GulfMark picks new CFO from its own ranks

GulfMark Offshore, a U.S.-based marine transportation services provider, has named a new chief financial officer (CFO).

GulfMark said on Thursday that Samuel R. Rubio would be promoted to the position of CFO.

Rubio will replace James M. Mitchell who will transition his responsibilities to the new CFO over the next several weeks.

Samuel Rubio joined GulfMark in 2005 and has held positions of increasing responsibilities within the organization, currently holding the position of senior vice president and chief accounting officer. He became vice president and chief accounting officer in 2008 and was promoted to senior vice president in 2012.

Rubio has over 35 years of experience in accounting at both operating division and corporate levels as well as the management of accounting organizations.

He holds a Bachelor of Business Administration degree from Sul Ross State University. Rubio is a certified public accountant and a member of both the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants.

Quintin Kneen, GulfMark’s president and CEO, said: “Following the restructuring, we have one of the strongest balance sheets in the OSV industry and have implemented operational changes that have lowered our cost structure.

“As Sam assumes the CFO responsibilities, we will be implementing further improvements in the efficiency and cost-effectiveness of our operations. We are beginning to see improving market conditions, and these improvements coupled with our lower cost structure position GulfMark well to return to positive earnings and cash flow.

“I also want to thank Jay for his help in completing the recent financial restructuring and for providing a smooth transition period for Sam. We wish Jay the best in his future endeavors.”

Earlier this month, GulfMark entered into a partnership with Marcos y Asociados Infraestructura y Energia SC through a Mexican joint venture entity, GulfMark Servicios de Mexico, with an aim of expanding business activities in Mexico.

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