THE WOODLANDS, Texas, Dec. 7, 2009 (GLOBE NEWSWIRE) -- Trico Marine Services, Inc. (Nasdaq:TRMA) (the "Company" or "Trico") today announced new contract awards representing over $50 million in value, approximately $40 million of which are subsea contract awards for projects commencing in 2010.
Contract awards include extending term work in the North Sea with Statoil for an anchor handler, as well as further expanding the Company's Subsea and Protection division's non-oilfield services contracts. Specifically, CTC Marine was awarded a $40 million contract for the cable lay and ploughing activity on the Jeju Island Project. The workscope for KT Submarine will involve installation of two 105 kilometer cable bundles between Jeju Island and Jindo Mainland Korea in water depths of up to 160 meters.
Mr. Compofelice, Chairman and Chief Executive Officer of Trico, commented, "These contract awards show the strength and diversity of our subsea protection business worldwide. CTC Marine's cable lay and installation projects draw attention to the services mix of our backlog by securing non-oilfield projects. We believe our subsea capabilities will continue to differentiate us from our competitors on a global basis and expect a similar services mix of backlog to be achieved 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 Subsea Protection divisions control a well equipped fleet of vessels and operate a fleet of modern ROVs and trenching and other subsea protection equipment. Trico Marine Services, Inc. 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 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.