UHY Clients
GulfMark Offshore
1st March, 2007
GulfMark Offshore
GulfMark Offshore, Inc. charters technologically advanced vessels to the offshore oil and gas industry. Its headquarters are in Houston, the US, and it has regional offices in Brazil, Norway, Malaysia, Mexico, Singapore and the UK.
GulfMark’s vessels transport drilling equipment, personnel and supplies to oil rigs in some of the harshest marine environments. It operates principally in the North Sea, off the UK; offshore south-east Asia; and offshore the Americas.
The fleet also serves as standby rescue vessels in the North Sea and is used to move and position drilling structures. Most of the 60 vessels are based in the North Sea.
GulfMark’s global turnover was approximately 204m USD in 2005.
In May 2005 UHY LLP, Houston, was appointed independent auditors of the company. Partner Mark Anderson says the UHY network was a major factor in winning the business.
UHY’s firms in Oslo, Norway, and in Singapore performed audit fieldwork for GulfMark’s operations in their countries; UHY’s firm in Rio de Janeiro, Brazil, provided local tax expertise to local GulfMark management; and a UHY specially-recruited firm in Aberdeen, the UK, performed audit fieldwork there.
Each UHY office also completed statutory audit procedures for the relevant in-country subsidiaries, and procedures for the Securities and Exchange Commission (SEC) audit of consolidated financial statements of GulfMark and its subsidiaries.
Mark Anderson also points to his firm’s knowledge of SEC rules, GAAP (Generally Accepted Accounting Principles) knowledge, expertise in local tax issues, partner attention and competitive fees as major factors in GulfMark’s decision to work with UHY.
Approximately 18 UHY professionals were involved in the 2005 audit worldwide. UHY will now perform similar procedures for 2006 results.
Previously, GulfMark was a client of a Big Four firm. Mark Anderson says the company chose UHY for better client service and value from fees. “A key factor in client service is that we have audit resources in most of their major client operating locations", he says.
Gulfmark’s CFO, Ed Guthrie, says: “As a truly international oil service company, we required a firm that was capable of providing audit services in all the venues in which we operate throughout the world. We were convinced UHY and its partners could provide not only the quality of service we demand but also meet the timelines imposed by the various constituencies where statutory audits are required, as well as meet all our SEC deadlines. We have been pleased with the level of co-operation and co-ordination of the international offices with the office in Houston".
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