GulfMark Offshore Receives Continued Listing Standard Notice from NYSE
March 31 2017 - 4:45PM
GulfMark Offshore, Inc. (“GulfMark” or the “Company”) (NYSE:GLF)
announced today that the Company was notified on March 27, 2017, by
the New York Stock Exchange (“NYSE”) that the trading price of
GulfMark’s Class A common stock is not in compliance with the
Exchange’s continued listing standard. The standard requires a
minimum average closing price of $1.00 per share over a period of
30 consecutive trading days.
The NYSE notification has no impact on the
Company’s business operations or its ongoing SEC reporting
requirements.
As required by the NYSE, the Company plans to
notify the NYSE, within 10 business days of receipt of such notice,
regarding its intent to cure this deficiency or be subject to the
NYSE’s suspension and delisting procedures. In addition,
under the NYSE’s rules, the NYSE will promptly initiate suspension
and delisting procedures with respect to the Company if the NYSE
determines that the Company has average global market
capitalization over a consecutive 30 trading-day period of less
than $15 million. The Company’s global market capitalization
is currently significantly less than $15 million, and has been
since March 15, 2017. Accordingly, the Company may be subject
to suspension and delisting under this NYSE standard. If the
Company is suspended from trading pending delisting, it is
anticipated that the common stock would be quoted in the “Pink
Sheets” of the OTC Markets Group, Inc.
GulfMark Offshore, Inc. provides marine
transportation services to the energy industry through a fleet of
offshore support vessels serving every major offshore energy
industry market in the world.
Certain statements and information in this press
release that are not historical facts may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. The words “believe,”
“expect,” “expected to be,” “anticipate,” “plan,” “intend,”
“foresee,” “forecast,” “continue,” “can,” “will,” “will continue,”
“may,” “should,” “would,” “could” or other similar expressions are
intended to identify forward-looking statements, which are
generally not historical in nature. Statements in this press
release that contain forward-looking statements may include, but
are not limited to, the Company’s plans to notify the NYSE with
respect to the listing requirement deficiency, future compliance
with such requirements, potential future application of suspension
and delisting procedures and future quotation and trading of the
Company’s common stock. These forward-looking statements are based
on our current expectations and beliefs concerning future
developments and their potential effect on us. While management
believes that these forward-looking statements are reasonable as
and when made, there can be no assurance that future developments
affecting us will be those that we anticipate. All comments
concerning our expectations for future financial condition are
based on our forecasts for our existing operations. Our
forward-looking statements involve significant risks and
uncertainties (many of which are beyond our control) and
assumptions that could cause actual results to differ materially
from our historical experience and our present expectations or
projections. Important factors that could cause actual results to
differ materially from those in the 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 the Company operates; changes in
competitive factors; delays or cost overruns on construction
projects, and other material factors that are described from time
to time in the Company’s filings with the SEC, including the
Company’s Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and Current Reports on Form 8-K. Consequently, these
forward-looking statements should not be regarded as
representations that the projected or anticipated outcomes can or
will be achieved. These forward-looking statements speak only as of
the date hereof. We undertake no obligation to publicly update or
revise any forward-looking statements after the date they are made,
whether as a result of new information, future events or
otherwise.
Contact: Stephen Cohen
Teneo Strategy for GulfMark Offshore
E-mail: stephen.cohen@teneostrategy.com
(212) 886-9332