Gulfmark Offshore suspends dividend

GulfMark Offshore, Inc. (NYSE:GLF) will stop paying dividends.

"We have been very focused on return-on-capital and return-of-capital over the past two years, returning approximately $150 million to shareholders in just over two years. Nothing about the outlook of the downturn has changed our philosophy; however, a steep decrease in the anticipated 2015 return-on-capital has caused us to revisit the near-term returns-of-capital. After purchasing $48 million worth of our own shares in the fourth quarter, representing approximately 6% of the company, we have stopped purchasing shares. Additionally, the Board of Directors, after careful consideration of current market conditions, our outlook and the uncertainty in the macro environment, has chosen to suspend the dividend.

Source: GulfMark Offshore

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