Trico Marine Reports Full Year 4Q Results

Friday, February 15, 2002
Trico Marine Services, Inc. announced a net loss for the fourth quarter ended December 31, 2001 of $884,000, on revenues of $41.7 million. This compares to net income of $1.4 million on revenues of $41.7 million, for the fourth quarter last year. For the fiscal year ended December 31, 2001, the Company reported a net loss of $6.9 million on revenues of $182.6 million which included a non-cash charge of $24.3 million, before taxes, due to the write-down of the book value of eight vessels. This compared to a net loss of approximately $12.7 million on revenues of $132.9 million for 2000. Results for fiscal year 2000 include a gain of $3.9 million, pre-tax, from the sale of the company's six liftboats and an extraordinary one-time gain of $715,000, net of taxes, resulting from the early payment of debt. Day rates for Gulf supply boats averaged $6,568 with utilization of 59 percent in the fourth quarter 2001, compared to $6,027 with utilization of 73 percent in the fourth quarter last year. North Sea day rates averaged $13,127 with utilization of 92 percent, compared to $10,367 with utilization of 85% for the 2000 fourth quarter. Direct vessel operating expenses increased in the fourth quarter 2001 to $20.7 million, compared to $18.0 million for the fourth quarter 2000, due primarily to increases in labor costs, insurance expenses and costs associated with the mobilization of vessels to various foreign markets. In addition, during 2001 the company reactivated seven vessels. "We are currently seeing low utilization in the Gulf of Mexico for our fleet because of weak natural gas prices and a decrease in drilling activity. We are however pleased with our ability to maintain prices through this down market," said Thomas E. Fairley, President and Chief Executive Officer. "We are encouraged by the strength in the international market thus far; however, we experienced the traditional seasonal slowdown in the North Sea towards the end of the quarter."
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Propulsion Under Wireless Remote Control

Thrustmaster of Texas, Inc. has been supplying wireless remote controls for thrusters since the 1980s, offering products that are supported through their lifecycles

Jotun to Update Performance Guarantees

The 17 National Standardization Bodies represented on ISO’s Marine Environment Protection Sub-committee (ISO-TC8-SC2) has voted in favor of circulating ISO 19030

Technip Wins Jurong's FPSO Conversion Contract

Technip has been awarded a topsides detailed engineering and procurement services contract by Jurong Shipyard Pte Ltd. The project is part of the conversion of a shuttle tanker into a floating,

Finance

S. African Competition Watchdog Fines Japanese Shipping Firm

South Africa's competition watchdog has recommended Japanese shipping firm Nippon Yusen Kabushiki Kaisha Ltd (NYK) pay a 104 million rand ($8.5 million) penalty

Activists Planning Protest Against Shell's Arctic Business

U.S. environmental activists said they planned to protest on Tuesday against the launch of the second of two oil rigs central to Shell's plans to drill for oil in the Arctic.

Protests Shut Channel Tunnel Again

The Channel Tunnel closed again on Tuesday due to protesting MyFerryLink workers, its operator Eurotunnel and French traffic supervision body Bison Fute said. The

 
 
Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1101 sec (9 req/sec)