GulfMark orders three PSV’s for North Sea market

Houston based GulfMark Offshore says it will be building at least three new PSV’s as part of a vessel construction program initiated today.  The program calls for two 1000 square meter deck area platform supply vessels of the MMC887CD design and one of the MMC879CD design with a deck area of over 800 square meters.  The vessels are to be built by Remontowa Shipbuilding SA in Gdansk, Poland.

These large and technologically advanced PSV’s have been designed to meet the demanding requirements for supporting deepwater and harsh environment activities, and are expected to operate in the North Sea market.

“Global market and economic conditions over the past three years gave us enough concerns to hold back on building new vessels,” said GulfMark President and CEO, Bruce Streeter. “However, recent oil and gas finds in the North Sea, a drilling focus on frontier areas and the announcement of more than 60 new offshore drilling rigs in 2011 gives us the confidence to initiate the building of vessels designed for this developing market. Forward contract visibility and increasing opportunities in areas demanding large sophisticated vessels indicate a strong potential for these additions to our fleet.”

The total cost of these three vessels is anticipated to be $120 million dollars, and the company says it plans on announcing additional vessels to the program over the next few quarters.

Delivery of the vessels is expected for the second quarter and third quarter of 2013.

Pictured: GulfMark Offshore’s PSV, M.V. HIGHLAND EAGLE