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."
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Mitsubishi Super Skiving System

Mitsubishi Heavy Industries, Ltd. (MHI) has completed development of the "Mitsubishi Super Skiving System" for machining internal gears with high speed and outstanding precision.

Messer to Debut MetalMaster Xcel

Messer Cutting Systems said it has answered the call from manufacturers that have been demanding a faster, more accurate way of producing cut parts. Messer’s

Rolls-Royce Expands in the Canary Islands

Rolls-Royce announced it has signed a cooperation agreement with the Astican Shipyard in Las Palmas, Canary Islands that it said will enhance the service capabilities

Finance

Weak Oil Threatens US Export of LNG

Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for Asian buyers who have

Continership Alliance Expands to US Trades

The CKYHE Alliance (COSCO, "K" LINE, Yang Ming, Hanjin Shipping, and Evergreen Line) has announced they will expand their cooperation scope to U.S. Trades and CKYHE

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2292 sec (4 req/sec)