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

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. These services include the transportation of drilling materials, supplies and crews to drilling rigs and other offshore facilities.

The company yesterday announced the sale of its North Sea class vessels for approximately $16 million to a buyer in Asia. This brings the total in asset sale proceeds since the beginning of the year to approximately $20 million. Trico expects to use the proceeds of these sales to service debt obligations.

In addition, Trico Marine also announced new contract awards valued at over $25 million. The contracts were awarded for projects in the North Sea. Contracts awarded for the company’s Subsea Services and Subsea Protection divisions include the following:

• Deep Ocean was awarded a long-term agreement for subsea services with a major oil company. It involves 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. CTC Marine will load out and install powered cable and then provide the associated survey works, trenching scope and stabilization of the cable.

With regard to the CTC Marine contract, the CEO of Trico Marine commented, “Offshore renewable energy is an increasing priority worldwide and we expect to play a strong role in the offshore renewable energy chain.”

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