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Thomas E Fairley News

14 Aug 2003

Trico Marine Reports 2Q Results

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).

16 Sep 2003

Trico Completes Sale of North Sea

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.

29 Apr 2002

Trico Marine Reports First Quarter 2002 Results

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.

18 Feb 2003

Trico Marine Reports 2002 and 4Q Results

Trico Marine Services, Inc. announced a net loss for the fourth quarter ended December 31, 2002 of $14.4 million, or $(0.40) per share (diluted), after an extraordinary item, on revenues of $35.2 million. The net loss for the 2002 fourth quarter includes an extraordinary charge of $102,000 resulting from the early extinguishment of debt and a non-cash charge of $5.2 million due to an asset write-down. This compares to a net loss of $884,000, or $(0.02) per share (diluted), on revenues of $41.7 million for the fourth quarter last year. The non-cash charge of $5.2 million is due to the write-down of the book value of two vessels. The Company stated these vessels are special-purpose towing vessels, with limited capabilities as conventional supply vessels.

11 Mar 2003

People & Company News: Trico Marine Reports 2002 and 4Q Results

Trico Marine Services, Inc. announced a net loss for the fourth quarter ended December 31, 2002 of $14.4 million, or $(0.40) per share (diluted), after an extraordinary item, on revenues of $35.2 million. The net loss for the 2002 fourth quarter includes an extraordinary charge of $102,000 resulting from the early extinguishment of debt and a non-cash charge of $5.2 million due to an asset write-down. This compares to a net loss of $884,000, or $(0.02) per share (diluted), on revenues of $41.7 million for the fourth quarter last year. The non-cash charge of $5.2 million is due to the write-down of the book value of two vessels. The company said these vessels are special-purpose towing vessels, with limited capabilities as conventional supply vessels.

15 Feb 2002

Trico Marine Reports Full Year 4Q Results

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. $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.

08 Jun 2001

Trico Marine to Acquire Two Large North Sea Platform Supply Vessels

Trico Marine Services, Inc. has signed a definitive agreement to acquire two 279-ft. (85 m) platform supply vessels for a cost of approximately $4.4 million. The two state-of-the-art, UT 745 design vessels are currently under construction in Norway and are slated for delivery in April and August 2002. Payment terms for each of the vessels call for payments equal to 20 percent during construction and 80 percent upon delivery. "The UT 745 vessels, which are equipped with DP2 (dynamic positioning) systems, are among the largest, most technologically-advanced platform supply vessels available in the industry today,'' said Thomas E. Fairley, president and CEO.