Trico Announces Extension of Exchange Offer and Consent Solicitation

Press Release
Thursday, April 21, 2011

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.  The deadline (the "Voting Deadline") for submitting ballots to accept or reject the prepackaged plan of reorganization remains 5:00 p.m. Eastern Time on April 18, 2011.  However, ballots previously received will remain valid.  The Exchange Offer, Consent Solicitation and solicitation of acceptances of the Prepackaged Plan are otherwise unchanged.

The Exchange Offer and Consent Solicitation were scheduled to expire at 5:00 p.m. Eastern Time on April 15, 2011.  At 5:00 p.m. Eastern Time on April 15, 2011, $396,454,000 principal amount of Notes representing approximately 99.11% of the outstanding principal amount of the Notes had been validly tendered and not withdrawn in the Exchange Offer.  The Company is extending the expiration date of the Exchange Offer in order to permit the progression of negotiations with other creditors, whose agreement is a condition to the Exchange Offer. 

The Exchange Offer is being made, and the New Common Stock is being offered and issued within the United States only to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") or institutional "accredited investors," as defined in Rule 501 under the Securities Act, and outside the United States to non-U.S. investors.  The New Common Stock to be offered has not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. 

This press release is for informational purposes only and does not constitute an offer to purchase the Notes or the New Common Stock or an offer to sell securities. The Exchange Offer and the Consent Solicitation are only being made pursuant to the Statement and the Supplement which explains the full terms and conditions of the Exchange Offer and the Consent Solicitation.  The solicitation of acceptances of the Prepackaged Plan is only being made pursuant to the Disclosure Statement which explains the full terms and conditions of the Prepackaged Plan. The Exchange Offer, Consent Solicitation and solicitation of acceptances of the Prepackaged Plan are not being made to holders of the Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.  Holders of the Notes should read them carefully, as well as any amendments or supplements to those documents, because they will contain important information.  In addition, the Company will provide copies of these documents free of charge to holders of its outstanding Notes upon request to Epiq Systems Inc., at (646) 2822400.

The Company has not yet filed the Prepackaged Plan referred to above.  In the event the financial restructuring plan is implemented pursuant to the Prepackaged Plan, such restructuring plan is dependent upon a number of factors, including:  the filing of petitions for relief under chapter 11 of the U.S. Bankruptcy Code, the filing of the Prepackaged Plan; the approval of a disclosure statement by the U.S. Bankruptcy Court; and the confirmation and consummation of the Prepackaged Plan in accordance with the provisions of the U.S. Bankruptcy Code. 

Source: SOURCE Trico Marine Services, Inc. & PRNewswire

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