Trico Marine Services, Inc. has entered into an agreement to build a Marin Teknikk Design MT6009 MKII Platform Supply Vessel
for a total cost of approximately $25 million. This vessel will incorporate Dynamic Positioning 2 (DP-2 certification) and Clean and Comfort Class and will have large carrying capacity anticipated to be 3,300 deadweight tons. The agreement guarantees the construction cost of the vessel as well as technical specifications and contains escalating penalties for late delivery. As part of the agreement, Trico will have the option to purchase a sister vessel at a later date. Solstrand AS will build the vessel at its shipyard in Tomrefjord, Norway, with an expected delivery date in the fourth quarter of 2007. Trico expects to fund construction costs related to this vessel from cash and cash flow from operations.
Trevor Turbidy, President and Chief Executive Officer of the Company, commented, "We are pleased to announce the construction of this vessel, which is consistent with our previously announced strategy of upgrading our fleet in a fiscally responsible manner. We are delighted that Solstrand will be constructing this vessel and we have the utmost confidence in their ability to deliver the vessel on time in the fourth quarter of 2007."
This Marin Teknikk Design MT6009 MKII vessel incorporates an additional deck level for increased accommodation of client personnel and diesel-electric propulsion for excellent fuel efficiency and lower operating costs for our customers. These unique characteristics will make the vessel attractive for global deployment including specialized disciplines such as seismic, ROV, and subsea applications. Our success in securing an attractive long-term contract for this vessel will be a critical factor in determining whether we exercise the option for the sister vessel.