NYSE-listed GulfMark Offshore has announced that it has reached a settlement with a US shipyard, which is believed to be BAE Systems, in dispute resolution proceedings over two delayed PSVS ordered in 2012.
GulfMark Offshore said that the settlement reached results in no additional payments to the shipbuilder being required. The delivery of the first vessel is scheduled for the third quarter of 2016. The settlement also grants an option to purchase the second vessel for $26m on June 30, 2017, with payment due at delivery if the option is exercised.
“We are pleased with the results of the settlement and to have this uncertainty resolved. The option to make no further capital expenditures allows us to adjust our investment to match market conditions,” said Quintin Kneen, ceo and president of GulfMark Offshore.
“We will continue to be innovative and forward-looking in the vessels we design and in our cost and liability management as we proactively manage the company through the current environment,” he added.
