Trico Completes Sale of North Sea
Tuesday, September 16, 2003
Trico Marine Services, Inc. announced that it is continuing to make progress executing its liquidity enhancement plan. The Company completed the sale of one of its largest North Sea vessels for NOK 263.5 million, approximately $35.5 million. In addition, the company completed the sale of its Brazilian AHTS newbuild project for approximately $17.3 million. The Company recovered all of its direct vessel costs related to the project. As a result of the sale of its interest in the Brazilian AHTS newbuild project, the Company will no longer be liable for the remaining progress payments required to complete the vessel. Proceeds from the sales will be used to provide working capital and reduce the Company's outstanding bank debt.
"The closing of the sales of these vessels marks another significant step in our plans to improve liquidity and strengthen our balance sheet," said Thomas E. Fairley, President and Chief Executive Officer. "We will continue to strive to improve Trico's financial condition to ensure the long-term success of the Company."