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GulfMark Offshore's (GLF) CEO Quintin Kneen on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Results Earnings Conference Call

April 26, 2016, 09:00 AM ET


Michael Newman - Director of Investor Relations

Quintin Kneen - President and Chief Executive Officer

Jay Mitchell - Executive Vice President and Chief Financial Officer


Joe Gibney - Capital One

Turner Holm - Clarksons Platou

Cole Sullivan - Wells Fargo

Mark Brown - Seaport Global Securities


Welcome everyone to the GulfMark Offshore First Quarter 2016 Earnings Conference Call. My name is Allison, and I will be your conference specialist for the presentation. On the call today are Quintin Kneen, President and Chief Executive Officer; Jay Mitchell, Chief Financial Officer, and Michael Newman, Director of Investor Relations. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the call over to Mr. Michael Newman. Please go ahead.

Michael Newman

Thank you, Allison. Before we hear from Quintin and Jay, I'd like to remind everyone that this conference call will include comments that are forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include all statements reflecting GulfMark’s expectations, intentions, assumptions, or beliefs about future events or performance, that do not solely relate to historical or current facts. Forward-looking statements involve certain risks, uncertainties and assumptions that are difficult to predict or are beyond GulfMark’s control. Actual results may differ materially from those expressed or implied in any forward-looking statements.

Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, the price of oil and gas and its effect on offshore drilling, vessel utilization and day rates, industry volatility, fluctuations in the size of the offshore marine vessel fleet in areas where GulfMark operates, changes in competitive factors, and other factors described in GulfMark’s filings with the SEC.

For additional information concerning some of the risks, uncertainties and assumptions that could affect GulfMark’s forward-looking statements, please refer to our annual report on Form 10-K for the year ended December 31, 2015 and GulfMark’s other documents filed with the SEC which may be obtained on our website or through the SEC’s website at

The forward-looking comments on this conference call should not be regarded as representations that the expected outcomes can or will be achieved. Management cautions that you should not place undue reliance on GulfMark’s forward-looking statements, and GulfMark does not undertake and disclaims any obligation to update or revise any forward-looking statement based on new information, future events or otherwise, and disclaims any written or oral statements made by any third party regarding the subject matter of this call.

Please also remember that the information reported on this call speaks only as of today, April 26, 2016 and therefore you are advised that any time-sensitive information may no longer be accurate at the time of any replay of this call.

During our call today, we might also discuss non-GAAP financial measures. Please reference or refer to our filings with the SEC for a reconciliation to the most comparable GAAP measures.

With that said, I’ll turn the call over to Quintin.

Quintin Kneen

Thank you, Michael. Hello again everyone and welcome to the first quarter 2016 GulfMark earnings conference call. The format for today's call will follow our customary format. I have some prepared remarks on the first quarter and on current market conditions, then I will hand it over to Jay to go over the quarterly numbers in more detail and then we will open it up for questions.