June 2017

Peachey & Co LLP partner, David Wilson, has been appointed to the board of GulfMark UK Limited as an independent director at the request of DNB Bank ASA (DNB) as a condition of ‘Debtor-in-Possession’ financings to be provided to GulfMark UK’s parent, GulfMark Offshore Inc (OTC Pink: GLFM), which is in Chapter 11 Proceedings. 

It is a condition of DNB’s continued financing of the group that the key operating subsidiaries have ‘independent’ directors with special responsibilities, as set out in amended constitutional documents.  The GulfMark Group provides marine support and transportation services to the offshore oil and gas sector, and has been impacted by the downturn in offshore oil and gas exploration and production. 

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