Trico Marine Services Inc News

HOUSTON, April 18, 2011 /PRNewswire/ -- Trico Shipping AS (the "Company"), a subsidiary of Trico Marine Services, Inc. (Pink Sheets: TRMAQ) ("Trico Marine"), announced today that it has extended the expiration date of its out-of-court exchange offer (the "Exchange Offer") to the holders ("Noteholders") of its 11 7/8% senior secured notes due 2014 (the "Notes") and the solicitation of consents to the governing indenture (the "Consent Solicitation") to 5:00 p.m. Eastern Time on April 20, 2011. Withdrawal rights under the Exchange Offer will not be extended by the new expiration date.

Trico Marine Services, Inc. (Pink Sheets: TRMAQ) announced that it has reached an agreement with the company's major constituents concerning the process of selling Trico's remaining towing and supply vessels and any related operating assets, in accordance with previous public statements that the company is exiting the towing and supply business. The United States Bankruptcy Court for the District of Delaware recently issued an order approving the agreed upon sale process. The company noted that today's announcement excludes vessels owned by entities not part of the company's bankruptcy proceedings, including Trico's North Sea Towing and Supply vessels.

Trico Marine Services, Inc. (NASDAQ:TRMA) announced that its U.S. companies and its Cayman Islands holding company have filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (U.S. Bankruptcy Code) in the United States Bankruptcy Court for the District of Delaware. Aside from the Cayman Islands holding company, Trico's foreign subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code. Trico's U.S. and worldwide operations are expected to continue without interruption during the restructuring process. Chairman of the Board of Directors, President and Chief Executive Officer, Richard A.

Trico Marine Services, Inc. has reported a net loss for the second quarter ended June 30, 2003, of $42 million, or $(1.16) per share (diluted), including a charge of $5.2 million, resulting from the loss on assets held for sale and a charge of $28.6 million due to the partial impairment of goodwill primary related to the company's North Sea reporting unit. This compares to a loss of $13.8 million, or $0.38 per share (diluted) in the second quarter of 2002, which included a charge of $9.2 million resulting from the early extinguishment of debt. Second quarter 2003 revenues increased to $34.5 million compared to $32.6 million for the second quarter of 2002. The net loss for the six month period ended June 30, 2003 was $55.5 million or $(1.53) per share (diluted).

Trico Marine Services, Inc. announced that it is continuing to make progress executing its liquidity enhancement plan. The Company completed the sale of one of its largest North Sea vessels for NOK 263.5 million, approximately $35.5 million. In addition, the company completed the sale of its Brazilian AHTS newbuild project for approximately $17.3 million. The Company recovered all of its direct vessel costs related to the project. As a result of the sale of its interest in the Brazilian AHTS newbuild project, the Company will no longer be liable for the remaining progress payments required to complete the vessel. Proceeds from the sales will be used to provide working capital and reduce the Company's outstanding bank debt.

Trico Marine Services, Inc. is pleased to announce that it has scheduled a press release and a conference call to discuss its earnings for the third quarter ended September 30, 2003. The press release will be issued before the market opens on Friday, November 14, 2003, and a conference call will be held at 2:00 p.m. Eastern time. Interested parties may listen to the call by dialing 973-409-9256 and asking for the Trico Marine Conference. It is recommended that listeners dial in five to ten minutes before the call begins. A telephonic replay will also be available shortly after the conclusion of the call and will be available until 5:00 p.m. Friday, November 21, 2003. To access the replay, dial 973-341-3080 using the pass code 4308580.

Trico Marine Services, Inc. refinancing of its existing U.S. revolving credit facility ("U.S. Facility"). The Company refinanced the U.S. add operating flexibility. credit facility ("New Credit Facility") is secured by 43 supply vessels. original issue discount of 2.0% and is subject to incurrence-based covenants. offering expenses. U.S. general corporate purposes. February 2009 and will have two years of call protection. also provide incremental available liquidity.

