Accelerating its strategic goal of reducing its total amount of outstanding indebtedness, Trico Marine Services, Inc. announced the appointment of Joseph Compofelice as non-executive Chairman of the Board and the retention of Lazard Freres & Co. LLC as financial advisor and Kirkland & Ellis LLP as legal advisor. This team will assist the Company's management in exploring various alternatives including selling assets, raising additional financing and restructuring the Company's debt, including its $250 million Senior Notes due 2012.
Compofelice, a director of Trico since 2003, is chairman of the Company's Audit Committee and has served as an executive of several public companies including CEO of CompX International and CFO of Titanium Metals Corporation, Baroid Corporation, NL Industries and Tremont LLC. Mr. Compofelice formerly held management positions with Smith International, Inc. Ronald Palmer, formerly Trico's executive Chairman, has decided to
step down as an officer and director of the Company, but will continue to provide services to Trico.