THE WOODLANDS, Texas, Dec. 29, 2009 (GLOBE NEWSWIRE) -- Trico Marine Services, Inc. (Nasdaq:TRMA) (the "Company" or "Trico") today announced that it has amended the Company's $50 Million U.S. Credit Agreement to, among other things, exclude the effect of impairment charges related to the cancellation of shipbuilding contracts for four multipurpose vessels being constructed in India. The Company expects to take an impairment charge during the fourth quarter in the range of $110 to $130 million principally for the shipbuilding cancellation.
In addition to the impairment charges above, the Company expects its fourth quarter earnings to be negatively impacted by a) one construction vessel undergoing a combined regulatory dry docking and upgrade in vessel capability for 75 days prior to a one year contract in Mexico which has commenced; b) continued softness in the North Sea for all offshore activity; c) termination of a time charter of a consistently under-utilized vessel within its fleet; and d) the decision to keep vessels in certain emerging subsea markets for existing contracts commencing in 2010 rather than mobilize them for spot contracts, which resulted in low utilization during the fourth quarter.
About Trico Marine Group
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.