GulfMark Offshore, Inc. and GulfMark Americas, Inc., an indirect wholly-owned subsidiary of the company, entered into an agreement relating to the senior secured, revolving multicurrency credit facility among the borrower, the company, as guarantor, a group of financial institutions as the lenders and The Royal Bank of Scotland plc, as agent for the Lenders.

Pursuant to the agreement, the lenders agreed to extend additional revolving loans in the aggregate principal amount of $10.0 million subject to the conditions precedent set forth in the agreement, including payment by the company and the borrower of certain fees and retainers of a financial advisor and counsel for the Agent, and the Lenders agreed to waive any default or event of default arising by virtue of a borrowing request submitted previously by the borrower, which request was deemed to be withdrawn pursuant to the Agreement.

The Lenders funded loans in such amount on March 8, 2017. In addition, the Lenders agreed that between the date of the Agreement through March 14, 2017, no Lender shall, in its capacity as Lender, exercise any right of set off, combination of accounts or similar remedy in relation to the cash of the obligors under the Multicurrency Facility Agreement in respect of any amounts that are outstanding or may become outstanding under the Multicurrency Facility Agreement.
 
The company announced that it has retained Evercore Group L.L.C. and Alvarez & Marsal North America, LLC, as financial advisors, and Weil, Gotshal & Manges LLP, as legal advisors, to assist the Company in analyzing and evaluating its financial condition and to assist it in reviewing financial and strategic alternatives for addressing the Company’s liquidity needs, including obtaining additional capital and/or a financial restructuring.