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…

Trico Marine Services, Inc. announced that the Company's independent registered public accounting firm reissued its report on the Company's financial statements for the year ended December 31, 2003 with a going concern explanatory paragraph in the Company's amendment to its Form 10-K for the fiscal year ended December 31, 2003. The Company originally filed its 2003 Form 10-K on March 15, 2004 and filed the Form 10-K amendment on August 9, 2004 in order to respond to comments received from the staff of the Securities and Exchange Commission regarding the classification of indebtedness under the Company's Norwegian revolving credit facility. Due to the Company's 10-K amendment, the Company's independent registered public accounting firm was required to reissue its 2003 audit report.

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.

Trico Marine Services, Inc. announced today that it expects to make a private offer of $250 million of senior notes due 2012. Trico anticipates that the notes will be offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States pursuant to Regulation S under the Securities Act. The notes will not be registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act. Trico Marine expects to use all of the net proceeds of the offering of the senior notes due 2012 to purchase its existing 8.50 percent senior notes due 2005 pursuant to a tender offer.

Trico Marine Services, Inc. announced today the pricing of its previously announced private offering of $250.0 million aggregate principal amount of 8 7/8 % Senior Notes due 2012. The notes were priced at 99.196 to yield 9.0% Trico Marine expects to use the net proceeds of the offering of the senior notes due 2012 to purchase its existing 8 1/2% senior notes due 2005 pursuant to an outstanding offer to purchase such notes and to pay related fees and expenses. The notes being sold have not and will not be registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act. The notes will be eligible for trading under Rule 144A.

Deutsche Banc Alex.Brown said on Thursday that it had started coverage of Trico Marine Services Inc., an energy services provider, with a strong buy rating and a $20-a-share price target. Trico shares closed at $16-1/16 on Wednesday. Deutsche Banc Alex Brown analysts said shares could rise from earnings leverage due to offshore oil rig use in the Gulf of Mexico and the North Sea, expanded deep-water markets of West Africa and Brazil, a projected earnings recovery, and a share price that trades at a discount to its peers. Trico is expected to report a loss of $.63 a share in 2000 and earn a profit of $.67 a share in 2001, Deutsche Banc Alex.Brown said in a research note.

Trico Marine Services Inc. filed with U.S. regulators to sell on occasion up to $150 million in common and preferred stock, depositary shares, debt securities, guarantees and warrants. It said it plans to use the proceeds for general corporate purposes, which may include debt repayment, acquisitions, capital spending and working capital. It will not receive any proceeds from the sale of stock by shareholders. — (Reuters)

Trico Marine Services, Inc., has taken delivery on the Northern Canyon, a 279-ft. UT 745 design platform supply vessel (PSV). The state-of-the-art vessel is designed to serve deepwater markets worldwide. Built in Norway, the Northern Canyon is equipped with a DP2 (dynamic positioning) system and is among the largest, most technologically advanced PSVs available in the industry. The vessel, which will be deployed initially in the North Sea, is quipped as a remotely operated vehicle vessel to perform subsea construction work globally. It has been awarded a three-year contract by Canyon-Offshore, Inc. Trico is scheduled to take delivery of a second 279-ft. PSV in September 2002. It also expects to take delivery of three new generation 155-ft.

Trico Marine Services, Inc. announced the issuance of a notice of default and guarantee demand by Bear Stearns Corporate Lending Inc. ("Bear Stearns"). Bear Stearns is an administrative agent under the $55 million term loan (the "Term Loan") issued by a group of bank lenders to Trico's two primary domestic subsidiaries in February 2004. The Company is a guarantor of its subsidiaries' obligations under certain provisions of the Term Loan. Bear Stearns' notice of default and guarantee demand was issued on the basis of an earlier default arising from the Company's non-payment of interest due on its $250 million 8.875% Senior Notes due 2012 in June 2004.

