Trico Marine Services, Inc. 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."