Delaware
|
76-0526032
|
||
(State
or other jurisdiction of
|
(I.R.S.
Employer Identification No.)
|
||
Incorporation
or organization)
|
|||
10111
Richmond Avenue, Suite 340
|
|||
Houston,
Texas
|
77042
|
||
(Address
of principal executive offices)
|
(Zip
Code)
|
Page
|
||
3
|
||
3
|
||
3
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12
|
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16
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16
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16
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16
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18
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19
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33
|
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34
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59
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59
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59
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60
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60
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60
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||
60
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||
60
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||
60
|
Vessel
Additions Since December 31, 2006
|
|||||||
Vessel
|
Region
|
Type
|
Year
Built
|
Length
(feet)
|
BHP
|
DWT
|
Month
Delivered
|
Highland
Prestige
|
N.
Sea
|
LgPSV
|
2007
|
284
|
10,000
|
4,850
|
Apr
2007
|
North
Promise
|
N.
Sea
|
LgPSV
|
2007
|
284
|
10,000
|
4,850
|
Sep
2007
|
Sea
Supporter
|
SEA
|
AHTS
|
2007
|
225
|
7,954
|
2,360
|
Oct
2007
|
Sea
Cheyenne
|
SEA
|
AHTS
|
2007
|
250
|
10,700
|
2,700
|
Oct
2007
|
Sea
Apache
|
SEA
|
AHTS
|
2008
|
250
|
10,700
|
2,700
|
Jan
2008
|
Vessels
Sold Since December 31, 2006
|
|||||||
Vessel
|
Region
|
Type
|
Year
Built
|
Length
(feet)
|
BHP
|
DWT
|
Month
Sold
|
North
Prince
|
N.
Sea
|
LgPSV
|
1978
|
259
|
6,000
|
2,717
|
Jan
2007
|
Sem
Courageous
|
SEA
|
SmAHTS
|
1981
|
191
|
3,900
|
1,200
|
Jun
2007
|
Sea
Explorer
|
SEA
|
SmAHTS
|
1981
|
192
|
5,750
|
1,500
|
Sep
2007
|
Sea
Endeavor
|
SEA
|
SmAHTS
|
1981
|
191
|
3,900
|
1,000
|
Oct
2007
|
Owned
Vessels
|
Managed
Vessels
|
Total
Fleet
|
||||||||||
December
31, 2006
|
48
|
12
|
60
|
|||||||||
New
Build Program
|
4
|
--
|
4
|
|||||||||
Vessel
Additions
|
--
|
2
|
2
|
|||||||||
Vessel
Sales
|
(4 | ) |
--
|
(4 | ) | |||||||
Out
of Service
|
(1 | ) |
--
|
(1 | ) | |||||||
December
31, 2007
|
47
|
14
|
61
|
|||||||||
New
Build Program
|
1
|
--
|
1
|
|||||||||
February
28, 2008
|
48
|
14
|
62
|
•
|
Platform
Support Vessels, or PSVs, serve drilling and production
facilities and support offshore construction and maintenance work.
They
are differentiated from other offshore support vessels by their cargo
handling capabilities, particularly their large capacity and versatility.
PSVs utilize space on deck and below deck and are used to transport
supplies such as fuel, water, drilling fluids, equipment and provisions.
PSVs range in size from 150’ to 200’. Large PSVs or LgPSVs, range up to
300’ in length, with a few vessels somewhat larger, and are particularly
suited for supporting large concentrations of offshore production
locations because of their large, clear after deck and below deck
capacities. The majority of the LgPSVs we operate function primarily
in
this classification but are also capable of servicing construction
support.
|
•
|
Anchor
Handling, Towing and Support Vessels, or AHTSs, are used to set
anchors for drilling rigs and to tow mobile drilling rigs and equipment
from one location to another. In addition, these vessels typically
can be
used in supply roles when they are not performing anchor handling
and
towing services. They are characterized by shorter after decks and
special
equipment such as towing winches. Vessels of this type with less
than
10,000 brake horsepower, or BHP, are referred to as small AHTSs or,
SmAHTSs, while AHTSs in excess of 10,000 BHP are referred to as large
AHTSs, or LgAHTSs. The most powerful North Sea class AHTSs have upwards
of
25,000 BHP. All our AHTSs can also function as
PSVs.
|
•
|
Construction
Support Vessels are vessels such as pipe-laying barges, diving
support vessels or specially designed vessels, such as pipe carriers,
used
to transport the large cargos of material and supplies required to
support
the construction and installation of offshore platforms and pipelines.
A
large number of our LgPSVs also function as pipe
carriers.
|
•
|
Standby
Rescue Vessels, or Stby, perform a safety patrol function for an
area and are required for all manned locations in the North Sea and
in
some other locations where oil exploitation occurs. These vessels
typically remain on station to provide a safety backup to offshore
rigs
and production facilities and carry special equipment to rescue personnel.
They are equipped to provide first aid, shelter and, in some cases,
function as support vessels.
|
•
|
Crewboats,
or Crew, transport personnel and cargo to and from production
platforms and rigs. Older crewboats (early 1980s build) are typically
100’
to 120’ in length, and are designed for speed and to transport personnel.
Newer crewboat designs are generally larger, 130’ to 185’ in length, and
can be longer with greater cargo carrying capacities. Vessels in
this
category are also called fast support vessels, or FSVs. They are
used
primarily to transport cargo on a time-sensitive basis. We do not
currently operate any vessels in this
category.
|
•
|
Specialty
Vessels, or SpVs, generally have special features to meet the
requirements of specific jobs. The special features can include large
deck
spaces, high electrical generating capacities, slow controlled speed
and
varied propulsion thruster configurations, extra berthing facilities
and
long-range capabilities. These vessels are primarily used to support
floating production storing and offloading, or FPSOs; diving operations;
remotely operated vehicles, or ROVs; survey operations and seismic
data
gathering; as well as oil recovery, oil spill response and well
stimulation. Some of our owned vessels frequently provide specialty
functions.
|
•
|
Utility
Vessels are typically 90’ to 150’ in length and are used to
provide limited crew transportation, some transportation of oilfield
support equipment and, in some locations, standby functions. We do
not
currently operate any vessels in this
category.
|
Vessel
|
Scheduled
Delivery Date
|
Type
|
Length
(feet)
|
Deadweight
tons
|
Estimated
Cost
(in
millions)
|
North
Sea Based:
|
|||||
Aker
726
|
Q4
2009
|
PSV
|
284
|
4,850
|
$45.4
|
Aker
727
|
Q2
2010
|
PSV
|
284
|
4,850
|
$45.4
|
Southeast
Asia Based:
|
|||||
Sea
Kiowa
|
Q1
2008
|
AHTS
|
250
|
2,700
|
$24.9
|
Sea
Cherokee
|
Q3
2008
|
AHTS
|
250
|
2,700
|
$24.5
|
Sea
Choctow
|
Q3
2008
|
AHTS
|
250
|
2,700
|
$24.3
|
Sea
Comanche
|
Q4
2008
|
AHTS
|
250
|
2,700
|
$24.4
|
Other:
|
|||||
Bender
1
|
Q4
2009
|
PSV
|
245
|
3,000
|
$25.5
|
Bender
2
|
Q2
2010
|
PSV
|
245
|
3,000
|
$25.5
|
Bender
3
|
Q3
2010
|
PSV
|
245
|
3,000
|
$25.5
|
Remontowa
20
|
Q2
2010
|
AHTS
|
230
|
2,150
|
$26.9
|
Remontowa
21
|
Q3
2010
|
AHTS
|
230
|
2,150
|
$26.9
|
Type
|
Length
|
BHP
|
DWT
|
||||||||
Fleet
|
Vessel
|
(a)
|
Flag
|
Built
|
(feet)
|
(b)
|
(c)
|
||||
NORTH
SEA BASED
|
Highland
Bugler
|
LgPSV
|
UK
|
2002
|
221
|
5,450
|
3,115
|
||||
Highland
Champion
|
LgPSV
|
UK
|
1979
|
265
|
4,800
|
3,910
|
|||||
Highland
Citadel
|
LgPSV
|
UK
|
2003
|
236
|
5,450
|
3,200
|
|||||
Highland
Eagle
|
LgPSV
|
UK
|
2003
|
236
|
5,450
|
3,200
|
|||||
Highland
Fortress
|
LgPSV
|
UK
|
2001
|
236
|
5,450
|
3,200
|
|||||
Highland
Monarch
|
LgPSV
|
UK
|
2003
|
221
|
5,450
|
3,115
|
|||||
Highland
Navigator
|
LgPSV
|
Panama
|
2002
|
275
|
9,600
|
4,250
|
|||||
Highland
Pioneer
|
LgPSV
|
UK
|
1983
|
224
|
5,400
|
2,500
|
|||||
Highland
Piper
|
LgPSV
|
Panama
|
1996
|
221
|
5,450
|
3,115
|
|||||
Highland
Prestige
|
LgPSV
|
UK
|
2007
|
284
|
10,000
|
4,850
|
|||||
Highland
Pride
|
LgPSV
|
UK
|
1992
|
265
|
6,600
|
3,080
|
|||||
Highland
Rover
|
LgPSV
|
Panama
|
1998
|
236
|
5,450
|
3,200
|
|||||
Highland
Star
|
LgPSV
|
UK
|
1991
|
265
|
6,600
|
3,075
|
|||||
North
Challenger
|
LgPSV
|
Norway
|
1997
|
221
|
5,450
|
3,115
|
|||||
North
Fortune
|
LgPSV
|
Norway
|
1983
|
264
|
6,120
|
3,366
|
|||||
North
Mariner
|
LgPSV
|
Norway
|
2002
|
275
|
9,600
|
4,400
|
|||||
North
Promise
|
LgPSV
|
Norway
|
2007
|
284
|
10,000
|
4,850
|
|||||
North
Stream
|
LgPSV
|
Norway
|
1998
|
276
|
9,600
|
4,585
|
|||||
North
Traveller
|
LgPSV
|
Norway
|
1998
|
221
|
5,450
|
3,115
|
|||||
North
Truck
|
LgPSV
|
Norway
|
1983
|
265
|
6,120
|
3,370
|
|||||
North
Vanguard
|
LgPSV
|
Norway
|
1990
|
265
|
6,600
|
4,000
|
|||||
Highland
Trader (e)
|
LgPSV
|
UK
|
1996
|
221
|
5,450
|
3,115
|
|||||
Highland
Courage
|
AHTS
|
UK
|
2002
|
260
|
16,320
|
2,750
|
|||||
Highland
Valour
|
AHTS
|
UK
|
2003
|
260
|
16,320
|
2,750
|
|||||
Highland
Endurance
|
AHTS
|
UK
|
2003
|
260
|
16,320
|
2,750
|
|||||
North
Crusader
|
AHTS
|
Panama
|
1984
|
236
|
12,000
|
2,064
|
|||||
Clwyd
Supporter
|
SpV
|
UK
|
1984
|
266
|
10,700
|
1,350
|
|||||
Highland
Spirit
|
SpV
|
UK
|
1998
|
202
|
6,000
|
1,800
|
|||||
Highland
Sprite
|
SpV
|
UK
|
1986
|
194
|
3,590
|
1,442
|
|||||
SOUTHEAST
ASIA BASED
|
Highland
Guide
|
LgPSV
|
Panama
|
1999
|
218
|
4,640
|
2,800
|
||||
Highland
Legend
|
PSV
|
Panama
|
1986
|
194
|
3,600
|
1,442
|
|||||
Highland
Drummer
|
LgPSV
|
Panama
|
1997
|
221
|
5,450
|
3,115
|
|||||
Sea
Apache
|
AHTS
|
Panama
|
2008
|
250
|
10,700
|
2,700
|
|||||
Sea
Cheyenne
|
AHTS
|
Panama
|
2007
|
250
|
10,700
|
2,700
|
|||||
Sea
Diligent
|
SmAHTS
|
Panama
|
1981
|
192
|
4,610
|
1,219
|
|||||
Sea
Eagle
|
SmAHTS
|
Panama
|
1976
|
185
|
3,850
|
1,215
|
|||||
Sea
Guardian
|
SmAHTS
|
Panama
|
2006
|
191
|
5,150
|
1,500
|
|||||
Sea
Intrepid
|
SmAHTS
|
Panama
|
2005
|
191
|
5,150
|
1,500
|
|||||
Sea
Searcher
|
SmAHTS
|
Panama
|
1976
|
185
|
3,850
|
1,215
|
|||||
Sea
Sovereign
|
SmAHTS
|
Panama
|
2006
|
230
|
5,500
|
1,800
|
|||||
Sea
Supporter
|
AHTS
|
Panama
|
2007
|
225
|
7,954
|
2,360
|
|||||
Sem
Valiant
|
Sm
AHTS
|
Malaysia
|
1981
|
191
|
3,900
|
1,220
|
|||||
AMERICAS
BASED
|
Austral
Abrolhos (d)
|
AHTS
|
Brazil
|
2004
|
215
|
7,100
|
2,000
|
||||
Highland
Scout
|
LgPSV
|
Panama
|
1999
|
218
|
4,640
|
2,800
|
|||||
Highland
Warrior
|
LgPSV
|
Panama
|
1981
|
265
|
5,300
|
4,049
|
|||||
Seapower
|
SpV
|
Panama
|
1974
|
222
|
7,040
|
1,205
|
|||||
Coloso
|
AHTS
|
Mexico
|
2005
|
199
|
5,916
|
1,674
|
|||||
Titan
|
AHTS
|
Mexico
|
2005
|
199
|
5,916
|
1,674
|
(a)
|
Legend:
|
LgPSV
— Large platform supply vessel
|
PSV
— Platform supply vessel
|
||
AHTS
— Anchor handling, towing and supply vessel
|
||
SmAHTS
— Small anchor handling, towing and supply vessel
|
||
SpV
— Specialty vessel, including towing and oil spill
response
|
||
(b)
|
Brake
horsepower.
