UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 16, 2003
SEABULK INTERNATIONAL, INC.
| Delaware (State or other jurisdiction of incorporation) |
0-28732 (Commission File Number) |
65-0966399 (IRS Employer Identification No.) |
| 2200 Eller Drive, P.O. Box 13038, Ft. Lauderdale, Florida (Address of principal executive offices) |
33316 (Zip code) |
Registrant’s telephone number, including area code (954) 523-2200
Item 5. Other Events and Regulation FD Disclosure
Seabulk International, Inc. (Nasdaq: SBLK) expects to be added to the Russell 3000® Index when it is reconstituted June 30, according to a preliminary list of additions issued last Friday by the Frank Russell Company. Index membership will go into effect July 1 and will remain in place for one year. Seabulk’s membership in the Russell 3000® means automatic inclusion in the small-cap Russell 2000® Index.
“This is good news and means increased visibility for our stock,” commented Jack O’Connell, Senior Vice President for Investor Relations and Corporate Communications. “The Russell indexes are widely followed, and our inclusion should lead to new interest in the Seabulk story and higher average trading volumes in the stock.”
Membership in Russell’s 21 U.S. equity indexes is determined primarily by market capitalization rankings. About $250 billion is invested in index funds based on Russell’s indexes and an additional $850 billion is benchmarked to them. Investment managers who oversee these funds purchase shares of member stocks according to that company’s weighting in the particular index.
Annual reconstitution of the Russell indexes captures the 3,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization to create the Russell 3000. The largest 1,000 companies in the ranking comprise the Russell 1000 Index while the remaining 2,000 companies become the widely used Russell 2000 Index. For more information, go to www.russell.com.
With a fleet of 161 vessels, Seabulk International is a leading provider of marine support and transportation services, primarily to the energy and chemical industries. We provide benchmark quality service to our customers based on innovative technology, the highest safety standards, modern efficient equipment and dedicated, professional employees. Visit us on the Web at www.seabulkinternational.com.
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This press release includes “forward-looking” information. Forward-looking information includes any statements regarding our expected results of operations, business strategy, competitive position, growth opportunities, and management plans and objectives. Like any other business, we are subject to risks and other uncertainties that could cause our actual results to differ materially from any projections or that could cause other forward-looking information to prove incorrect. In addition to general economic and business risks, some of the specific risks to which our business is subject are (1) declines in oil or gas prices, which can lead to decreased offshore exploration and development activity and thus reduced demand for offshore support vessels, (2) increased construction of new offshore support vessels, which can cause oversupply in the market, (3) international political instability, which can lead to reductions in offshore activity, particularly in less developed regions, (4) fluctuations in weather, which can lead to declines in energy consumption and resulting declines in oil or gas prices, (5) changes in laws and regulations affecting the marine transportation industry, including any possible weakening of the Jones Act, which could result in increased competition from non-U.S. companies in our domestic offshore energy support, marine transportation and towing businesses, and (6) changes in environmental laws and regulations, including any possible weakening of the Oil Pollution Act of 1990, which could result in increased competition for the domestic transportation services provided by our modern double-hull fleet. Additional information regarding these and other factors affecting our business appears in our Reports on Form 10-K and Form 10-Q that we have filed with the Securities and Exchange Commission.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SEABULK INTERNATIONAL, INC | ||
| By: /s/ ALAN R. TWAITS | ||
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ALAN R. TWAITS Senior Vice President, General Counsel and Secretary |
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| June 17, 2003 |
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