Trico Marine Group Awarded Approximately $40 Million in Subsea Contracts
18 Mars 2010 - 4:00PM
Trico Marine Services, Inc. (Nasdaq:TRMA) (the "Company" or
"Trico") today announced new contract awards of approximately $40
million in value. All of the contracts were with Trico Marine
Group's subsea services company, DeepOcean AS, or its subsea
protection company, CTC Marine.
Multiple contracts awards included the following:
CTC Marine was awarded by Norddeutsche Seekabelwerke GmbH (NSW),
an offshore renewable installation, trenching and connection
contract of approximately 80 infield array cables on the BARD
Offshore 1 Wind Farm Project in the North Sea; and
Deep Ocean was awarded a long term frame agreement for subsea
services with a major oil company involving firm work for 3 annual
campaigns covering structural and pipeline inspection in
Norway.
Mr. Compofelice, Chief Executive Officer of the Trico Marine
Group, commented, "The BARD project award reflects our strong
position in the offshore renewable installation through CTC Marine.
Offshore wind is a UK industrial priority and we expect to play a
strong role in the offshore wind supply chain." He concluded,
"As previously indicated, the levels of tendering activity we are
seeing within DeepOcean and CTC Marine lead us to be cautiously
optimistic for our subsea outlook from the second quarter in 2010
and beyond."
About Trico Marine Group
The Trico Marine Group is an integrated provider of subsea,
trenching and marine support vessels and services. Trico's
towing and supply division provides a broad range of marine support
services to the oil and gas industry through use of its diversified
fleet of vessels including the transportation of drilling
materials, supplies and crews to drilling rigs and other offshore
facilities; towing drilling rigs and equipment, and support for the
construction, installation, repair and maintenance of offshore
facilities. Trico's subsea services and
trenching/installation divisions control a well equipped fleet of
vessels and operate a fleet of modern ROVs and trenching and other
subsea protection equipment. The Trico Marine Group is
headquartered in The Woodlands, Texas, and has a global presence
with operations in the North Sea, West Africa, Mexico, Brazil and
Southeast Asia.
For more information about Trico Marine Services, Inc. visit us
on the web at http://www.tricomarine.com.
The Trico Marine Services, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5229
Certain statements in this press release that are not historical
fact may be "forward-looking statements." Actual events may differ
materially from those projected in any forward-looking
statement. There are a number of important factors involving
risks and uncertainties beyond the control of the Company that
could cause actual events to differ materially from those expressed
or implied by such forward-looking statements. A
description of risks and uncertainties relating to Trico Marine
Services, Inc. and its industry and other factors, which could
affect the Company's results of operations or financial condition,
are included in the Company's Securities and Exchange Commission
filings. Trico undertakes no obligation to publicly update or
revise any forward-looking statements to reflect events or
circumstances that may arise after the date of this report.
CONTACT: Trico Marine Services, Inc.
Geoff Jones, SVP & Chief Financial Officer
(713) 780-9926
Trico Marine Services (NASDAQ:TRMA)
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