GulfMark Options to Build Second Aker Vessel

GulfMark Offshore, Inc. has exercised an option to build a second Aker PSV09 design vessel. This vessel, which will be an identical sister ship to the Aker PSV09 currently under construction in Norway, is a 4,850 deadweight ton, diesel electric powered platform supply vessel. The purchase price for this vessel is approximately $30 million, with delivery currently expected during the third quarter of 2007. GulfMark will be the majority investor in a joint venture for the construction of the vessel. GulfMark has elected to purchase 100 percent of the first Aker PSV09 and has the right to purchase this vessel upon pre-agreed terms. Including this vessel, the GulfMark currently has ten owned vessels under construction bringing the fleet of owned vessels to 58 in 2008 when the last vessel is delivered. Without additional changes, at the conclusion of this expansion the fleet would be comprised of 58 owned and 10 managed vessels.