THE WOODLANDS, Texas, Jan. 6, 2009 (GLOBE NEWSWIRE) -- Trico Marine Services, Inc. (Nasdaq:TRMA) (the "Company" or "Trico") today announced that CTC Marine Projects, the Company's trenching and installation division, has been awarded a contract with a value of $20 million for the North Bardawil Project offshore Egypt for Petrobel which is scheduled to commence in the first quarter of 2009.
Mr. Compofelice, the Chairman and Chief Executive Officer of the Trico Marine Group, commented, "The North Bardawil contract award highlights the breadth of services and technology that the Trico Marine Group offers through CTC and DeepOcean. It is significant for CTC as it diversifies their ability to perform work scopes ranging from trenching to a more comprehensive subsea protection services outside of it's original home market in the North Sea. We expect to secure similar projects built around advanced subsea technologies in the future."
This project will utilize the MPSV Volantis, with a permanently installed jet trenching system, a 2000 ton carousel reel for deployment of flexible pipeline and umbilical, a 150 ton heave compensated crane for deepwater construction and the WROV Installer 1 from Trico's DeepOcean Division. The Volantis was delivered in the second quarter 2008.
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 as well as the Gulf of Mexico.
For more information about Trico Marine Services, Inc. visit us on the web at www.tricomarine.com.
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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.