to Pursue Opportunities

Growth through Acquisition and New Construction

Young, Versatile, High-Specification Fleet

Reconciliation of Adjusted EBITDA

EBITDA is defined as net income (loss) before interest expense, net, income tax provision, and depreciation and amortization, which includes impairment. Adjusted

EBITDA is calculated by adjusting EBITDA for certain items that we believe are non-cash or unusual, consisting of: (i) loss from unconsolidated ventures; (ii) minority

interest;

and

(iii)

other

(income)

expense,

net.

EBITDA

and

Adjusted

EBITDA

are

not

measurements

financial

performance

under

GAAP

and

should

not

considered

as an alternative to cash flow data, a measure of liquidity or an alternative to income from operations or net income as indicators of our operating performance or any other

measures

performance

derived

accordance

with

GAAP.

EBITDA

and

Adjusted

EBITDA

are

presented

because

believe

they

are

used

security

analysts,

investors and other interested parties in the evaluation of companies in our industry. However, since EBITDA and Adjusted EBITDA are not measurements determined in

accordance with GAAP and are thus susceptible to varying calculations, EBITDA and Adjusted EBITDA as presented may not be comparable to other similarly titled

measures of other companies.

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012 TTM

Net (loss) income

$24.0

$0.5

($4.6)

$38.4

$89.7

$99.0

$183.8

$50.6

($34.7)

$49.9

$48.2

Interest expense, net

10.9

12.8

17.0

18.4

14.4

4.8

12.8

19.9

20.7

21.6

24.7

Income tax (benefit)

3.0

0.2

(6.5)

3.4

3.0

30.2

11.7

(2.1)

(12.7)

4.7

4.1

Depreciation & Amortization

21.4

28.0

26.1

28.9

28.5

30.6

44.3

53.0

57.0

59.6

59.9

EBITDA

59.3

41.5

32.0

89.1

135.6

164.6

252.6

121.5

30.2

135.8

136.9

Adjustments:

Impairment

46.2

97.7

1.8

Debt refinancing costs

6.5

1.9

Accounting Change

7.3

Other

(2.5)

1.3

(1.5)

(0.5)

0.1

0.3

(1.6)

1.2

(0.1)

2.3

1.8

Adjusted EBITDA

$56.8

$42.8

$44.3

$88.6

$135.7

$164.9

$251.0

$168.8

$127.8

$139.9

$142.3

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