GulfMark Offshore Files Chapter 11

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HOUSTON, May 17, 2017 (GLOBE NEWSWIRE) — GulfMark Offshore, Inc. (“GulfMark”) (GLFM) announced today that it has commenced a chapter 11 case in the United States Bankruptcy Court for the District of Delaware. The bankruptcy filing is the next step in GulfMark’s restructuring efforts launched by the previously announced Restructuring Support Agreement (“RSA”) dated May 15, 2017. Information related to the RSA was filed on Form 8-K on May 16, 2017.

The chapter 11 filing does not include any of GulfMark’s operating subsidiaries. Contracts and relationships between GulfMark’s operating subsidiaries and their customers, vendors, and employees, are unaffected by the bankruptcy filing.

GulfMark has filed a series of motions with the Bankruptcy Court requesting authority, among other things, to enter into a $35 million interim financing facility. Subject to Bankruptcy Court approval, the financing is expected to be sufficient to support GulfMark’s operations during the restructuring process.

About GulfMark Offshore

GulfMark Offshore, Inc. provides marine transportation services to the energy industry through a fleet of offshore support vessels serving every major offshore energy industry market in the world.