THE WOODLANDS, Texas, April 27, 2009 (GLOBE NEWSWIRE) -- Trico Marine Services, Inc. (Nasdaq:TRMA) (the "Company" or "Trico") today announced new contract awards and extensions of certain contracts representing over $100 million in value. All of the contracts were with Trico Marine Group's subsea services segments, DeepOcean and CTC Marine.
CTC Marine has been awarded contracts and extended further work under a previously announced contract representing approximately $70 million in value, which include:
* An additional installation of a life of field seismic (LoFS)
system in the North Sea. The primary workscope for CTC will
involve engineering, installation and trenching of over 200
kilometers of fibre-optic LoFS cable in a field in the Ekofisk
field in the North Sea. The contract has an overall value of no
less than $23 million.
* China Offshore Oilfield Engineering Company, through Bluewhale
Offshore Engineering Technology, extended its work with CTC
Marine in China with two more projects -- ploughing work on the
LeDong project and inspection, maintenance and repair (IMR) and
installation and construction support. These projects represent
approximately $38 million in value, which includes the
mobilization of the Atlantic Challenger from Mexico to China.
* Extended workscope on CTC Marine's previously announced North
Bardawil project for Petrobel offshore Egypt -- an increase of
over $12 million from the original contract value.
In addition, DeepOcean has recently secured the following contract awards representing approximately $20 million in value:
* Secured the Normand Flower for subsea services work from now
until the end of August 2009.
* Utilizing an existing vessel from the Company's North Sea towing
and supply fleet (Norther River), secured additional subsea
services contract work through August 2009. The vessel now
operates permanently with a DeepOcean ROV spread on board.
* The Deep Endeavour extended through at least the end of the third
quarter for IMR work for Pemex.
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 worldwide. Subsea volume growth and pricing remain strong. We continue to win contract awards directly or indirectly for national oil companies in the international arena, with the contracts noted above reflecting our international growth in critical regions such as China and Mexico. For the rest of 2009, we expect strong utilization and margins in our subsea services segments."
"Of particular importance," he added, "the life of field seismic project exemplifies our broad array of service offerings dealing with subsea protection, which is further evidenced by the two most recent major LoFS projects awarded to CTC Marine Projects in the North Sea. LoFS technology is one of the most significant emerging technologies intended to maximize recoverability of existing reserves. Our CTC division is the market leader in the area of efficient design and installation of permanent fiber optic cable in the North Sea having successfully completed virtually every North Sea installation to date. These contract awards reflect our ability to perform work scopes ranging from IMR and trenching to more comprehensive subsea protection services and additional subsea services outside of CTC Marine's and DeepOcean's original home market in the North Sea. We expect to secure similar projects built around advanced subsea technologies in the future."
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.