|
|
(c)
|
Deadweight
tons.
|
|
(d)
|
The
Austral Abrolhos is subject to an annual right of its charterer
to purchase the vessel during the term of the charter, which commenced
May
2, 2003 and, subject to the charterer’s right to extend, terminates May 2,
2016, at a purchase price in the first year of approximately $26.8
million
declining to an adjusted purchase price of approximately $12.9
million in
the thirteenth year.
|
|
(e)
|
The
Highland Trader was formerly named Safe
Truck.
|
As
of February 22 , 2008
|
As
of February 23, 2007
|
|||||||||||||||
2008
Vessel
Days
|
2009
Vessel
Days
|
2007
Vessel
Days
|
2008
Vessel
Days
|
|||||||||||||
North
Sea-Based Fleet
|
85.6 | % | 44.9 | % | 76.9 | % | 49.3 | % | ||||||||
Southeast
Asia-Based Fleet
|
69.9 | % | 50.0 | % | 39.8 | % | 8.5 | % | ||||||||
Americas-Based
Fleet
|
91.1 | % | 84.5 | % | 100.0 | % | 78.7 | % | ||||||||
Overall
Fleet
|
82.6 | % | 52.7 | % | 69.8 | % | 41.9 | % |
·
|
prevailing
oil and natural gas prices;
|
·
|
expectations
about future prices;
|
·
|
cost
of exploring for, producing and delivering oil and natural
gas;
|
·
|
sale
and expiration dates of available offshore
leases;
|
·
|
demand
for petroleum products;
|
·
|
current
availability of oil and natural gas
resources;
|
·
|
rate
of discovery of new oil and natural gas reserves in offshore
areas;
|
·
|
local
and international political, environmental and economic
conditions;
|
·
|
technological
advances; and
|
·
|
ability
of oil and natural gas companies to generate or otherwise obtain
funds for
capital.
|
·
|
constructing
new vessels;
|
·
|
moving
vessels from one offshore market area to another;
or
|
·
|
converting
vessels formerly dedicated to services other than offshore marine
services.
|
·
|
oil
spills and other matters of environmental
protection;
|
·
|
worker
health, safety and training;
|
·
|
construction
and operation of vessels; and
|
·
|
vessel
and port security.
|
·
|
catastrophic
marine disaster;
|
·
|
adverse
sea and weather conditions;
|
·
|
mechanical
failure;
|
·
|
navigation
errors;
|
·
|
collision;
|
·
|
oil
and hazardous substance spills, containment and clean
up;
|
·
|
labor
shortages and strikes;
|
·
|
damage
to and loss of drilling rigs and production facilities;
and
|
·
|
war,
sabotage and terrorism risks.
|
·
|
foreign
currency exchange fluctuations or imposition of currency exchange
controls;
|
·
|
legal
and government regulatory
requirements;
|
·
|
difficulties
and costs of staffing and managing international
operations;
|
·
|
language
and cultural differences;
|
·
|
potential
vessel seizure or nationalization of
assets;
|
·
|
import-export
quotas or other trade barriers;
|
·
|
difficulties
in collecting accounts receivable and longer collection
periods;
|
·
|
political
and economic instability; and
|
·
|
imposition
of currency exchange controls.
|
·
|
shortages
of equipment;
|
·
|
unforeseen
engineering problems;
|
·
|
work
stoppages;
|
·
|
weather
interference;
|
·
|
unanticipated
cost increases; and
|
·
|
shortages
of materials or skilled labor.
|
·
|
price,
service and reputation of vessel operations and
crews;
|
·
|
national
flag preference;
|
·
|
operating
conditions;
|
·
|
suitability
of vessel types;
|
·
|
vessel
availability;
|
·
|
technical
capabilities of equipment and
personnel;
|
·
|
safety
and efficiency;
|
·
|
complexity
of maintaining logistical support;
and
|
·
|
cost
of moving equipment from one market to
another.
|
2007
|
2006
|
|||||||||||||||
High
|
Low
|
High
|
Low
|
|||||||||||||
Quarter
ended March 31,
|
$ |
44.64
|
$ |
31.80
|
$ |
34.07
|
$ |
25.54
|
||||||||
Quarter
ended June 30,
|
$ |
54.65
|
$ |
43.51
|
$ |
29.45
|
$ |
23.15
|
||||||||
Quarter
ended September 30,
|
$ |
56.94
|
$ |
40.00
|
$ |
32.95
|
$ |
24.95
|
||||||||
Quarter
ended December 31,
|
$ |
53.13
|
$ |
40.92
|
$ |
40.90
|
$ |
30.31
|
2002
|
2003
|
2004
|
2005
|
2006
|
2007
|
|||||||||||||||||||
GulfMark
Offshore, Inc.
|
100
|
95
|
151
|
201
|
254
|
317
|
||||||||||||||||||
Dow
Jones Total Market Index
|
100
|
131
|
147
|
156
|
180
|
191
|
||||||||||||||||||
Dow
Jones Oilfield Equipment and Services Index
|
100
|
115
|
155
|
236
|
267
|
388
|
Year
Ended December 31,
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
(Dollars
in thousands, except per share amounts)
|
||||||||||||||||||||
Operating
Data:
|
||||||||||||||||||||
Revenue
|
$ |
306,026
|
$ |
250,921
|
$ |
204,042
|
$ |
139,312
|
$ |
129,900
|
||||||||||
Direct
operating expenses
|
108,386
|
91,874
|
82,803
|
71,239
|
69,836
|
|||||||||||||||
Drydock
expense (a)
|
12,606
|
9,049
|
9,192
|
8,966
|
—
|
|||||||||||||||
Bareboat
charter expense
|
—
|
—
|
3,864
|
1,410
|
6,505
|
|||||||||||||||
General
and administrative expenses
|
32,311
|
24,504
|
19,572
|
15,666
|
10,801
|
|||||||||||||||
Depreciation
and amortization
|
30,623
|
28,470
|
28,875
|
26,137
|
28,031
|
|||||||||||||||
Gain
on sale of assets
|
(12,169 | ) | (10,237 | ) |
—
|
(2,282 | ) | (16 | ) | |||||||||||
Operating
income
|
134,269
|
107,261
|
59,736
|
18,176
|
14,743
|
|||||||||||||||
Interest
expense
|
(7,923 | ) | (15,648 | ) | (19,017 | ) | (17,243 | ) | (12,988 | ) | ||||||||||
Interest
income
|
3,147
|
1,263
|
569
|
276
|
238
|
|||||||||||||||
Debt
refinancing costs
|
—
|
—
|
—
|
(6,524 | ) |
—
|
||||||||||||||
Other
income (expense), net
|
(298 | ) | (95 | ) |
484
|
1,517
|
(1,267 | ) | ||||||||||||
Income
tax (provision) benefit (a)
|
(30,220 | ) | (3,052 | ) | (3,382 | ) |
6,476
|
(192 | ) | |||||||||||
Income
before cumulative effect of change in accounting principle
|
$ |
98,975
|
$ |
89,729
|
$ |
38,390
|
$ |
2,678
|
$ |
534
|
||||||||||
Cumulative
effect on prior years of change in accounting principle – net of $773
related tax effect (b)
|
—
|
—
|
—
|
(7,309 | ) |
—
|
||||||||||||||
Net
income (loss)
|
$ |
98,975
|
$ |
89,729
|
$ |
38,390
|
$ | (4,631 | ) | $ |
534
|
|||||||||
Amounts
per common share (basic):
|
||||||||||||||||||||
Income
before cumulative effect of change in accounting principle
|
$ |
4.41
|
$ |
4.40
|
$ |
1.92
|
$ |
0.13
|
$ |
0.03
|
||||||||||
Cumulative
effect on prior years of change in accounting principle
|
—
|
—
|
—
|
$ | (0.36 | ) |
—
|
|||||||||||||
Net
income (loss)
|
$ |
4.41
|
$ |
4.40
|
$ |
1.92
|
$ | (0.23 | ) | $ |
0.03
|
|||||||||
Weighted
average common shares (basic)
|
22,435
|
20,377
|
20,031
|
19,938
|
19,919
|
|||||||||||||||
Amounts
per common share (diluted):
|
||||||||||||||||||||
Income
before cumulative effect of change in accounting principle
|
$ |
4.29
|
$ |
4.28
|
$ |
1.86
|
$ |
0.13
|
$ |
0.03
|
||||||||||
Cumulative
effect on prior years of change in accounting principle
|
—
|
—
|
—
|
$ | (0.36 | ) |
—
|
|||||||||||||
Net
income (loss)
|
$ |
4.29
|
$ |
4.28
|
$ |
1.86
|
$ | (0.23 | ) | $ |
0.03
|
|||||||||
Weighted
average common shares (diluted) (c)
|
23,059
|
20,975
|
20,666
|
19,938
|
20,272
|
|||||||||||||||
Statement
of CashFlows Data:
|
||||||||||||||||||||
Cash
provided by operating activities
|
$ |
128,577
|
$ |
104,869
|
$ |
64,913
|
$ |
25,561
|
$ |
20,150
|
||||||||||
Cash
used in investing activities
|
(175,383 | ) | (28,300 | ) | (43,343 | ) | (40,404 | ) | (91,575 | ) | ||||||||||
Cash
provided by (used in) financing activities
|
373
|
(20,679 | ) | (15,674 | ) |
23,005
|
68,646
|
|||||||||||||
Effect
of exchange rate changes on cash
|
3,793
|
2,679
|
765
|
1,031
|
1,707
|
|||||||||||||||
Other
Data:
|
||||||||||||||||||||
Adjusted
EBITDA (d)
|
$ |
164,892
|
$ |
135,731
|
$ |
88,611
|
$ |
44,313
|
$ |
42,774
|
||||||||||
Cash
dividends per share
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Total
vessels in fleet (e)
|
61
|
60
|
59
|
52
|
53
|
|||||||||||||||
Average
number of owned or chartered vessels (f)
|
46.8
|
48.5
|
47.2
|
45.6
|
46.8
|
As
of December 31,
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
(In
thousands)
|
||||||||||||||||||||
Balance
Sheet Data:
|
||||||||||||||||||||
Cash
and cash equivalents
|
$ |
40,119
|
$ |
82,759
|
$ |
24,190
|
$ |
17,529
|
$ |
8,336
|
||||||||||
Vessels
and equipment including construction in progress, net
|
754,000
|
571,989
|
510,446
|
538,978
|
485,502
|
|||||||||||||||
Total
assets
|
934,012
|
750,829
|
613,915
|
632,718
|
575,501
|
|||||||||||||||
Long-term
debt (g)
|
159,558
|
159,490
|
247,685
|
258,022
|
236,589
|
|||||||||||||||
Total
stockholders’ equity
|
676,091
|
541,428
|
320,096
|
316,157
|
292,128
|
(a)
|
See
Note 5 to our “Consolidated Financial Statements – Income
Taxes”.
