Trico Marine Services, Inc. has 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 Trico'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."