Trico Marine Services, Inc. announces the appointment of Larry D. Francois as Senior Vice President of Operations. Prior to joining Trico, Francois served as President of Seabulk Offshore, a subsidiary of Seabulk International, Inc., for approximately three years where he was responsible for their worldwide offshore operations. Prior to his tenure at Seabulk, Larry served as area manager of domestic offshore marine operations for Tidewater, Inc. and prior to that assignment was a division manager for Zapata Gulf Marine Corporation in Mexico. Other overseas assignments included international marketing manager in London for Western Oceanic…

Trico Marine Services, Inc. announces the appointment of Robert V. O'Connor as Senior Vice President of Business and Strategic Development. Prior to joining Trico, O'Connor spent in excess of 20 years in the marine transportation business in commercial, technical, and financial roles with domestic and international companies. Most recently, he spent the past five years with The CIT Group, Inc., a leading commercial and consumer finance company, as Vice President of financial sales, lending to middle market marine transportation and energy companies. Prior to his tenure with CIT, he was marketing manager of Koch Chemical company where he was responsible for the marketing and trading of global bulk aromatic chemicals.

Trico Marine Services, Inc. has reached an agreement to build two GPA 640, 210-ft. offshore supply vessels for a total cost of approximately $35m. The vessels will have diesel electric propulsion and class 2 dynamic positioning systems. Bender Shipbuilding & Repair Co., Inc. will build the vessels at its shipyard in Mobile, Alabama, with an expected delivery date for the first vessel in March 2008 and the second vessel in July 2008. The agreement guarantees the construction costs of the vessels as well as technical specifications and contains penalties for late delivery. Trico expects to fund construction costs related to each vessel from cash and cash flow from operations. These vessels incorporate an additional deck level for increased accommodation of client personnel.

Hercules Offshore, Inc. has appointed Larry Francois as Chief Executive Officer and President of Delta Towing effective August 20. Delta Towing, a subsidiary of Hercules Offshore, operates a fleet of 96 marine vessels, including 42 inland tugs, 18 offshore tugs and 36 crew boats, as well as 60 barges, including 30 deck barges, 17 shale barges, four spud barges and one offshore barge in the Gulf of Mexico. Larry has over 30 years of industry experience, most recently serving as Sr. Vice President Operations for Trico Marine Services, Inc. Earlier in his career, Francois held numerous operational and management positions in the marine industry…

Trico Marine Services, Inc. (NASDAQ: TRMA) and Active Subsea ASA (NOTC: ASUB) announced that Trico intends to make a voluntary offer for all outstanding shares, options and warrants of Active Subsea. The offer price per share of Active Subsea will be $4.27 paid in cash. The offer values Active Subsea's equity at approximately $242m at exchange rates as of November 2, 2007. The board of directors and management of Active Subsea believes that it is in the best interests of the company's shareholders to support the offer. All board members in Active Subsea have pre-accepted the offer for the shares they hold in Active Subsea, including options and warrants.

Trico Marine Services, Inc. announces the appointment of Gerald Gray as its Vice President Trico Supply of International Operations. Gray has been in the marine industry for over 33 years serving in various managerial with an emphasis on international operations for U.S.-based companies, including two of the largest OSV companies. Gray has been responsible for operations in, among other areas, Africa, Southeast Asia, the Middle East and Norway. In each of those roles, his core strength has been in international maritime operations for a U.S. company. He will be based out of the Company's Aberdeen office and is responsible for operations in the North Sea and West Africa.

Trico Marine Services, Inc. announced that it has successfully completed its Chapter 11 reorganization and it and two principal subsidiaries have also emerged from bankruptcy. Thomas Fairley, Trico's President and Chief Executive Officer commented, "We are pleased to emerge from bankruptcy and I would like to thank the Company's customers, employees and suppliers for their continued support. Chapter 11 petitions were filed by Trico and its two principal U.S. subsidiaries on December 21, 2004. The U.S. Bankruptcy Court for the Southern District of New York confirmed Trico's Plan of Reorganization on January 21, 2005 and all conditions have been met which cleared the way for Trico and its subsidiaries to emerge from Chapter 11.