|
(b)
|
Effective
January 1, 2004, we began expensing the costs associated with
drydocks. Previously, these costs were capitalized and
amortized over 30 months. As a result of this change, we
recorded a non-cash cumulative effect charge of $7.3 million, net
of tax
($0.36 per basic and diluted common share). See Note 1 to our
“Consolidated Financial Statements” included in Part II, Item
8.
|
(c)
|
Earnings
per share is based on the weighted average number of shares of common
stock and common stock equivalents
outstanding.
|
(d)
|
EBITDA
is defined as net income (loss) before interest expense, interest
income,
income tax (benefit) provision, and depreciation and amortization.
Adjusted EBITDA is calculated by adjusting EBITDA for certain items
that
we believe are non-cash or non-operational, consisting of: (i) cumulative
effect of change in accounting principle, (ii) debt refinancing costs,
(iii) loss from unconsolidated ventures, (iv) minority interests,
and (v)
other (income) expense, net. EBITDA and Adjusted EBITDA are not
measurements of financial performance under generally accepted accounting
principles, or GAAP, and should not be considered as an alternative
to
cash flow data, a measure of liquidity or an alternative to operating
income or net income as indicators of our operating performance or
any
other measures of performance derived in accordance with
GAAP.
|
Year
Ended December 31,
|
||||||||||||||||||||
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||
(In
thousands)
|
||||||||||||||||||||
Net
income (loss)
|
$ |
98,975
|
$ |
89,729
|
$ |
38,390
|
$ | (4,631 | ) | $ |
534
|
|||||||||
Interest
expense
|
7,923
|
15,648
|
19,017
|
17,243
|
12,988
|
|||||||||||||||
Interest
income
|
(3,147 | ) | (1,263 | ) | (569 | ) | (276 | ) | (238 | ) | ||||||||||
Income
tax (benefit) provision
|
30,220
|
3,052
|
3,382
|
(6,476 | ) |
192
|
||||||||||||||
Depreciation
and amortization
|
30,623
|
28,470
|
28,875
|
26,137
|
28,031
|
|||||||||||||||
EBITDA
|
164,594
|
135,636
|
89,095
|
31,997
|
41,507
|
|||||||||||||||
Adjustments:
|
||||||||||||||||||||
Cumulative
effect of change in accounting principle
|
—
|
—
|
—
|
7,309
|
—
|
|||||||||||||||
Debt
refinancing costs
|
—
|
—
|
—
|
6,524
|
—
|
|||||||||||||||
Other
*
|
298
|
95
|
(484 | ) | (1,517 | ) |
1,267
|
|||||||||||||
Adjusted
EBITDA
|
$ |
164,892
|
$ |
135,731
|
$ |
88,611
|
$ |
44,313
|
$ |
42,774
|
(e)
|
Includes
managed vessels in addition to those that are owned and chartered
at the
end of the applicable period. See “Our Fleet” in Part I, Items 1 and 2
“Business and Properties” for further information concerning our
fleet.
|
(f)
|
Average
number of vessels is calculated based on the aggregate number of
vessel
days available during each period divided by the number of calendar
days
in such period. Includes owned and bareboat chartered vessels only,
and is
adjusted for additions and dispositions occurring during each
period.
|
(g)
|
Excludes
current portion of long-term debt.
|
Year
Ended December 31,
|
||||||||||||
(Dollars
in thousands)
|
||||||||||||
2007
|
2006
|
Increase
(Decrease)
|
||||||||||
Average
Rates Per Day Worked (a) (b):
|
||||||||||||
North
Sea-Based Fleet (c)
|
$ |
24,120
|
$ |
19,164
|
$ |
4,956
|
||||||
Southeast
Asia-Based Fleet
|
10,276
|
7,062
|
3,214
|
|||||||||
Americas-Based
Fleet
|
11,386
|
11,014
|
372
|
|||||||||
Overall
Utilization (a) (b):
|
||||||||||||
North
Sea-Based Fleet (c)
|
92.8 | % | 94.9 | % | (2.1 | %) | ||||||
Southeast
Asia-Based Fleet
|
93.3 | % | 92.3 | % | 1.0 | % | ||||||
Americas-Based
Fleet
|
94.9 | % | 96.0 | % | (1.1 | %) | ||||||
Average
Owned or Chartered Vessels (a) (d):
|
||||||||||||
North
Sea-Based Fleet
|
28.8
|
30.4
|
(1.6 | ) | ||||||||
Southeast
Asia-Based Fleet
|
12.0
|
11.7
|
0.3
|
|||||||||
Americas-Based
Fleet
|
6.0
|
6.4
|
(0.4 | ) | ||||||||
Total
|
46.8
|
48.5
|
(1.7 | ) |
(a)
|
Includes
all owned or bareboat chartered vessels. Managed vessels are
not
included.
|
(b)
|
Average
rates per day worked is defined as total charter revenue divided
by number
of days worked. Overall utilization rate is defined as the total
number of
days worked divided by the total number of days of availability
in the
period.
|
(c)
|
Revenue
for vessels in our North Sea fleet are primarily earned in GBP,
NOK and
Euros, and have been converted to U.S. Dollars at the average
exchange
rate (US$/GBP, US$/NOK and US$/Euro) for the periods indicated
below. The North Sea based fleet includes vessels working
offshore India, offshore Africa and the
Mediterranean.
|
Year
Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
$1
US=GBP
|
0.500
|
0.543
|
||||||
$1
US=NOK
|
5.844
|
6.406
|
||||||
$1
US=Euro
|
0.730
|
0.796
|
(d)
|
Adjusted
for vessel additions and dispositions occurring during each
period.
|
Year
Ended December 31,
|
||||||||||||
(Dollars
in thousands)
|
||||||||||||
2006
|
2005
|
Increase
(Decrease)
|
||||||||||
Average
Rates Per Day Worked (a) (b):
|
||||||||||||
North
Sea-Based Fleet (c)
|
$ |
19,164
|
$ |
15,530
|
$ |
3,634
|
||||||
Southeast
Asia-Based Fleet
|
7,062
|
5,849
|
1,213
|
|||||||||
Americas-Based
Fleet
|
11,014
|
11,518
|
(504 | ) | ||||||||
Overall
Utilization (a) (b):
|
||||||||||||
North
Sea-Based Fleet (c)
|
94.9 | % | 91.9 | % | 3.0 | % | ||||||
Southeast
Asia-Based Fleet
|
92.3 | % | 91.6 | % | 0.7 | % | ||||||
Americas-Based
Fleet
|
96.0 | % | 95.6 | % | 0.4 | % | ||||||
Average
Owned or Chartered Vessels (a) (d):
|
||||||||||||
North
Sea-Based Fleet
|
30.4
|
30.8
|
(0.4 | ) | ||||||||
Southeast
Asia-Based Fleet
|
11.7
|
10.2
|
1.5
|
|||||||||
Americas-Based
Fleet
|
6.4
|
6.2
|
0.2
|
|||||||||
Total
|
48.5
|
47.2
|
1.3
|
(a)
|
Includes
all owned or bareboat chartered vessels. Managed vessels are not
included.
|
(b)
|
Average
rates per day worked is defined as total charter revenue divided
by number
of days worked. Overall utilization rate is defined as the total
number of
days worked divided by the total number of days of availability in
the
period.
|
(c)
|
Revenue
for vessels in our North Sea fleet are primarily earned in GBP, NOK
and
Euros, and have been converted to U.S. Dollars at the average exchange
rate (US$/GBP, US$/NOK and US$/Euro) for the periods indicated
below. The North Sea based fleet includes vessels working
offshore India, offshore West Africa, offshore Middle East and the
Mediterranean.
|
Year
Ended December 31,
|
||||||||
2006
|
2005
|
|||||||
$1
US=GBP
|
0.543
|
0.549
|
||||||
$1
US=NOK
|
6.406
|
6.439
|
||||||
$1
US=Euro
|
0.796
|
0.806
|
(d)
|
Adjusted
for vessel additions and dispositions occurring during each
period.
|
Year
Ended December 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
(In
thousands)
|
||||||||||||
North
Sea
|
$ |
110,679
|
$ |
100,909
|
$ |
55,897
|
||||||
Southeast
Asia
|
35,858
|
14,998
|
10,007
|
|||||||||
Americas
|
5,136
|
4,100
|
4,421
|
|||||||||
Total
reportable segment operating income
|
151,673
|
120,007
|
70,325
|
|||||||||
Other
|
(17,404 | ) | (12,746 | ) | (10,589 | ) | ||||||
Total
reportable segment and other operating income
|
$ |
134,269
|
$ |
107,261
|
$ |
59,736
|
Year
Ended December 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
(In
thousands)
|
||||||||||||
Revenue
|
$ |
241,664
|
$ |
199,368
|
$ |
160,276
|
||||||
Direct
operating expenses
|
100,716
|
80,519
|
75,226
|
|||||||||
Drydock
expense
|
10,369
|
6,446
|
7,069
|
|||||||||
Depreciation
and amortization expense
|
24,914
|
21,731
|
22,084
|
|||||||||
Gain
on sale of assets
|
(5,014 | ) | (10,237 | ) |
—
|
|||||||
Operating
income
|
$ |
110,679
|
$ |
100,909
|
$ |
55,897
|
Year
Ended December 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
(In
thousands)
|
||||||||||||
Revenue
|
$ |
41,257
|
$ |
27,385
|
$ |
19,570
|
||||||
Direct
operating expenses
|
8,064
|
8,058
|
5,982
|
|||||||||
Drydock
expense
|
1,832
|
1,775
|
960
|
|||||||||
Depreciation
and amortization expense
|
2,657
|
2,554
|
2,621
|
|||||||||
Gain
on sale of assets
|
(7,154 | ) |
—
|
—
|
||||||||
Operating
income
|
$ |
35,858
|
$ |
14,998
|
$ |
10,007
|
Year
Ended December 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
(In
thousands)
|
||||||||||||
Revenue
|
$ |
23,105
|
$ |
24,168
|
$ |
24,196
|
||||||
Direct
operating expenses
|
14,651
|
15,361
|
14,648
|
|||||||||
Drydock
expense
|
405
|
828
|
1,166
|
|||||||||
Depreciation
and amortization expense
|
2,913
|
3,879
|
3,961
|
|||||||||
Operating
income
|
$ |
5,136
|
$ |
4,100
|
$ |
4,421
|
•
|
At
any time before July 15, 2007, we may redeem up to 35% of the 7.75%
senior
notes with net cash proceeds of certain equity offerings, as long
as at
least 65% of the aggregate principal amount of the 7.75% senior notes
issued pursuant to the indenture remains outstanding after the
redemption.
