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Gulfmark Offshore D.I.P. Financing Amended

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Gulfmark Offshore filed with the U.S. Bankruptcy Court a motion for an order approving the approving first amendment to the Company’s senior secured super priority debtor-in-possession credit agreement.

The motion notes, “The definition of ‘Milestones” set forth in Annex D to the Credit Agreement is hereby amended as follows: (a) the phrase ‘by 90 days after the Petition Date, but in no event later than August 21, 2017’ in clause (vi) thereof is hereby deleted in its entirety and replaced with the phrase ‘by October 10, 2017’; (b) the phrase ‘before August 21, 2017’ in clause (vi) thereof is hereby deleted in its entirety and replaced with the phrase ‘before October 10, 2017’; (c) the phrase ‘by 14 days after entry of an order confirming the Acceptable Plan of Reorganization, but in no event later than September 4, 2017’ in clause (vii) thereof is hereby deleted in its entirety and replaced with the phrase ‘as soon as reasonably practicable after October 10, 2017, but in no event later than October 31, 2017’; and (d) clause (v) thereof is hereby amended and restated in its entirety to read as follows: ‘(v) on September 27, 2017, the Borrower shall have accepted one or more definitive commitment letters from lenders for exit financing credit facilities that provide commitments for an aggregate borrowing capacity to the Borrower, the Lender and/or any of their respective Affiliates of not less than $125,000,000, which commitments shall not be subject to any material conditions other than (1) the effectiveness of the Acceptable Plan of Reorganization and the transactions contemplated thereby, (2) final loan documentation that is satisfactory to the Company and such lenders and that includes the terms of the financing referenced in such commitment letter(s), and (3) in the case of any such commitment letter provided by DNB Capital, the conditions set forth in the Exit Financing Term Sheet.'”

The Court subsequently approved the amendment motion.

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