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 July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Topaz Secures $75m Investment from SCPE

Topaz Energy and Marine, an offshore support vessel company with primary operations in the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico,

Refiners Seek Jones Act Workarounds as Crude Export Debate Heats Up

As the first U.S. oil condensate exports head to Asia from the Gulf Coast, crude producers and refiners are exploring ways to get around a century-old law that

Lukoil Shipped Canadian Crude from Houston

Russian oil major Lukoil has emerged as one of the first companies to buy Canadian crude re-exported from a U.S. port, shipping one cargo last month to its refinery in Augusta,

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Repair Ship Simulators 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: 0.1292 sec (8 req/sec)