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Trico Marine Group (TRMA) Closes Asset Sale and Announces New Contract Awards

THE WOODLANDS, Texas, April 14, 2010 (GLOBE NEWSWIRE) — 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.

Wednesday, April 14th, 2010 Uncategorized
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