The Company and its subsidiaries, provides offshore marine services primarily to companies involved in offshore exploration and production of oil and natural gas.
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I'm not an expert on upstream oil and gas, but I can't see the prices of petrol decreasing in the medium term (at least not before green technology becomes mainstream). That probably means various rigs will still be in operation in the future, and they will need the services that GulfMark provides. Looking at valuation, GLF is selling at slightly below tangible book, and still makes operational profits. The only uncertainty is the amount of debt they have contracted through the Rigdon acquisition, but they just recently refinanced the portion that was coming due in 2010, so assuming their business doesn't decline to pre-2006 levels, GulfMark should perform well.