Trico Marine Reports First Quarter 2002 Results

Monday, April 29, 2002
Trico Marine Services, Inc. has reported a net loss for the quarter ended March 31, 2002, of $4.8 million, or $(0.13) per share (diluted), on revenues of $32.1 million, compared to net income of $2.0 million, or $0.05 per share (diluted), on revenues of $43.3 million for the first quarter of 2001. The decrease in revenues for the first quarter of 2002 resulted from lower average day rates and utilization for some of the Company's vessel classes, particularly the Gulf of Mexico supply boats, compared to the first quarter 2001. Supply boat day rates in the Gulf of Mexico averaged $6,050 for the first quarter 2002, compared to $6,631 for the first quarter 2001. Average day rates for the North Sea fleet were $10,443 for the most recent quarter, compared to $10,389 for the first quarter 2001. The utilization rate for Gulf of Mexico supply boats was 53% for the first quarter 2002, compared to 73% for the year-ago period. Utilization of the North Sea vessels was static at 89% in the most recent quarter, compared to the first quarter 2001.

"The weakness in the Gulf of Mexico market, which carried over from the fourth quarter and continues today, is the biggest factor in our first quarter results," said Thomas E. Fairley, Trico's President and Chief Executive Officer. "As expected, we experienced a seasonal downturn in activity in the North Sea, which adversely affected both day rates and utilization in that market. Our international markets remained strong, and during the quarter the Company received seven new contracts in various market areas, including Brazil, West Africa and Trinidad. In addition, Trico has signed a three year contract at an attractive rate on the first of the Company's new build UT 745 PSVs, which will deliver in early June 2002." Fairley added that part of the decrease in revenue and net income was due to downtime and costs incurred while preparing vessels for redeployment to international markets and the mobilization of these vessels to their destinations.

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Former CIA Spy Ship Becomes Victim of Oil Slump

A ship built by the CIA for a secret Cold War mission in 1974 to raise a sunken Soviet sub is heading to the scrap yard, a victim of the slide in oil prices.   Christened the Hughes Glomar Explorer,

Greece Wants EU Funding to Tackle Migrant Influx

Greece will ask the European Union for about 700 million euros to build infrastructure to shelter the hundreds of refugees and migrants arriving on its shores daily, the government said on Thursday.

Asia-Europe Box Rates Soar Again

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 29 percent to $763 per 20-foot container (TEU) this week data from

 
 
Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion 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: 0.1219 sec (8 req/sec)