Trico Marine Files 10-Q For 4Q

Friday, May 16, 2003
Trico Marine Services, Inc. announced that it has filed its Form 10-Q for the quarter ended March 31, 2003 with the Securities and Exchange Commission in which it describes its 2003 liquidity enhancing plan to ensure adequate funding for its operations and capital needs.

As part of this plan, the Company also announced that its Norwegian operating subsidiary has executed a commitment letter with one of its existing lead lenders to enter into a new three year NOK 150 million (approximately US$21.9 million) term loan facility. Proceeds from the loan will be used to refinance an outstanding NOK 40 million (approximately $5.8 million) term loan due June 30, 2003 and repay amounts outstanding under the Company's NOK 760 million (approximately US$11 million) revolving credit facility and provide additional borrowing capacity.

Other key elements of this plan include: the sale of one of its largest AHTS North Sea class vessels or one or more other North Sea class vessels through a variety of transaction structures to raise capital and repay debt; obtaining a $4.5 million U.S. federal income tax refund; obtaining an equity partner and funding for its Brazilian AHTS newbuild project from the Brazilian development bank.

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