According to my handy-dandy book "Deregulation Knockouts - Round One" by Tom W Norwood:
"Gulf Air Transport began operations in 1979 supporting the oil industry in the Gulf of Mexico using Convair-Liners and, later, a Lockheed Electra. It expanded into the contract charter business in 1984 with acquisition of a Boeing 727-100. Overseas charters began in 1989, but because it shared the same name as the flag carrier of Oman, it had to change it's name. Sun International was selected but this choice was contested successfully by Sun Country Airlines. Therefore on May 1, TransOcean Airlines was adopted. The swift expansion into the European charter business proved costly and the company filed bankruptcy by the end of 1989. By March, 1990 the company ceased operations."
Coast to Coast and Border to Border, Ozark Flies YOUR Way!