THE WOODLANDS, Texas, March 18, 2010 (GLOBE NEWSWIRE) -- Trico Marine Services, Inc. (Nasdaq:TRMA) (the "Company" or "Trico") today announced new contract awards of approximately $40 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.
Multiple contracts awards included the following:
- CTC Marine was awarded by Norddeutsche Seekabelwerke GmbH (NSW), an offshore renewable installation, trenching and connection contract of approximately 80 infield array cables on the BARD Offshore 1 Wind Farm Project in the North Sea; and
- Deep Ocean was awarded a long term frame agreement for subsea services with a major oil company involving firm work for 3 annual campaigns covering structural and pipeline inspection in Norway.
Mr. Compofelice, Chief Executive Officer of the Trico Marine Group, commented, "The BARD project award reflects our strong position in the offshore renewable installation through CTC Marine. Offshore wind is a UK industrial priority and we expect to play a strong role in the offshore wind supply chain." He concluded, "As previously indicated, the levels of tendering activity we are seeing within DeepOcean and CTC Marine lead us to be cautiously optimistic for our subsea outlook from the second quarter in 2010 and beyond."
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.
For more information about Trico Marine Services, Inc. visit us on the web at http://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.