Gulfmark Terminates Tender Offer for 6.375% Senior Notes Due 2022


GulfMark Offshore announced that it has terminated its previously announced cash tender offer to purchase up to $300 million aggregate principal amount of its outstanding 6.375% Senior Notes due 2022.

The tender offer commenced on November 23, 2016 and expired at 5:00 p.m., New York City time, on December 29, 2016.

Quintin Kneen, President and CEO, commented, “Although we are disappointed we could not create value for our stockholders through this transaction, this was always an opportunistic undertaking and we are certainly encouraged by the long-term view demonstrated by our bondholders. We will continue to seek out opportunities to improve liquidity, deleverage, and maximize stockholder value during this difficult period in the offshore vessel industry.”

As a result of the termination, none of the Notes that have been tendered in the tender offer will be accepted for purchase and no consideration will be paid or become payable to holders of Notes who have tendered their Notes in the tender offer. All Notes previously tendered and not withdrawn will be promptly returned or credited back to their respective holders.

The tender offer was subject to the conditions set forth in the Offer to Purchase dated November 23, 2016 and the related Letter of Transmittal dated November 23, 2016, certain of which were not satisfied. These conditions included, among others, that a minimum of $250 million aggregate principal amount of Notes are validly tendered and not withdrawn, and the completion of the pending financings as described in the Offer to Purchase.



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