THE WOODLANDS, Texas, Feb. 10, 2009 (GLOBE NEWSWIRE) -- Trico Marine Services, Inc. (Nasdaq:TRMA) (the "Company" or "Trico") today announced new contract awards and extensions of certain existing contracts representing over $80 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.
Over the last two months, multiple contracts representing approximately $53 million in value were awarded to DeepOcean involving inspection, maintenance and repair (IMR) and survey work:
* StatoilHydro secured the Edda Fonn for all of 2009 to conduct
annual inspections of their production platforms in the North
Sea;
* StatoilHydro will also use the Edda Freya for four months of
survey work commencing on April 1, 2009, with options for
additional duration depending on the workscope;
* The Edda Freya will also be used for survey work in Gibraltar for
Enagas. DeepOcean will perform a survey of gas pipelines from
Spain to Morocco; and
* Deep Endeavour was secured for 6 months of IMR work through June
2009, with one of the main contractors to Pemex.
In addition, CTC Marine has recently secured the following contract extension and awards representing approximately $31 million in value:
* Bluewhale Offshore Engineering Technology extended its contract
until August 2009, under which CTC Marine shall complete workscope
including, but not limited to, diving support work, installation,
trenching and burial as well as riser installation services;
* Trident Australasia recently awarded CTC Marine a contract
commencing in March 2009 for the Longtom project, covering the
installation and trenching of over 20km of umbilical in addition
to installation of spools and deployment of protection
structures; and
* A contract award for installation of telecom cables commencing in
2010.
Mr. Compofelice, Chairman and Chief Executive Officer of the Trico Marine Group, commented, "These contract awards show the strength of our subsea services and subsea protection businesses. We continue to win contract awards directly or indirectly for national oil companies in the international arena. Furthermore, our historical performance and strong relationships are proving valuable as we continue to secure work with national oil companies. Lastly, we are seeing pricing in these contracts that is consistent with the level of pricing we experienced in 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.
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.