Trico Marine Reports Full Year 4Q Results

Friday, February 15, 2002
Trico Marine Services, Inc. announced a net loss for the fourth quarter ended December 31, 2001 of $884,000, on revenues of $41.7 million. This compares to net income of $1.4 million on revenues of $41.7 million, for the fourth quarter last year. For the fiscal year ended December 31, 2001, the Company reported a net loss of $6.9 million on revenues of $182.6 million which included a non-cash charge of $24.3 million, before taxes, due to the write-down of the book value of eight vessels. This compared to a net loss of approximately $12.7 million on revenues of $132.9 million for 2000. Results for fiscal year 2000 include a gain of $3.9 million, pre-tax, from the sale of the company's six liftboats and an extraordinary one-time gain of $715,000, net of taxes, resulting from the early payment of debt. Day rates for Gulf supply boats averaged $6,568 with utilization of 59 percent in the fourth quarter 2001, compared to $6,027 with utilization of 73 percent in the fourth quarter last year. North Sea day rates averaged $13,127 with utilization of 92 percent, compared to $10,367 with utilization of 85% for the 2000 fourth quarter. Direct vessel operating expenses increased in the fourth quarter 2001 to $20.7 million, compared to $18.0 million for the fourth quarter 2000, due primarily to increases in labor costs, insurance expenses and costs associated with the mobilization of vessels to various foreign markets. In addition, during 2001 the company reactivated seven vessels. "We are currently seeing low utilization in the Gulf of Mexico for our fleet because of weak natural gas prices and a decrease in drilling activity. We are however pleased with our ability to maintain prices through this down market," said Thomas E. Fairley, President and Chief Executive Officer. "We are encouraged by the strength in the international market thus far; however, we experienced the traditional seasonal slowdown in the North Sea towards the end of the quarter."
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