|
•
|
Prior
to July 15, 2009, we may redeem all or part of the 7.75% senior notes
by
paying a make-whole premium, plus accrued and unpaid interest and,
if any,
liquidation damages.
|
•
|
The
7.75% senior notes may be called beginning on July 15 of 2009, 2010,
2011,
and 2012 and thereafter at redemption prices of 103.875%, 102.583%,
101.292% and 100% of the principal amount respectively plus accrued
interest.
|
2008
|
2009
|
2010
|
2011
|
2012
|
Thereafter
|
|||||||||||||||||||
Repayment
of Long-Term Debt, Excluding Debt Discount of $0.6 million
|
$ |
—
|
$ |
—
|
$ |
—
|
$ |
—
|
$ |
—
|
$ |
160.0
|
||||||||||||
Purchase
Obligations for New Build Program
|
98.7
|
84.3
|
57.3
|
—
|
—
|
—
|
||||||||||||||||||
Non-Cancelable
Operating Leases
|
0.8
|
0.7
|
0.6
|
0.5
|
0.4
|
1.5
|
||||||||||||||||||
Long
Term Income Taxes Payable
|
1.7
|
1.7
|
1.7
|
1.7
|
1.7
|
16.8
|
||||||||||||||||||
Other
|
0.6
|
0.6
|
0.6
|
0.6
|
0.6
|
1.7
|
||||||||||||||||||
Total
|
$ |
101.8
|
$ |
87.3
|
$ |
60.2
|
$ |
2.8
|
$ |
2.7
|
$ |
180.0
|
High
|
Low
|
Year
Average
|
As
of February
27, 2008
|
|
$1
US=GBP
|
0.521
|
0.473
|
0.500
|
0.508
|
$1
US=NOK
|
6.496
|
5.241
|
5.844
|
5.308
|
$1
US=Euro
|
0.771
|
0.668
|
0.730
|
0.673
|
•
|
the
cost of using hedging instruments in relation to the risks of currency
fluctuations;
|
•
|
the
propensity for adjustments in GBP-denominated vessel day rates over
time
to compensate for changes in the purchasing power of GBP as measured
in
U.S. Dollars;
|
•
|
the
level of U.S. Dollar-denominated borrowings available to us;
and
|
•
|
the
conditions in our U.S. Dollar-generating regional
markets.
|
December
31,
|
||||||||
2007
|
2006
|
|||||||
(In
thousands)
|
||||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ |
40,119
|
$ |
82,759
|
||||
Trade
accounts receivable, net of allowance for doubtful accounts of
$149 in
2007 and $436 in 2006
|
87,243
|
54,235
|
||||||
Other
accounts receivable
|
3,399
|
3,376
|
||||||
Prepaid
expenses and other current assets
|
3,273
|
2,742
|
||||||
Total
current assets
|
134,034
|
143,112
|
||||||
Vessels
and equipment at cost, net of accumulated depreciation of $218,342
in 2007
and $192,065 in 2006
|
641,333
|
524,676
|
||||||
Construction
in progress
|
112,667
|
47,313
|
||||||
Goodwill
|
34,264
|
29,883
|
||||||
Fair
value hedge
|
6,740
|
501
|
||||||
Deferred
costs and other assets
|
4,974
|
5,344
|
||||||
Total
assets
|
$ |
934,012
|
$ |
750,829
|
||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Current
portion of long-term debt
|
$ |
—
|
$ |
794
|
||||
Accounts
payable
|
21,409
|
16,516
|
||||||
Income
taxes payable
|
2,516
|
3,806
|
||||||
Accrued
personnel costs
|
17,872
|
9,527
|
||||||
Accrued
interest expense
|
5,793
|
5,711
|
||||||
Accrued
professional fees
|
982
|
1,059
|
||||||
Other
accrued liabilities
|
1,906
|
751
|
||||||
Total
current liabilities
|
50,478
|
38,164
|
||||||
Long-term
debt
|
159,558
|
159,490
|
||||||
Long-term
income taxes:
|
||||||||
Deferred
tax liabilities
|
2,731
|
7,277
|
||||||
Income
tax liabilities – FIN 48
|
9,060
|
—
|
||||||
Other
income taxes payable
|
23,602
|
—
|
||||||
Fair
value hedge
|
6,740
|
501
|
||||||
Other
liabilities
|
5,752
|
3,969
|
||||||
Stockholders’
equity:
|
||||||||
Preferred
stock, no par value; 2,000 shares authorized; no shares
issued
|
—
|
—
|
||||||
Common
stock, $0.01 par value; 30,000 shares authorized; 22,983 and 22,680
shares
issued and outstanding, respectively
|
227
|
225
|
||||||
Additional
paid-in capital
|
211,004
|
204,986
|
||||||
Retained
earnings
|
336,846
|
242,733
|
||||||
Accumulated
other comprehensive income
|
128,308
|
93,484
|
||||||
Treasury
stock, at cost
|
(4,200 | ) | (3,012 | ) | ||||
Deferred
compensation expense
|
3,906
|
3,012
|
||||||
Total
stockholders’ equity
|
676,091
|
541,428
|
||||||
Total
liabilities and stockholders’ equity
|
$ |
934,012
|
$ |
750,829
|
Year
Ended December 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
(In
thousands, except per share amounts)
|
||||||||||||
Revenue
|
$ |
306,026
|
$ |
250,921
|
$ |
204,042
|
||||||
Costs
and expenses:
|
||||||||||||
Direct
operating expenses
|
108,386
|
91,874
|
82,803
|
|||||||||
Drydock
expense
|
12,606
|
9,049
|
9,192
|
|||||||||
Bareboat
charter expenses
|
—
|
—
|
3,864
|
|||||||||
General
and administrative expenses
|
32,311
|
24,504
|
19,572
|
|||||||||
Depreciation
|
30,623
|
28,470
|
28,875
|
|||||||||
Gain
on sale of assets
|
(12,169 | ) | (10,237 | ) |
—
|
|||||||
Total
costs and expenses
|
171,757
|
143,660
|
144,306
|
|||||||||
Operating
income
|
134,269
|
107,261
|
59,736
|
|||||||||
Other
income (expense):
|
||||||||||||
Interest
expense
|
(7,923 | ) | (15,648 | ) | (19,017 | ) | ||||||
Interest
income
|
3,147
|
1,263
|
569
|
|||||||||
Foreign
currency gain (loss) and other
|
(298 | ) | (95 | ) |
484
|
|||||||
Total
other expense
|
(5,074 | ) | (14,480 | ) | (17,964 | ) | ||||||
Income
from continuing operations
|
129,195
|
92,781
|
41,772
|
|||||||||
Income
tax provision
|
(30,220 | ) | (3,052 | ) | (3,382 | ) | ||||||
Net
income
|
$ |
98,975
|
$ |
89,729
|
$ |
38,390
|
||||||
Earnings
per share:
|
||||||||||||
Basic
|
$ |
4.41
|
$ |
4.40
|
$ |
1.92
|
||||||
Diluted
|
$ |
4.29
|
$ |
4.28
|
$ |
1.86
|
||||||
Weighted
average shares outstanding:
|
||||||||||||
Basic
|
22,435
|
20,377
|
20,031
|
|||||||||
Diluted
|
23,059
|
20,975
|
20,666
|
Common
Stock
at
0.01
Par Value
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Accumulated
Other Comprehen-sive Income
|
Treasury
Stock
|
Deferred
Compen-
sation
Expense
|
Total
Stockholders’
Equity
|
||||||||||||||||||||||||||
Shares
|
Share
Value
|
|||||||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||||||
Balance
at December 31, 2004
|
$ |
201
|
$ |
122,105
|
$ |
114,614
|
$ |
79,237
|
(91 | ) | $ | (1,344 | ) | $ |
1,344
|
$ |
316,157
|
|||||||||||||||
Net
loss
|
—
|
—
|
38,390
|
—
|
—
|
—
|
—
|
38,390
|
||||||||||||||||||||||||
Issuance
of common stock
|
—
|
282
|
—
|
—
|
—
|
—
|
—
|
282
|
||||||||||||||||||||||||
Exercise
of stock options
|
1
|
2,118
|
—
|
—
|
—
|
—
|
—
|
2,119
|
||||||||||||||||||||||||
Tax
benefit of options exercised
|
—
|
672
|
—
|
—
|
—
|
—
|
—
|
672
|
||||||||||||||||||||||||
Deferred
compensation plan
|
—
|
—
|
—
|
—
|
(25 | ) | (673 | ) |
673
|
—
|
||||||||||||||||||||||
Translation
adjustment
|
—
|
—
|
—
|
(37,524 | ) |
—
|
—
|
—
|
(37,524 | ) | ||||||||||||||||||||||
Balance
at December 31, 2005
|
$ |
202
|
$ |
125,177
|
$ |
153,004
|
$ |
41,713
|
(116 | ) | $ | (2,017 | ) | $ |
2,017
|
$ |
320,096
|
|||||||||||||||
Net
income
|
—
|
—
|
89,729
|
—
|
—
|
—
|
—
|
89,729
|
||||||||||||||||||||||||
Issuance
of common stock
|
21
|
79,148
|
—
|
—
|
—
|
—
|
—
|
79,169
|
||||||||||||||||||||||||
Exercise
of stock options
|
2
|
661
|
—
|
—
|
—
|
—
|
—
|
663
|
||||||||||||||||||||||||
Deferred
compensation plan
|
—
|
—
|
—
|
—
|
(34 | ) | (995 | ) |
995
|
—
|
||||||||||||||||||||||
Translation
adjustment
|
—
|
—
|
—
|
51,771
|
—
|
—
|
—
|
51,771
|
||||||||||||||||||||||||
Balance
at December 31, 2006
|
$ |
225
|
$ |
204,986
|
$ |
242,733
|
$ |
93,484
|
(150 | ) | $ | (3,012 | ) | $ |
3,012
|
$ |
541,428
|
|||||||||||||||
Net
income
|
—
|
—
|
98,975
|
—
|
—
|
—
|
—
|
98,975
|
||||||||||||||||||||||||
Issuance
of common stock
|
1
|
4,476
|
—
|
—
|
—
|
—
|
—
|
4,477
|
||||||||||||||||||||||||
Exercise
of stock options
|
1
|
1,542
|
—
|
—
|
—
|
—
|
—
|
1,543
|
||||||||||||||||||||||||
Deferred
compensation plan
|
—
|
—
|
—
|
—
|
(22 | ) | (1,188 | ) |
894
|
(294 | ) | |||||||||||||||||||||
FIN
48
|
—
|
—
|
(4,862 | ) |
—
|
—
|
—
|
—
|
(4,862 | ) | ||||||||||||||||||||||
Translation
adjustment
|
—
|
—
|
—
|
34,824
|
—
|
—
|
—
|
34,824
|
||||||||||||||||||||||||
Balance
at December 31, 2007
|
$ |
227
|
$ |
211,004
|
$ |
336,846
|
$ |
128,308
|
(172 | ) | $ | (4,200 | ) | $ |
3,906
|
$ |
