Mr. Guthrie: GulfMark Offshore is the owner and operator of offshore supply vessels, primarily serving the offshore exploration and production oil and natural gas companies throughout the world. We operate in four primary areas: the North Sea, Southeast Asia, offshore Brazil and offshore West Africa. We have a total of 53 vessels that we own or manage. There are eight managed vessels out of the total of 53, so we have 45 vessels that we either own or bareboat charter. Thirty-six of those vessels are in the North Sea, 12 of them are in Southeast Asia, three operate offshore Brazil, and two are in West Africa. Our strategy has been to build and operate deep water vessels that support deepwater operations of the oil and natural gas companies throughout the world. The requirements of those types of vessels are higher-end technology, including dynamic positioning and the latest developments in pumping capacities to offload cargos at platforms and/or drilling rigs. We are currently the largest operator of platform supply vessels in the North Sea region, and we have a new-build program that was announced in the fall of 2000 to build nine new vessels, all of them high-end vessels designed to support the deepwater drilling and production market. All of those vessels have been or will be built in Norway. In addition, we just recently announced an additional vessel to be built in Brazil with delivery in mid-2004. Three of the Norwegian newbuilds have already been delivered with two of the remaining vessels being delivered during the balance of this year. The four remaining vessels will be delivered during 2003, one in each quarter. All of this is part of our strategy to be one of the preferred suppliers of deep water high-tech equipment for marine transportation services in the offshore market. We also have and will continue to look for niche opportunities whereby we can fulfill a need of one of our customers, or potential customers, where we have been able to either design a vessel or acquire a vessel which meets a particular need of that customer. We believe this gives us the opportunity to realize higher margins on our revenue because of the unique nature of either the vessel or the applications for that vessel.
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