AmericasFinance and InsuranceOffshore

GulfMark Offshore terminates notes buyback scheme

GulfMark Offshore on Friday terminated its “opportunistic” cash tender offer to purchase up to $300m aggregate principal amount of its outstanding 6.375% senior notes due 2022.

Quintin Kneen, president and CEO of the American company, 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 All notes previously tendered and not withdrawn will be promptly returned or credited back to their respective holders.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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