676,091
|
Year
Ended December 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
(In
thousands)
|
||||||||||||
Net
income
|
$ |
98,975
|
$ |
89,729
|
$ |
38,390
|
||||||
Comprehensive
income:
|
||||||||||||
Foreign
currency gain (loss)
|
34,824
|
51,771
|
(37,524 | ) | ||||||||
Total
comprehensive income
|
$ |
133,799
|
$ |
141,500
|
$ |
866
|
Year
Ended December 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
(In
thousands)
|
||||||||||||
Cash
flows from operating activities:
|
||||||||||||
Net
income
|
$ |
98,975
|
$ |
89,729
|
$ |
38,390
|
||||||
Adjustments
to reconcile net income from operations to net cash provided by
operations
|
||||||||||||
Depreciation
|
30,623
|
28,470
|
28,875
|
|||||||||
Amortization
of deferred financing costs
|
704
|
903
|
1,083
|
|||||||||
Amortization
of stock-based compensation
|
4,215
|
1,969
|
729
|
|||||||||
Provision
for doubtful accounts receivable, net of write offs
|
(287 | ) |
410
|
67
|
||||||||
Deferred
income tax provision (benefit)
|
454
|
(2,397 | ) |
1,040
|
||||||||
Gain
on sale of assets
|
(12,169 | ) | (10,237 | ) |
—
|
|||||||
Disposition
of assets
|
—
|
—
|
9
|
|||||||||
Foreign
currency transaction loss
|
1,273
|
1,277
|
1,266
|
|||||||||
Change
in operating assets and liabilities —
|
||||||||||||
Accounts
receivable
|
(30,013 | ) | (11,068 | ) | (7,976 | ) | ||||||
Prepaids
and other
|
(349 | ) |
1,159
|
(499 | ) | |||||||
Accounts
payable
|
3,686
|
(85 | ) |
1,920
|
||||||||
Other
accrued liabilities and other
|
7,863
|
4,739
|
9
|
|||||||||
Norwegian
income taxes payables
|
23,602
|
—
|
—
|
|||||||||
Net
cash provided by operating activities
|
128,577
|
104,869
|
64,913
|
|||||||||
Cash
flows from investing activities:
|
||||||||||||
Purchases
of vessels and equipment
|
(191,158 | ) | (47,466 | ) | (43,343 | ) | ||||||
Proceeds
from disposition of equipment
|
15,775
|
19,166
|
—
|
|||||||||
Net
cash used in investing activities
|
(175,383 | ) | (28,300 | ) | (43,343 | ) | ||||||
Cash
flows from financing activities:
|
||||||||||||
Proceeds
from debt, net of direct financing costs
|
20,257
|
80,794
|
12,280
|
|||||||||
Repayments
of debt
|
(21,104 | ) | (179,265 | ) | (29,749 | ) | ||||||
Proceeds
from exercise of stock options
|
852
|
663
|
1,513
|
|||||||||
Proceeds
from issuance of stock
|
368
|
77,129
|
282
|
|||||||||
Net
cash provided by (used in) financing activities
|
373
|
(20,679 | ) | (15,674 | ) | |||||||
Effect
of exchange rate changes on cash
|
3,793
|
2,679
|
765
|
|||||||||
Net
increase (decrease) in cash and cash equivalents
|
(42,640 | ) |
58,569
|
6,661
|
||||||||
Cash
and cash equivalents at beginning of year
|
82,759
|
24,190
|
17,529
|
|||||||||
Cash
and cash equivalents at end of year
|
$ |
40,119
|
$ |
82,759
|
$ |
24,190
|
||||||
Supplemental
cash flow information:
|
||||||||||||
Interest
paid, net of interest capitalized
|
$ |
6,597
|
$ |
15,120
|
$ |
16,412
|
||||||
Income
taxes paid, net
|
$ |
4,695
|
$ |
1,853
|
$ |
2,824
|
2003
|
||||
Risk-free
interest rate
|
2.2 | % | ||
Volatility
factor of stock price
|
0.28
|
|||
Dividends
|
—
|
|||
Option
life
|
4
years
|
|||
Calculated
fair value per share
|
$ |
3.58
|
2005
|
||||
(in
thousands, except for per share amounts)
|
||||
Net
income, as reported
|
$ |
38,390
|
||
Employee
stock-based compensation included in net income (loss), net of
income
taxes
|
481
|
|||
Pro
forma stock-based employee compensation expenses determined under
fair
value- based method, net of related tax effects
|
(553 | ) | ||
Pro
forma net income
|
$ |
38,318
|
||
Earnings
per share:
|
||||
Basic,
as
reported
|
$ |
1.92
|
||
Basic
pro forma
|
$ |
1.91
|
||
Earnings
per share:
|
||||
Diluted,
as
reported
|
$ |
1.86
|
||
Diluted
pro
forma
|
$ |
1.85
|
Year
ended December 31, 2007
|
||||||||||||
Net
Income
|
Weighted
Average
Shares
|
Per
Share
Amount
|
||||||||||
Income
per share, basic
|
$ |
98,975
|
22,435
|
$ |
4.41
|
|||||||
Dilutive
effect of common stock options
|
—
|
624
|
||||||||||
Income
per share, diluted
|
$ |
98,975
|
23,059
|
$ |
4.29
|
Year
ended December 31, 2006
|
||||||||||||
Net
Income
|
Weighted
Average
Shares
|
Per
Share
Amount
|
||||||||||
Income
per share, basic
|
$ |
89,729
|
20,377
|
$ |
4.40
|
|||||||
Dilutive
effect of common stock options
|
—
|
598
|
||||||||||
Income
per share, diluted
|
$ |
89,729
|
20,975
|
$ |
4.28
|
Year
ended December 31, 2005
|
||||||||||||
Net
Income
|
Weighted
Average
Shares
|
Per
Share
Amount
|
||||||||||
Loss
per share, basic
|
$ |
38,390
|
20,031
|
$ |
1.92
|
|||||||
Dilutive
effect of common stock options
|
—
|
635
|
||||||||||
Loss
per share, diluted
|
$ |
38,390
|
20,666
|
$ |
1.86
|
Vessel
|
Scheduled
Delivery Date
|
Type
|
Length
(feet)
|
Deadweight
tons
|
Estimated
Cost
(in
millions)
|
North
Sea Based:
|
|||||
Aker
726
|
Q4
2009
|
PSV
|
284
|
4,850
|
$45.4
|
Aker
727
|
Q2
2010
|
PSV
|
284
|
4,850
|
$45.4
|
Southeast
Asia Based:
|
|||||
Sea
Kiowa
|
Q1
2008
|
AHTS
|
250
|
2,700
|
$24.9
|
Sea
Cherokee
|
Q3
2008
|
AHTS
|
250
|
2,700
|
$24.5
|
Sea
Choctow
|
Q3
2008
|
AHTS
|
250
|
2,700
|
$24.3
|
Sea
Comanche
|
Q4
2008
|
AHTS
|
250
|
2,700
|
$24.4
|
Other:
|
|||||
Bender
1
|
Q4
2009
|
PSV
|
245
|
3,000
|
$25.5
|
Bender
2
|
Q2
2010
|
PSV
|
245
|
3,000
|
$25.5
|
Bender
3
|
Q3
2010
|
PSV
|
245
|
3,000
|
$25.5
|
Remontowa
20
|
Q2
2010
|
AHTS
|
230
|
2,150
|
$26.9
|
Remontowa
21
|
Q3
2010
|
AHTS
|
230
|
2,150
|
$26.9
|
2007
|
2006
|
2005
|
||||||||||
Balance,
January 1,
|
$ |
29,883
|
$ |
27,628
|
$ |
30,218
|
||||||
Adjustment
related to prior-period acquisition costs
|
—
|
—
|
430
|
|||||||||
Impact
of foreign currency translation and adjustments
|
4,381
|
2,255
|
(3,020 | ) | ||||||||
Balance,
December 31,
|
$ |
34,264
|
$ |
29,883
|
$ |
27,628
|
2007
|
2006
|
|||||||
(In
thousands)
|
||||||||
7.75%
Senior Notes due 2014, interest payable semi-annually
|
$ |
160,000
|
$ |
160,000
|
||||
Debt
owed on partnership interest related to the new build
vessels
|
—
|
794
|
||||||
160,000
|
160,794
|
|||||||
Less:
Current maturities of long-term debt
|
—
|
(794 | ) | |||||
Debt
discount, net
|
(442 | ) | (510 | ) | ||||
$ |
159,558
|
$ |
159,490
|
2008
|
$ |
—
|
||
2009
|
—
|
|||
2010
|
—
|
|||
2011
|
—
|
|||
2012
|
—
|
|||
Thereafter
|
160,000
|
|||
Total
|
$ |
160,000
|
•
|
At
any time before July 15, 2007, we could redeem up to 35% of the
7.75%
senior notes with net cash proceeds of certain equity offerings,
as long
as at least 65% of the aggregate principal amount of the 7.75%
senior
notes issued pursuant to the indenture remains outstanding after
the
redemption.
|
•
|
Prior
to July 15, 2009, we may redeem all or part of the 7.75% senior
notes by
paying a make-whole premium, plus accrued and unpaid interest,
and, if
any, liquidated damages.
|
•
|
The
7.75% senior notes may be callable beginning on July 15 of 2009,
2010,
2011, and 2012 and thereafter at redemption prices of 103.875%,
102.583%,
101.292%, and 100% of the principal amount, respectively, plus
accrued
interest.
|
Year
Ended December 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
U.S.
|
$ | (9,748 | ) | $ | (10,583 | ) | $ | (10,204 | ) | |||
Foreign
|
138,943
|
103,364
|
51,976
|
|||||||||
$ |
129,195
|
$ |
92,781
|
$ |
41,772
|
2007
|
2006
|
2005
|
||||||||||||||||||||||||||||||||||||||
Current
|
Deferred
|
FIN
48
|
Total
|
Current
|
Deferred
|
Total
|
Current
|
Deferred
|
Total
|
|||||||||||||||||||||||||||||||
U.S.
|
$ |
53
|
$ | (3,955 | ) | $ |
—
|
$ | (3,902 | ) | $ |
—
|
$ | (6,309 | ) | $ | (6,309 | ) | $ |
44
|
$ | (550 | ) | $ | (506 | ) | ||||||||||||||
Foreign
|
29,814
|
3,565
|
743
|
34,122
|
5,449
|
3,912
|
9,361
|
2,298
|
1,590
|
3,888
|
||||||||||||||||||||||||||||||
$ |
29,867
|
$ | (390 | ) | $ |
743
|
$ |
30,220
|
$ |
5,449
|
$ | (2,397 | ) | $ |
3,052
|
$ |
2,342
|
$ |
1,040
|
$ |
3,382
|
2007
|
2006
|
2005
|
||||||||||
U.S.
