Trico Marine Services (TRMA), based in Houston, Texas, provides marine support services to the oil and gas industry. The company serves in such geographical areas as the North Sea, Gulf of Mexico, Mexico, Brazil, West Africa and Southeast Asia. The company has a fleet of vessels, drilling materials, supplies and crews for the construction, installation, repair and maintenance of subsea facilities.
In February, the company announced financial results for the quarter and year ending December 31, 2007. Fourth quarter net income, which resulted from strong international activity and changes to the Norwegian Tonnage Tax rules that took place in December 2007, was $30.7M and year end 2007 net income was $62.9M. Specific to the fourth quarter, the tax changes increased net income by $13.1M and for year-end 2007 by $2.8M.
According to Joseph Compofelice, chairman and chief executive officer, the company experienced softness in the Gulf of Mexico market but continued to successfully execute the company’s plan to mobilize vessels internationally for longer term contracts and better day rates. The company mobilized six vessels internationally during the fourth quarter, bringing the total amount of vessels to 13. Compofelice also reported the company’s acquisition of Active Subsea in November 2007, which positions the company as one of the largest global suppliers of the new subsea service vessels.
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