ITEM 2.06. Material Impairments

In March 2009 we notified a U.S. shipyard building three of the vessels in our new build program that they were in default under the construction contract. The total expected cost for these three vessels was $76.5 million. The default arose as a result non-performance under the terms of the contract caused by financial difficulties of the shipyard. Construction on these vessels has stopped and we are evaluating our remedies under the contract and under applicable law. On April 14, 2009 we concluded that we had a material impairment and we will recognize a charge of $46.2 million in the first quarter 2009, representing the full amount of our investment in these vessels. The impairment charge will reduce the recorded value of our construction-in-progress balance. This non-cash charge should not result in future cash expenditures, other than costs to pursue its remedies, which costs the Company does not believe will be material.

ITEM 9.01. Financial Statements and Exhibits

(c) Exhibits

The following exhibit is filed with this report.

Exhibit No. Descriptions
99.1 Press Release of GulfMark Offshore, Inc. dated April 15, 2009