federal statutory income tax rate
|
34.0 | % | 34.0 | % | 34.0 | % | ||||||
Effect
of foreign operations
|
(10.2 | ) | (30.0 | ) | (27.0 | ) | ||||||
Valuation
allowance
|
0.4
|
0.7
|
2.0
|
|||||||||
Other
|
(0.8 | ) | (1.4 | ) | (0.9 | ) | ||||||
23.4 | % | 3.3 | % | 8.1 | % |
December
31,
|
||||||||
2007
|
2006
|
|||||||
(In
thousands)
|
||||||||
Deferred
tax assets
|
||||||||
Accruals
currently not deductible for tax purposes
|
$ |
3,762
|
$ |
2,615
|
||||
Net
operating loss carryforwards
|
18,727
|
16,052
|
||||||
Foreign
and other tax credit carryforwards
|
4,364
|
3,676
|
||||||
$ |
26,853
|
$ |
22,343
|
|||||
Less
valuation allowance
|
(9,092 | ) | (4,901 | ) | ||||
Net
deferred tax assets
|
$ |
17,761
|
$ |
17,442
|
||||
Deferred
tax liabilities
|
||||||||
Depreciation
|
$ | (16,714 | ) | $ | (14,274 | ) | ||
Foreign
income not currently recognizable
|
(2,655 | ) | (6,367 | ) | ||||
Other
|
(1,124 | ) | (4,078 | ) | ||||
Total
deferred tax liabilities
|
$ | (20,493 | ) | $ | (24,719 | ) | ||
Net
deferred tax liability
|
$ | (2,731 | ) | $ | (7,277 | ) |
2007
|
||||
(in
thousands)
|
||||
Unrecognized
tax benefits balance at January 1, 2007
|
$ |
8,883
|
||
Gross
increases for tax positions taken in prior years
|
1,713
|
|||
Gross
decreases for tax positions taken in prior years
|
(2,706 | ) | ||
Decreases
for settlements
|
(1,087 | ) | ||
Lapse
of statute of limitations
|
--
|
|||
Unrecognized
tax benefits balance at December 31, 2007
|
$ |
6,803
|
||
2008
|
$ |
848
|
||
2009
|
711
|
|||
2010
|
625
|
|||
2011
|
477
|
|||
2012
|
424
|
|||
Thereafter
|
1,474
|
|||
Total
|
$ |
4,559
|
(7)
|
EQUITY
INCENTIVE PLANS
|
2007
|
2006
|
2005
|
||||||||||||||||||||||
Shares
|
Weighted
Average
Exercise
Price
|
Shares
|
Weighted
Average
Exercise
Price
|
Shares
|
Weighted
Average
Exercise
Price
|
|||||||||||||||||||
904,150
|
$ |
13.63
|
1,083,470
|
$ |
11.98
|
1,233,626
|
$ |
11.69
|
||||||||||||||||
Granted
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Forfeitures
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Exercised
|
(114,500 | ) |
8.78
|
(179,320 | ) |
3.70
|
(150,156 | ) |
9.57
|
|||||||||||||||
Outstanding
at end of year
|
789,650
|
$ |
14.33
|
904,150
|
$ |
13.63
|
1,083,470
|
$ |
11.98
|
|||||||||||||||
Exercisable
shares and weighted average exercise price
|
$ |
14.33
|
904,150
|
$ |
13.63
|
1,083,470
|
$ |
11.98
|
||||||||||||||||
Shares
available for future grants at December 31, 2007:
|
||||||||||||||||||||||||
1993
Non-Employee Director Stock Option Plan
|
360,000
|
360,000
|
360,000
|
|||||||||||||||||||||
1997
Incentive Equity Plan
|
1,218,914
|
190,100
|
287,550
|
|||||||||||||||||||||
2005
Non-Employee Director Share Incentive Plan
|
99,000
|
120,100
|
136,800
|
Outstanding
|
Exercisable
|
||||||||||||||||||
Range
of Exercise Prices
|
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Life
|
Shares
|
Weighted
Average
Exercise
Price
|
||||||||||||||
$ |
6.58 to $10.06
|
244,000
|
$ |
7.26
|
1.56
years
|
244,000
|
$ |
7.26
|
|||||||||||
$ |
13.10
to $17.44
|
443,650
|
$ |
16.60
|
3.14
years
|
443,650
|
$ |
16.60
|
|||||||||||
$ |
19.37
to $21.25
|
102,000
|
$ |
21.21
|
4.37
years
|
102,000
|
$ |
21.21
|
|||||||||||
789,650
|
$ |
14.31
|
789,650
|
$ |
14.31
|
2007
|
2006
|
|||||||
Change
in Benefit Obligation
|
||||||||
Benefit
obligation at beginning of the period
|
$ |
5,545
|
$ |
3,479
|
||||
Benefit
periodic cost
|
683
|
386
|
||||||
Interest
cost
|
284
|
251
|
||||||
Benefits
paid
|
(298 | ) | (234 | ) | ||||
Actuarial
gain/loss
|
(327 | ) |
1,377
|
|||||
Translation
adjustment
|
820
|
286
|
||||||
Benefit
obligation at year end
|
$ |
6,707
|
$ |
5,545
|
||||
2007
|
2006
|
|||||||
Change
in Plan Assets
|
||||||||
Fair
value of plan assets at beginning of the period
|
$ |
3,326
|
$ |
2,390
|
||||
Actual
return on plan assets
|
208
|
164
|
||||||
Contributions
|
835
|
665
|
||||||
Benefits
paid
|
(112 | ) | (91 | ) | ||||
Administrative
fee
|
(41 | ) | (35 | ) | ||||
Actuarial
gain/loss
|
(605 | ) |
36
|
|||||
Translation
adjustment
|
492
|
197
|
||||||
Fair
value of plan assets at end of year
|
$ |
4,103
|
$ |
3,326
|
||||
2007
|
2006
|
|||||||
Funded
status
|
$ |
2,603
|
$ |
2,218
|
||||
Social
security
|
400
|
345
|
||||||
Unrecognized
net actuarial gain and other prepaid benefit cost
|
—
|
—
|
||||||
Net
obligation including social security
|
$ |
3,003
|
$ |
2,563
|
2007
|
2006
|
|||||||
Deferred
costs and other assets
|
$ |
233
|
$ |
228
|
||||
Other
liabilities
|
3,237
|
2,791
|
||||||
2007
|
2006
|
|||||||
Components
of Net Period Benefit Cost
|
||||||||
Service
cost
|
$ |
684
|
$ |
386
|
||||
Interest
cost
|
284
|
251
|
||||||
Return
on plan assets
|
(208 | ) | (164 | ) | ||||
Administrative
fee
|
41
|
35
|
||||||
National
Insurance (social security) contribution
|
127
|
104
|
||||||
Recognized
net actuarial loss
|
299
|
1,491
|
||||||
Net
periodic benefit cost
|
$ |
1,227
|
$ |
2,103
|
Weighted-average
assumptions
|
2007
|
2006
|
||||||
Discount
rate
|
4.7 | % | 5 | % | ||||
Return
on plan assets
|
5.75 | % | 6 | % | ||||
Rate
of compensation increase
|
4.5 | % | 4.75 | % |
2007
|
2006
|
|||||||
Equity
securities
|
20.7 | % | 18 | % | ||||
Debt
securities
|
55.7 | % | 61 | % | ||||
Property
|
17.9 | % | 16 | % | ||||
Other
|
5.7 | % | 5 | % | ||||
All
asset categories
|
100 | % | 100 | % |
Year
ended December 31,
|
||||
2008
|
$ |
289
|
||
2009
|
299
|
|||
2010
|
310
|
|||
2011
|
322
|
|||
2012
|
322
|
|||
Total
|
$ |
1,542
|
North
Sea
|
Southeast
Asia
|
Americas
|
Other
|
Total
|
||||||||||||||||
Year
Ended December 31, 2007
|
||||||||||||||||||||
Revenue
|
$ |
241,664
|
$ |
41,257
|
$ |
23,105
|
$ |
—
|
$ |
306,026
|
||||||||||
Direct
operating expenses
|
100,716
|
8,064
|
14,651
|
17,266
|
140,697
|
|||||||||||||||
Drydock
expense
|
10,369
|
1,832
|
405
|
—
|
12,606
|
|||||||||||||||
Depreciation
and amortization
|
24,914
|
2,657
|
2,913
|
139
|
30,623
|
|||||||||||||||
Gain
on sale of assets
|
(5,014 | ) | (7,154 | ) |
—
|
(1 | ) | (12,169 | ) | |||||||||||
Operating
income (loss)
|
$ |
110,679
|
$ |
35,858
|
$ |
5,136
|
$ | (17,404 | ) | $ |
134,269
|
|||||||||
Total
assets
|
$ |
594,779
|
$ |
117,819
|
$ |
79,510
|
$ |
141,904
|
$ |
934,012
|
||||||||||
Long-lived
assets(a)(b)
|
$ |
512,230
|
$ |
104,613
|
$ |
76,085
|
$ |
95,338
|
$ |
788,264
|
||||||||||
Capital
expenditures
|
$ |
85,781
|
$ |
50,688
|
$ |
123
|
$ |
54,566
|
$ |
191,158
|
||||||||||
Year
Ended December 31, 2006
|
||||||||||||||||||||
Revenue
|
$ |
199,368
|
$ |
27,385
|
$ |
24,168
|
$ |
—
|
$ |
250,921
|
||||||||||
Direct
operating expenses
|
80,519
|
8,058
|
15,361
|
12,440
|
116,378
|
|||||||||||||||
Drydock
expense
|
6,446
|
1,775
|
828
|
—
|
9,049
|
|||||||||||||||
Depreciation
and amortization
|
21,731
|
2,554
|
3,879
|
306
|
28,470
|
|||||||||||||||
Gain
on sale of assets
|
(10,237 | ) |
—
|
—
|
—
|
(10,237 | ) | |||||||||||||
Operating
income (loss)
|
$ |
100,909
|
$ |
14,998
|
$ |
4,100
|
$ | (12,746 | ) | $ |
107,261
|
|||||||||
Total
assets
|
$ |
476,342
|
$ |
59,163
|
$ |
84,877
|
$ |
130,447
|
$ |
750,829
|
||||||||||
Long-lived
assets(a)(b)
|
$ |
427,677
|
$ |
51,246
|
$ |
81,851
|
$ |
41,098
|
$ |
601,872
|
||||||||||
Capital
expenditures
|
$ |
4,484
|
$ |
22,198
|
$ |
148
|
$ |
20,636
|
$ |
47,466
|
||||||||||
Year
Ended December 31, 2005
|
||||||||||||||||||||
Revenue
|
$ |
160,276
|
$ |
19,570
|
$ |
24,196
|
$ |
—
|
$ |
204,042
|
||||||||||
Direct
operating expenses
|
75,226
|
5,982
|
14,648
|
10,380
|
106,236
|
|||||||||||||||
Drydock
expense
|
7,069
|
960
|
1,166
|
—
|
9,195
|
|||||||||||||||
Depreciation
and amortization
|
22,084
|
2,621
|
3,961
|
209
|
28,875
|
|||||||||||||||
Gain
on sale of assets
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Operating
income (loss)
|
$ |
55,897
|
$ |
10,007
|
$ |
4,421
|
$ | (10,589 | ) | $ |
59,736
|
|||||||||
Total
assets
|
$ |
424,890
|
$ |
39,349
|
$ |
96,445
|
$ |
53,231
|
$ |
613,915
|
||||||||||
Long-lived
assets(a)(b)
|
$ |
390,121
|
$ |
32,427
|
$ |
92,340
|
$ |
28,956
|
$ |
543,844
|
||||||||||
Capital
expenditures
|
$ |
4,026
|
$ |
9,751
|
$ |
6,556
|
$ |
23,009
|
$ |
43,343
|
(a)
|
Goodwill
is included in the North Sea
segment.
|
(b)
|
Most
vessels under construction are included in Other until delivered.
