GulfMark Offshore, Inc. (NYSE:GLF)

which includes all of 2017 As we have previously stated, we expect to have adequate liquidity and to be in compliance with our debt covenants and maintain access to our revolving credit facilities through the foreseeable future, which includes all of 2017

Total liquidity ~$145 million Financial Flexibility: -Successfully renegotiated credit facilities in December 2015 and January 2016 – At June 30, 2016, cash on hand was ~$11 million, ~$39 million drawn on revolver, available borrowing capacity ~$134 million; Total liquidity ~$145 million

GLF: MCAP: ~$30m Share: $1 Debt: $462m EV: ~$500m

One operating segments:

One operating segments:

One operating segments:

One operating segments:

Vessels:

Stocks with Free Catalyst

Biggest shareholder: 2.32% Age: 50 CEO Mr. Kneen Age: 75 Mr. Butters Biggest shareholder: 2.32%

Raging Capital Management Raging Capital owns 20% of GLF’s equity 18% of the bonds

Raging Capital Management 20% Shareholders 25% since its inception in April 2006. S&P 500 Index returned only 7.7% during the same period.

Raging Capital Management Commenting “We did not anticipate how intense the commodity shakeout would become, and that has led to a lot of pain.”

Insider Insentives Strike price of stock-options are $13

Bonds due 2022 Yield ~24% Bonds due 2022 Yield ~22.4%

Cloud Peak Energy

5yr average of $850 mcap vs ~$30m

Fair Value: -Easily $5 per share -$100m market cap