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18AHistoryofGulfMarkOffshoreWeatheringtheFinancialStormIn2008astheenergymarketcontinuedtobeaffectedbytheupheavalinthenancialmarketsGulfMarkcontinuedtofocusonstrengtheningitsbalancesheetandsecuringthefuturecontractpositionoftheeet.Mr.StreetercommentedWerealizethatthisisnotatimeforunwarrantedexposureandrisk.Wecontinuetopracticedisciplinedcostcontrolandmanagementofmarketriskthroughabalanceofshort-andlong-termcharters.Wehavealwaysfocusedonstabilityofourearningstoensurewemeetourcapitalrequirements.Weintendtobeanaggressiveanddynamicparticipantintheoffshoreenergymarketofthefuture.Thedemandforoffshoremarineservicesshouldcontinueoverthelongtermastheworldsrequirementsforenergyaccelerateandcompaniesexplorefartheranddeeperoffshore.Webelieveweareverywellpreparedandpositionedtobenetfromthesearchforoilandgasaroundtheglobenowandinthefuture.In2012thecompanysoldvesmallervesselsduringtheyeargenerallymovingtowardlargermulti-capablecraftthatgeneratehigherdayrates.AsistypicalforGulfMarkextensivemaintenanceandupgradeprogramsenabletheshipstosellformorethantheiroriginalcost.Continuedinvestmentintheverybesthullsandtechnologiesmeansthecompanycancontinuetoattracttheindustrystopocean-goingtalent.Thiswilladdtoitsalreadyhighcrewretentionrates.In2013BruceStreeterretiredfromthecompanyafter23yearsofserviceincludingpositionsasPresidentChiefExecutiveOfcerandBoardmember.FormerExecutiveVicePresidentandChiefFinancialOfcerQuintinKneenwasnamedPresidentandChiefExecutiveOfcer.EquippedforSuperiorPerformanceRegardlessofthetypeofvesselonorderGulfMarkOffshoreworkstoensurethatitispurpose-builttoperformitsjobwithamaximumofeffectivenessandaminimumofcostandtime.MuchofitseetconsistsRevenuesexceed400million.NorthPurposeSeaValiantSeaVictorandThomasWainwrightareplacedintoservice.HighlandPrinceSeaCherokeeSeaComancheSwordshBlacktipandTigerareplacedintoservice.SellstheHighlandPioneer.2008201020092011Wereworkingtoensurethatoureetof70ownedGulfMark-aggedvesselsremainsamongtheyoungestandmosttechnologicallyadvancedeetsintheindustrythusensuringthatGulfMarkcancontinuetoprovidemaximumperformanceinallclimatesaroundtheworld.QuintinKneenPresidentCEO2013