– USA, TX – GulfMark Offshore, Inc. (NYSE:GLF) announced today that William C. Martin has been appointed to the Company’s Board of Directors.
Mr. Martin, 38, is Chairman and Chief Investment Officer of Raging Capital Management, LLC, a private investment partnership based near Princeton, New Jersey that was founded in 2006. Mr. Martin started his career as an entrepreneur, having co-founded a number of successful companies. He has also served on several public company boards, including nine years on the board of Bankrate, Inc., which was acquired in 2009; the board of Salary.com, Inc., which was acquired in 2010; and the board of Vitesse Semiconductor Corp., which was acquired in 2015.
“Bill’s extensive experience and successful track record as an investor, entrepreneur and public company director, coupled with his partnership’s significant financial stake in GulfMark, will enable him to provide the Board and management with valuable perspectives on executing strategies to maximize shareholder value,” said Quintin V. Kneen, President and Chief Executive Officer of the Company.
“GulfMark’s global franchise and relatively young fleet of high-spec offshore supply vessels is extremely valuable,” Mr. Martin said. “We believe substantial shareholder value can be created by navigating the current market cycle with skill and patience. I look forward to working with the management team and the Board.”
Raging Capital is GulfMark’s largest stockholder, directly owning 5,113,155 shares of common stock (or nearly 20% of the shares outstanding) and $79,114,000 principal amount of the 6.375% Senior Notes due 2022. Raging Capital invests across a range of industries, and the firm typically approaches its investments with a long-term, entrepreneurial mindset.
About GulfMark Offshore
GulfMark Offshore, Inc. provides marine transportation services to the energy industry through a fleet of offshore support vessels serving major offshore energy markets in the world.
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