Trico Marine Announces Financing Arrangement

Friday, October 04, 2002
Trico Marine Services, Inc. announced that Trico and GE Commercial Equipment Financing have entered into an agreement that will provide approximately $11.4 million of funding for the marine services company. Under the operating lease arrangement, GE will pay Trico approximately $11.4 million for three 155-foot crew boats currently being built for the company by Gulf Craft, Inc. Upon the completion of each vessel, GE will charter the vessels to Trico. The charters will have 10-year terms and include options for Trico to purchase the vessels after eight years at specified prices, and also at the end of the 10-year term for their fair market value. Shipyard deliveries of the vessels are expected in October and December 2002, and January 2003. Trico also announced that it has entered into an amendment to its $45 million U.S. bank credit facility to revise certain financial covenants. As a result of the amendment, Trico expects to be able to continue to comply with the financial covenants in the facility during current market conditions.
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

MHI Receives "Best IR Award"

Mitsubishi Heavy Industries, Ltd. (MHI) has received one of this year's "Best IR Awards" presented annually by the Japan Investor Relations Association (JIRA).

Houston Port Commission Approves budget

The Fiscal Year 2015 Operating and Capital Budget was approved Thursday during a special meeting of the Port Commission of the Port of Houston Authority.   Projections

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1364 sec (7 req/sec)