Trico Marine Group Closes Asset Sale and Announces New Contract Awards
14 Abril 2010 - 12:30PM
Trico Marine Services, Inc. (Nasdaq:TRMA) (the "Company" or
"Trico") today announced the sale of one of its North Sea class
vessels for approximately $16 million to a buyer in Asia, bringing
the total in asset sale proceeds since the beginning of the year to
approximately $20 million. The Company expects to use the proceeds
to service debt obligations.
In addition, the Company today announced new contract awards
representing over $25 million in value relating to new subsea
contract awards for projects in the North Sea. Contracts
awarded for the Company's Subsea Services and Subsea Protection
divisions include the following:
DeepOcean was awarded a long term frame agreement for subsea
services with a major oil company involving firm work for three
annual campaigns covering structural and pipeline inspection in the
UK and Norwegian sectors of the North Sea.
CTC Marine was awarded its second significant offshore renewable
energy contract in the North Sea whereby CTC Marine will load out
and install powered cable and then provide the associated survey
works, trenching scope, and stabilisation of the cable.
Mr. Compofelice, Chief Executive Officer of the Trico Marine
Group, commented, "Offshore renewable energy is an increasing
priority worldwide and we expect to play a strong role in the
offshore renewable energy supply chain." He concluded, "As
previously indicated, the levels of tendering activity we are
seeing within DeepOcean and CTC Marine lead us to be cautiously
optimistic for our subsea outlook from the second quarter in 2010
and beyond."
About Trico Marine Group
The Trico Marine Group is an integrated provider of subsea,
trenching and marine support vessels and
services. Trico's towing and supply division
provides a broad range of marine support services to the oil and
gas industry through use of its diversified fleet of vessels
including the transportation of drilling materials, supplies and
crews to drilling rigs and other offshore facilities; towing
drilling rigs and equipment, and support for the construction,
installation, repair and maintenance of offshore
facilities. Trico's subsea services and
trenching/installation divisions control a well equipped fleet of
vessels and operate a fleet of modern ROVs and trenching and other
subsea protection equipment. The Trico Marine Group is
headquartered in The Woodlands, Texas and has a global presence
with operations in the North Sea, West Africa, Mexico, Brazil and
Southeast Asia.
For more information about Trico Marine Services, Inc. visit us
on the web at www.tricomarine.com.
The Trico Marine Services, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5229
Certain statements in this press release that are not historical
fact may be "forward looking statements." Actual events may differ
materially from those projected in any forward-looking
statement. There are a number of important factors involving
risks and uncertainties beyond the control of the Company that
could cause actual events to differ materially from those expressed
or implied by such forward-looking statements. A
description of risks and uncertainties relating to Trico Marine
Services, Inc. and its industry and other factors, which could
affect the Company's results of operations or financial condition,
are included in the Company's Securities and Exchange Commission
filings. Trico undertakes no obligation to publicly update or
revise any forward-looking statements to reflect events or
circumstances that may arise after the date of this report.
CONTACT: Trico Marine Services, Inc.
Geoff Jones, SVP & Chief Financial Officer
(713) 780-9926
Trico Marine Services (NASDAQ:TRMA)
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