1. GulfMark Offshore, Inc. (NYSE:GLF)

4. 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

5. 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

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

12. One operating segments:

13. One operating segments:

14. One operating segments:

15. One operating segments:

16. Vessels:

19. Stocks with Free Catalyst

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

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

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

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

26. Insider Insentives
Strike price of stock-options are $13

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

33. Cloud Peak Energy

34. 5yr average of $850 mcap vs ~$30m

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