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.