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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
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<div align="left" style="font-family: 'Times New Roman',Times,serif">
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<div align="center" style="font-size: 12pt; margin-top: 0pt"><b></b>
</div>
<div align="left">
</div>
<div align="center" style="font-size: 12pt; margin-top: 0pt"><b>
</b>
</div>
<div align="justify" style="font-size: 12pt; margin-top: 12pt"><b>(1) GENERAL INFORMATION</b>
</div>
<div align="justify" style="font-size: 12pt; margin-top: 10pt">     The condensed consolidated financial statements of GulfMark Offshore, Inc. and its
subsidiaries included herein have been prepared by us without audit, pursuant to the
rules and regulations of the Securities and Exchange Commission, or SEC. Unless otherwise
indicated, references to “we,” “us,” “our” and the “Company” refer collectively to GulfMark
Offshore, Inc., its subsidiaries and its predecessors. Certain information relating to our
organization and footnote disclosures normally included in financial statements prepared in
accordance with U.S. generally accepted accounting principles, or U.S. GAAP, has been condensed or
omitted in this Form 10-Q pursuant to such rules and regulations. However, we believe that the
disclosures herein are adequate to make the information presented not misleading. The consolidated
balance sheet as of December 31, 2009, has been derived from the audited financial statements at
that date but does not include all of the information and footnotes required by U.S. GAAP for
complete financial statements. It is recommended that these financial statements be read in
conjunction with our consolidated financial statements and notes thereto included in our
Form 10-K for the year ended December 31, 2009.
</div>
<div align="justify" style="font-size: 12pt; margin-top: 10pt">     In the opinion of management, all adjustments, which include reclassification and normal
recurring adjustments necessary to present fairly the condensed consolidated financial statements
for the periods indicated have been made. All significant intercompany accounts have been
eliminated. Certain reclassifications of previously reported information may be made to conform
with current year presentation.
</div>
<div align="justify" style="font-size: 12pt; margin-top: 10pt">     We provide offshore marine support and transportation services primarily to companies involved
in the offshore exploration and production of oil and natural gas. Our vessels transport materials,
supplies and personnel to offshore facilities, as well as move and position drilling structures.
The majority of our operations are conducted in the North Sea, offshore Southeast Asia and the
Americas. We also contract vessels into other regions to meet our customers’ requirements.
</div>
<div align="justify" style="font-size: 12pt; margin-top: 10pt">     Basic Earnings Per Share, or EPS, is computed by dividing net income (loss) by the weighted
average number of shares of Class A Common Stock outstanding during the period. Diluted EPS is
computed using the treasury stock method for Class A Common Stock equivalents. The details of our
EPS calculation are as follows (in thousands, except per share amounts):
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="center">
<table style="font-size: 8pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="23%"> </td>
<td width="4%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="4%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="4%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="4%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="4%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="4%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="11"><b>Three Months Ended</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="11"><b>Three Months Ended</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="11" style="border-bottom: 2px solid #000000"><b>September 30, 2010</b></td>
<td style="border-bottom: 2px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="11" style="border-bottom: 2px solid #000000"><b>September 30, 2009</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Per Share</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Per Share</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Income</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Shares</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Amount</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Income</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Shares</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Amount</td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="23" align="left" style="border-top: 2px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Earnings per share, basic
</div></td>
<td> </td>
<td align="center">$</td>
<td align="right">19,207</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25,599</td>
<td> </td>
<td> </td>
<td align="center">$</td>
<td align="right">0.75</td>
<td> </td>
<td> </td>
<td align="center">$</td>
<td align="right">12,702</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25,235</td>
<td> </td>
<td> </td>
<td align="center">$</td>
<td align="right">0.50</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:0px; text-indent:-0px">Dilutive effect of common
stock options and unvested
restricted stock
</div></td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">138</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">250</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="23" align="left" style="border-top: 2px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Earnings per share, diluted
</div></td>
<td> </td>
<td align="center">$</td>
<td align="right">19,207</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25,737</td>
<td> </td>
<td> </td>
<td align="center">$</td>
<td align="right">0.75</td>
<td> </td>
<td> </td>
<td align="center">$</td>
<td align="right">12,702</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25,485</td>
<td> </td>
<td> </td>
<td align="center">$</td>
<td align="right">0.50</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="23" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom">
<td width="23%"> </td>
<td width="4%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="4%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="4%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="4%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="4%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="4%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="11"><b>Nine Months Ended</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="11"><b>Nine Months Ended</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="11" style="border-bottom: 0px solid #000000"><b>September 30, 2010</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="11" style="border-bottom: 0px solid #000000"><b>September 30, 2009</b></td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="23" align="left" style="border-top: 2px solid #000000"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Per Share</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Per Share</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Income</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Shares</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Amount</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Income</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Shares</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Amount</td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="23" align="left" style="border-top: 2px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Earnings (loss)per share, basic
</div></td>
<td> </td>
<td nowrap="nowrap" align="center">$</td>
<td align="right">(49,981</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">25,512</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center">$</td>
<td align="right">(1.96</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td align="center">$</td>
<td align="right">61,846</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25,116</td>
<td> </td>
<td> </td>
<td align="center">$</td>
<td align="right">2.46</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:0px; text-indent:-0px">Dilutive effect of common stock
options and unvested restricted
stock
</div></td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">227</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(0.02</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="23" nowrap="nowrap" align="left" style="border-top: 2px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Earnings (loss) per share, diluted
</div></td>
<td> </td>
<td nowrap="nowrap" align="center">$</td>
<td align="right">(49,981</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">25,512</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center">$</td>
<td align="right">(1.96</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td align="center">$</td>
<td align="right">61,846</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25,343</td>
<td> </td>
<td> </td>
<td align="center">$</td>
<td align="right">2.44</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="23" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
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Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.
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