Revenue,
long-lived assets and capital expenditures presented in the table
above
are allocated to segments based on the location the vessel is employed,
which in some instances differs from the segment that legally owns
the
vessel. We had no revenue or long-lived assets attributable to
the United States, our country of
domicile.
|
Quarter
|
||||||||||||||||
First
|
Second
|
Third
|
Fourth
|
|||||||||||||
(In
thousands, except per share amounts)
|
||||||||||||||||
2007
|
||||||||||||||||
Revenue
|
$ |
65,513
|
$ |
74,341
|
$ |
74,717
|
$ |
91,455
|
||||||||
Operating
income
|
27,413
|
33,881
|
33,807
|
39,168
|
||||||||||||
Net
income
|
24,353
|
30,721
|
31,232
|
12,669
|
||||||||||||
Per
share (basic)
|
1.09
|
1.37
|
1.39
|
0.56
|
||||||||||||
Per
share (diluted)
|
1.06
|
1.32
|
1.35
|
0.55
|
||||||||||||
2006
|
||||||||||||||||
Revenues
|
$ |
47,675
|
$ |
58,433
|
$ |
75,831
|
$ |
68,982
|
||||||||
Operating
income
|
10,173
|
18,777
|
44,355
|
33,956
|
||||||||||||
Net
income
|
6,263
|
13,034
|
39,852
|
30,580
|
||||||||||||
Per
share (basic)
|
0.31
|
0.64
|
1.96
|
1.47
|
||||||||||||
Per
share (diluted)
|
0.30
|
0.63
|
1.91
|
1.42
|
(a)
|
Exhibits,
Financial Statements and Financial Statement
Schedules.
|
|
|
(1)
and (2) Financial Statements and Financial Statement
Schedules.
|
Exhibits
|
Description
|
Incorporated
by Reference
from
the
Following
Documents
|
||
3.1
|
Certificate
of Incorporation, dated December 4, 1996
|
Exhibit
3.1 to our quarterly report on Form 10-Q for the quarter
ended September
30, 2002
|
||
3.2
|
Certificate
of Amendment of Certificate of Incorporation, dated March
6,
1997
|
Exhibit
3.2 to our quarterly report on Form 10-Q for the quarter
ended September
30, 2002
|
||
3.3
|
Certificate
of Amendment of Certificate of Incorporation, dated May 24,
2002
|
Exhibit
3.3 to our quarterly report on Form 10-Q for the quarter
ended September
30, 2002
|
||
3.4
|
Bylaws,
dated December 5, 1996
|
Exhibit
3.3 to our Registration Statement on Form S-4, Registration
No. 333-24141
filed on March 28, 1997
|
||
3.5
|
Amendment
No. 1 to Bylaws
|
Exhibit
3.1 to our Form 8-K/A filed on September 17, 2007
|
||
4.1
|
See
Exhibit Nos. 3.1, 3.2 and 3.3 for provisions of the Certificate
of
Incorporation and Exhibits 3.4 and 3.5 for provisions of
the Bylaws
defining the rights of the holders of Common Stock
|
Exhibits
3.1, 3.2 and 3.3 to our quarterly report on Form 10-Q for
the quarter
ended September 30, 2002, our Registration Statement on Form
S-4,
Registration No. 333-24141 filed on March 28, 1997, and Exhibit
3.1 to our
Form 8-K/A filed on September 17,
2007
|
4.2
|
Specimen
Certificate for GulfMark Offshore, Inc. Common Stock, $0.01
par
value
|
Exhibit
4.2 to our Registration Statement on Form S-1, Registration
No. 333-31139
filed on July 11, 1997
|
|||
4.3
|
Indenture,
dated July 21, 2004, among GulfMark Offshore, Inc., as Issuer,
and U.S.
Bank National Association, as Trustee, including a form of
the Company’s
7.75% Senior Notes due 2014
|
Exhibit
4.4 to our quarterly report on Form 10-Q for the quarter
ended September
30, 2004
|
|||
4.4
|
Registration
Rights Agreement, dated July 21, 2004, among GulfMark Offshore,
Inc. and
the initial purchasers
|
Exhibit
4.5 to our quarterly report on Form 10-Q for the quarter
ended September
30, 2004
|
|||
10.1
|
GulfMark
International, Inc. 1987 Stock Option Plan, as amended*
|
Exhibit
10.1 to our Registration Statement on Form S-4, Registration
No. 333-24141
filed on March 28, 1997
|
|||
10.2
|
Amendment
to the GulfMark International, Inc. 1987 Stock Option Plan,
as
amended*
|
Exhibit
10.2 to our Registration Statement on Form S-1, Registration
No. 333-31139
filed on July 11, 1997
|
|||
10.3
|
GulfMark
Offshore, Inc. Instrument of Assumption and Adjustment (GulfMark
International, Inc. 1987 Stock Option Plan, as amended)*
|
Exhibit
10.3 to our Registration Statement on Form S-1, Registration
No. 333-31139
filed on July 11, 1997
|
|||
10.4
|
Form
of Incentive Stock Option Agreement (1987 Stock Option Plan,
as
amended)*
|
Exhibit
10.6 to our Registration Statement on Form S-1, Registration
No. 333-31139
filed on July 11, 1997
|
|||
10.5
|
Form
of Amendment No. 1 to Incentive Stock Option Agreement (1987
Stock Option
Plan, as amended)*
|
Exhibit
10.5 to our Registration Statement on Form S-1, Registration
No. 333-31139
filed on July 11, 1997
|
|||
10.6
|
GulfMark
International, Inc. Amended and Restated 1993 Non-Employee
Director Stock
Option Plan*
|
Exhibit
10.7 to our Registration Statement on Form S-1, Registration
No. 333-31139
filed on July 11, 1997
|
|||
10.7
|
Amendment
No. 1 to the GulfMark International, Inc. Amended and Restated
1993
Non-Employee Director Stock Option Plan*
|
Exhibit
10.8 to our Registration Statement on Form S-1, Registration
No. 333-31139
filed on July 11, 1997
|
|||
10.8
|
GulfMark
Offshore, Inc. Instrument of Assumption and Adjustment (Amended
and
Restated 1993 Non-Employee Director Stock Option Plan)*
|
Exhibit
10.9 to our Registration Statement on Form S-1, Registration
No. 333-31139
filed on July 11, 1997
|
|||
10.9
|
Form
of Stock Option Agreement (Amended and Restated 1993 Non-Employee
Director
Stock Option Plan)*
|
Exhibit
10.12 to our Registration Statement on Form S-1, Registration
No.
333-31139 filed on July 11, 1997
|
|||
10.10
|
Form
of Amendment No. 1 to Stock Option Agreement (Amended and
Restated 1993
Non-Employee Director Stock Option Plan)*
|
Exhibit
10.11 to our Registration Statement on Form S-1, Registration
No.
333-31139 filed on July 11, 1997
|
|||
10.11
|
GulfMark
Offshore, Inc. 1997 Incentive Equity Plan*
|
Exhibit
10.16 to our annual report on Form 10-K for the year ended
December 31,
1998
|
|||
10.12
|
Amendment
No. 1 to the GulfMark Offshore, Inc. 1997 Incentive Equity
Plan*
|
Exhibit
4.4.2 to our Registration Statement on Form S-8, Registration
No.
333-57294 filed on March 20, 2001
|
|||
10.13
|
Amendment
No. 2 to the GulfMark Offshore, Inc. 1997 Incentive Equity
Plan*
|
Exhibit
4.8.3 to our Post-Effective Amendment No. 1 to our Registration
Statement
on Form S-8, Registration No. 333-57294 filed on May 25,
2007
|
|||
10.14
|
Amendment
No. 3 to the GulfMark Offshore, Inc. 1997 Incentive Equity
Plan*
|
Exhibit
4.8.4 to our Post-Effective Amendment No. 1 to our Registration
Statement
on Form S-8, Registration No. 333-57294 filed on May 25,
2007
|
10.15
|
Form
of Incentive Stock Option Agreement ( 1997 Incentive Equity
Plan)*
|
Exhibit
10.17 to our annual report on Form 10-K for the year ended
December 31,
1998
|
||
10.16
|
GulfMark
Offshore, Inc. 2005 Non-Employee Director Share Incentive
Plan*
|
Exhibit
A to our Proxy Statement on Form DEF 14A, filed on April
11,
2005
|
||
10.17
|
Form
of Restricted Stock Award Agreement (2005 Non-Employee Director
Share
Incentive Plan)*
|
Exhibit
10.1 to our current report on Form 8-K filed on May 18,
2006
|
||
10.18
|
Amendment
No. 1 to the GulfMark Offshore, Inc. 2005 Non-Employee Director
Share
Incentive Plan*
|
Exhibit
4.8.2 to our Registration Statement on Form S-8, Registration
No.
333-143258 filed on May 25, 2007
|
||
10.19
|
GulfMark
Offshore, Inc. Employee Stock Purchase Plan*
|
Exhibit
4.4.3 to our Registration Statement on Form S-8, Registration
No.
333-84110 filed on March 11, 2002
|
||
10.20
|
Executive
Nonqualified Excess Plan GM Offshore, Inc. Plan Document
*
|
Exhibit
10.23 to our annual report on Form 10-K for the year ended
December 31,
2001
|
||
10.21
|
Form
of the Executive Nonqualified Excess Plan GM Offshore, Inc.
Initial Salary
Deferred Agreement *
|
Exhibit
10.24 to our annual report on Form 10-K for the year ended
December 31,
2001
|
||
10.22
|
Employment
Agreement effective December 31, 2006, made by and between
GM Offshore,
Inc. and Bruce A. Streeter*
|
Exhibit
10.1 to our current report on Form 8-K filed on January 30,
2007
|
||
10.23
|
Employment
Agreement effective December 31, 2006, made by and between
GM Offshore,
Inc. and Edward A. Guthrie, Jr.*
|
Exhibit
10.2 to our current report on Form 8-K filed on January 30,
2007
|
||
10.24
|
Employment
Agreement effective December 31, 2006, made by and between
GM Offshore,
Inc. and John E. Leech*
|
Exhibit
10.3 to our current report on Form 8-K filed on January 30,
2007
|
||
10.25
|
$85
Million Secured Reducing Revolving Loan and Letter of Credit
Facility
Agreement between GulfMark Offshore, Inc. and DnB NOR Bank
ASA and others
dated June 1, 2006
|
Exhibit
10.28 to our current report on Form 8-K filed on June 9,
2006
|
||
10.26
|
$60
Million Secured Reducing Revolving Loan Facility Agreement
between Gulf
Offshore N.S. Limited and DnB NOR Bank ASA and others dated
June 1,
2006
|
Exhibit
10.29 to our current report on Form 8-K filed on June 9,
2006
|
||
10.27
|
$30
Million Secured Reducing Revolving Loan Facility Agreement
between
GulfMark Rederi AS and DnB NOR Bank ASA and others dated
June 1,
2006
|
Exhibit
10.30 to our current report on Form 8-K filed on June 9,
2006
|
||
10.28
|
Charter
Party dated July 31, 2002 between Enterprise Oil do Brasil
Limitada and
Gulf Marine [Serviços Maritimos] do Brasil Limitada
|
Exhibit
10.30 to our annual report on Form 10-K/A for the year ended
December 31,
2004
|
||
10.29
|
General
Form Contract between Keppel Singmarine Pte. Ltd. and GulfMark
Offshore,
Inc.
|
Exhibit
10.27 to our annual report on Form 10-K for the year ended
December 31,
2005
|
||
* Denotes
compensatory arrangements.
|
||||
21.1
|
Subsidiaries
of GulfMark Offshore, Inc.
|
Filed
herewith
|
||
23.1
|
Consent
of UHY LLP
|
Filed
herewith
|
31.1
|
Section
302 Certification for B.A. Streeter
|
Filed
herewith
|
||
31.2
|
Section
302 Certification for E.A. Guthrie
|
Filed
herewith
|
||
32.1
|
Section
906 Certification furnished for B.A. Streeter
|
Filed
herewith
|
||
32.2
|
Section
906 Certification furnished for E.A. Guthrie
|
Filed
herewith
|
GulfMark
Offshore, Inc.(Registrant)
|
||
By:
|
/s/
Bruce A. Streeter
|
|
Bruce
A. Streeter
|
||
Chief
Executive Officer, President and Director
|
||
(Principal
Executive Officer)
|
/s/
Bruce A.
Streeter
|
Chief
Executive Officer, President and Director
|
February
28, 2008
|
Bruce
A. Streeter
|
(Principal
Executive Officer)
|
|
/s/
Edward A.
