Weathering the storm Featured

8:00pm EDT June 25, 2009
Finalist
Oil Field Products & Services

Bruce A. Streeter first saw the vision for success while on vacation during his employment at Offshore Logistics.

Although his employers did not have interest in the idea at first, Streeter saw a great opportunity. Streeter, after another trip, convinced the chairman of Offshore Logistics to support his vision for the company to return to the support vessel industry. In 1990, Offshore Logistics was purchased by Gulf Applied Technologies and later became known as GulfMark Offshore.

Today, Streeter leads the company, which has grown from three to 95 vessels operating in the North Sea, the Americas and Southeast Asia. Because of the company’s philosophy to operate with a lean, extremely skilled corporate team, lower overhead operating costs and an organization that can overcome the obstacles of the industry, Streeter, as president and CEO, has been able to breed success at GulfMark while staying clear of head-count reductions.

Another aspect of GulfMark’s success is its versatility. Streeter’s company designs ships for use in the North Sea, the Americas and Southeast Asia, while at the same time, the ships can also be used to perform multiple tasks. In turn, the company creates marketable, multipurpose vessels, which secure higher margins.

Aside from having a marketable product to fall back on in the tough economic times, Streeter has secured a method in GulfMark that will allow it to outlast the undulating economy. The company’s approach to business is to take advantage of their current market instead of charging into weaker, uncharted waters. Streeter also believes that the diversification of his company’s fleet and the lower overhead structure have helped supplement GulfMark’s success. In the future, Streeter plans to strategically build his company by patiently making opportunistic purchases of vessel assets.

With the acquisition of a competitor in the Gulf of Mexico, this Houston-based business is already looking into the future.

How to reach: GulfMark Offshore Inc., (713) 963-9522 or www.gulfmark.com