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1119582013InJanuaryof1984MarkMillardthecompanyslong-timeChairmanpassedaway.TheBoardelectedHaroldGeneentolltheposition.Thecompanyshowedanoperatinglossin1983andmanagementtookactionstoreduceshort-termlossesandpositionthecompanytopreserveitsliquidityandresourcebaseinthepotentiallydifcultmonthsahead.Newinvestmentswerelimitedtoareaswherethecompanyhadstrongexpertiseorotheradvantageovercompetitors.Thecompanycontinuedtosellassetsandbusinessesthatdidnottinwithitsstrategyandstructure.Adecentralizationplantransferredcertainfunctionsfromthecorporategrouptotheoperatingcompanieswithasignicantincreaseintheauthorityandresponsibilityoftheoperatingcompanypresidents.Overallefciencyimproved.Thecompanyprunedoperatingcostsdramaticallywhilebeingcarefulnottosacricetheabilitytodeliverrst-rateserviceinalllinesofbusiness.In1986thecompanyreturnedtoprotability.MarkWellmanwaselectedChairmanoftheBoardandLouisCranewasnamedPresidentandChiefExecutiveOfcer.RestructuringandStreamliningIn1986thecompanybegantorestructure.ThePipelinesandTerminalssegmentwassoldinearly1987andtheRadarSystemssegmentwasdiscontinuedinthatsameyear.ThecompanyalsotransferredallofitsoilandgaspropertiestoitssubsidiaryEnergyVenturesInc.Therestructuringcontinuedin1988withthesaleoftheEngineeringandProjectManagementsegment.Thecompanyentered1989withoperationsintwoareas1erosioncontrolservicesand2oileldserviceandequipmentthroughits27percentownershipofEnergyVenturesInc.itspubliclyheldsubsidiary.Revenuesexceed46million.AcquiresBrovigSupplyASAanditsvevessels.AddstheHighlandRoverandHighlandSpirittothecompanysownedeet.TakesdeliveryofHighlandDrummerUT755designsupplyvessel.Revenuesexceed86million.199719971998199719981981MarkMillardATributetoMarkMillardMarkJ.MillardjoinedtheBoardofDirectorsatthetimeofthecompanysfounding.HewaselectedChairmanin1969andheldthatpositionuntilhisdeathin1984providingvisionaryleadershipforthecompanythroughaperiodofgreatstrategicgrowth.ThenameGulfMarkisatributetoMr.Millard.