Guthrie
|
Executive
Vice President, Finance
|
February
28, 2008
|
Edward
A. Guthrie
|
(Principal
Financial Officer)
|
|
/s/
Carla S.
Mashinski
|
Vice
President, Accounting
|
February
28, 2008
|
Carla
S. Mashinski
|
(Principal
Accounting Officer)
|
|
/s/
David J. Butters
|
Director
|
February
28, 2008
|
David
J. Butters
|
||
/s/
Peter I. Bijur
|
Director
|
February
28, 2008
|
Peter
I. Bijur
|
||
/s/
Marshall A. Crowe
|
Director
|
February
28, 2008
|
Marshall
A. Crowe
|
||
/s/
Louis S. Gimbel, 3rd
|
Director
|
February
28, 2008
|
Louis
S. Gimbel 3rd
|
||
/s/
Sheldon S.
Gordon
|
Director
|
February
28, 2008
|
Sheldon
S. Gordon
|
||
/s/
Robert B. Millard
|
Director
|
February
28, 2008
|
Robert
B. Millard
|
||
/s/
Robert T. O’Connell
|
Director
|
February
28, 2008
|
Robert
T. O’Connell
|
||
/s/
Rex C. Ross
|
Director
|
February
28, 2008
|
Rex
C. Ross
|
Exhibits
|
Description
|
Incorporated
by Reference
from
the
Following
Documents
|
|||
3.1
|
Certificate
of Incorporation, dated December 4, 1996
|
Exhibit
3.1 to our quarterly report on Form 10-Q for the quarter ended
September
30, 2002
|
|||
3.2
|
Certificate
of Amendment of Certificate of Incorporation, dated March 6,
1997
|
Exhibit
3.2 to our quarterly report on Form 10-Q for the quarter ended
September
30, 2002
|
|||
3.3
|
Certificate
of Amendment of Certificate of Incorporation, dated May 24,
2002
|
Exhibit
3.3 to our quarterly report on Form 10-Q for the quarter ended
September
30, 2002
|
|||
3.4
|
Bylaws,
dated December 5, 1996
|
Exhibit
3.3 to our Registration Statement on Form S-4, Registration No.
333-24141
filed on March 28, 1997
|
|||
3.5
|
Amendment
No. 1 to Bylaws
|
Exhibit
3.1 to our Form 8-K/A filed on September 17, 2007
|
|||
4.1
|
See
Exhibit Nos. 3.1, 3.2 and 3.3 for provisions of the Certificate
of
Incorporation and Exhibits 3.4 and 3.5 for provisions of the
Bylaws
defining the rights of the holders of Common Stock
|
Exhibits
3.1, 3.2 and 3.3 to our quarterly report on Form 10-Q for the
quarter
ended September 30, 2002, our Registration Statement on Form
S-4,
Registration No. 333-24141 filed on March 28, 1997, and Exhibit
3.1 to our
Form 8-K/A filed on September 17, 2007
|
|||
4.2
|
Specimen
Certificate for GulfMark Offshore, Inc. Common Stock, $0.01 par
value
|
Exhibit
4.2 to our Registration Statement on Form S-1, Registration No.
333-31139
filed on July 11, 1997
|
|||
4.3
|
Indenture,
dated July 21, 2004, among GulfMark Offshore, Inc., as Issuer,
and U.S.
Bank National Association, as Trustee, including a form of the
Company’s
7.75% Senior Notes due 2014
|
Exhibit
4.4 to our quarterly report on Form 10-Q for the quarter ended
September
30, 2004
|
|||
4.4
|
Registration
Rights Agreement, dated July 21, 2004, among GulfMark Offshore,
Inc. and
the initial purchasers
|
Exhibit
4.5 to our quarterly report on Form 10-Q for the quarter ended
September
30, 2004
|
|||
10.1
|
GulfMark
International, Inc. 1987 Stock Option Plan, as amended*
|
Exhibit
10.1 to our Registration Statement on Form S-4, Registration
No. 333-24141
filed on March 28, 1997
|
|||
10.2
|
Amendment
to the GulfMark International, Inc. 1987 Stock Option Plan, as
amended*
|
Exhibit
10.2 to our Registration Statement on Form S-1, Registration
No. 333-31139
filed on July 11, 1997
|
|||
10.3
|
GulfMark
Offshore, Inc. Instrument of Assumption and Adjustment (GulfMark
International, Inc. 1987 Stock Option Plan, as amended)*
|
Exhibit
10.3 to our Registration Statement on Form S-1, Registration
No. 333-31139
filed on July 11, 1997
|
|||
10.4
|
Form
of Incentive Stock Option Agreement (1987 Stock Option Plan,
as
amended)*
|
Exhibit
10.6 to our Registration Statement on Form S-1, Registration
No. 333-31139
filed on July 11, 1997
|
|||
10.5
|
Form
of Amendment No. 1 to Incentive Stock Option Agreement (1987
Stock Option
Plan, as amended)*
|
Exhibit
10.5 to our Registration Statement on Form S-1, Registration
No. 333-31139
filed on July 11, 1997
|
|||
10.6
|
GulfMark
International, Inc. Amended and Restated 1993 Non-Employee Director
Stock
Option Plan*
|
Exhibit
10.7 to our Registration Statement on Form S-1, Registration
No. 333-31139
filed on July 11, 1997
|
|||
10.7
|
Amendment
No. 1 to the GulfMark International, Inc. Amended and Restated
1993
Non-Employee Director Stock Option Plan*
|
Exhibit
10.8 to our Registration Statement on Form S-1, Registration
No. 333-31139
filed on July 11, 1997
|
10.8
|
GulfMark
Offshore, Inc. Instrument of Assumption and Adjustment (Amended
and
Restated 1993 Non-Employee Director Stock Option Plan)*
|
Exhibit
10.9 to our Registration Statement on Form S-1, Registration
No. 333-31139
filed on July 11, 1997
|
|||
10.9
|
Form
of Stock Option Agreement (Amended and Restated 1993 Non-Employee
Director
Stock Option Plan)*
|
Exhibit
10.12 to our Registration Statement on Form S-1, Registration
No.
333-31139 filed on July 11, 1997
|
|||
10.10
|
Form
of Amendment No. 1 to Stock Option Agreement (Amended and Restated
1993
Non-Employee Director Stock Option Plan)*
|
Exhibit
10.11 to our Registration Statement on Form S-1, Registration
No.
333-31139 filed on July 11, 1997
|
|||
10.11
|
GulfMark
Offshore, Inc. 1997 Incentive Equity Plan*
|
Exhibit
10.16 to our annual report on Form 10-K for the year ended December
31,
1998
|
|||
10.12
|
Amendment
No. 1 to the GulfMark Offshore, Inc. 1997 Incentive Equity
Plan*
|
Exhibit
4.4.2 to our Registration Statement on Form S-8, Registration
No.
333-57294 filed on March 20, 2001
|
|||
10.13
|
Amendment
No. 2 to the GulfMark Offshore, Inc. 1997 Incentive Equity
Plan*
|
Exhibit
4.8.3 to our Post-Effective Amendment No. 1 to our Registration
Statement
on Form S-8, Registration No. 333-57294 filed on May 25,
2007
|
|||
10.14
|
Amendment
No. 3 to the GulfMark Offshore, Inc. 1997 Incentive Equity
Plan*
|
Exhibit
4.8.4 to our Post-Effective Amendment No. 1 to our Registration
Statement
on Form S-8, Registration No. 333-57294 filed on May 25,
2007
|
|||
10.15
|
Form
of Incentive Stock Option Agreement ( 1997 Incentive Equity
Plan)*
|
Exhibit
10.17 to our annual report on Form 10-K for the year ended December
31,
1998
|
|||
10.16
|
GulfMark
Offshore, Inc. 2005 Non-Employee Director Share Incentive
Plan*
|
Exhibit
A to our Proxy Statement on Form DEF 14A, filed on April 11,
2005
|
|||
10.17
|
Form
of Restricted Stock Award Agreement (2005 Non-Employee Director
Share
Incentive Plan)*
|
Exhibit
10.1 to our current report on Form 8-K filed on May 18,
2006
|
|||
10.18
|
Amendment
No. 1 to the GulfMark Offshore, Inc. 2005 Non-Employee Director
Share
Incentive Plan*
|
Exhibit
4.8.2 to our Registration Statement on Form S-8, Registration
No.
333-143258 filed on May 25, 2007
|
|||
10.19
|
GulfMark
Offshore, Inc. Employee Stock Purchase Plan*
|
Exhibit
4.4.3 to our Registration Statement on Form S-8, Registration
No.
333-84110 filed on March 11, 2002
|
|||
10.20
|
Executive
Nonqualified Excess Plan GM Offshore, Inc. Plan Document *
|
Exhibit
10.23 to our annual report on Form 10-K for the year ended December
31,
2001
|
|||
10.21
|
Form
of the Executive Nonqualified Excess Plan GM Offshore, Inc. Initial
Salary
Deferred Agreement *
|
Exhibit
10.24 to our annual report on Form 10-K for the year ended December
31,
2001
|
|||
10.22
|
Employment
Agreement effective December 31, 2006, made by and between GM
Offshore,
Inc. and Bruce A. Streeter*
|
Exhibit
10.1 to our current report on Form 8-K filed on January 30,
2007
|
|||
10.23
|
Employment
Agreement effective December 31, 2006, made by and between GM
Offshore,
Inc. and Edward A. Guthrie, Jr.*
|
Exhibit
10.2 to our current report on Form 8-K filed on January 30,
2007
|
10.24
|
Employment
Agreement effective December 31, 2006, made by and between GM
Offshore,
Inc. and John E. Leech*
|
Exhibit
10.3 to our current report on Form 8-K filed on January 30,
2007
|
||
10.25
|
$85
Million Secured Reducing Revolving Loan and Letter of Credit
Facility
Agreement between GulfMark Offshore, Inc. and DnB NOR Bank ASA
and others
dated June 1, 2006
|
Exhibit
10.28 to our current report on Form 8-K filed on June 9,
2006
|
||
10.26
|
$60
Million Secured Reducing Revolving Loan Facility Agreement between
Gulf
Offshore N.S. Limited and DnB NOR Bank ASA and others dated June
1,
2006
|
Exhibit
10.29 to our current report on Form 8-K filed on June 9,
2006
|
||
10.27
|
$30
Million Secured Reducing Revolving Loan Facility Agreement between
GulfMark Rederi AS and DnB NOR Bank ASA and others dated June
1,
2006
|
Exhibit
10.30 to our current report on Form 8-K filed on June 9,
2006
|
||
10.28
|
Charter
Party dated July 31, 2002 between Enterprise Oil do Brasil Limitada
and
Gulf Marine [Serviços Maritimos] do Brasil Limitada
|
Exhibit
10.30 to our annual report on Form 10-K/A for the year ended
December 31,
2004
|
||
10.29
|
General
Form Contract between Keppel Singmarine Pte. Ltd. and GulfMark
Offshore,
Inc.
|
Exhibit
10.27 to our annual report on Form 10-K for the year ended December
31,
2005
|
||
* Denotes
compensatory arrangements.
|
||||
21.1
|
Subsidiaries
of GulfMark Offshore, Inc.
|
Filed
herewith
|
||
23.1
|
Consent
of UHY LLP
|
Filed
herewith
|
||
31.1
|
Section
302 Certification for B.A. Streeter
|
Filed
herewith
|
||
31.2
|
Section
302 Certification for E.A. Guthrie
|
Filed
herewith
|
||
32.1
|
Section
906 Certification furnished for B.A. Streeter
|
Filed
herewith
|
||
32.2
|
Section
906 Certification furnished for E.A. Guthrie
|
Filed
herewith
|