Trico Marine Services, Inc. (the "Company" or "Trico") today announced the sale of one of its North Sea class vessels for approximately $16 million to a buyer in Asia, bringing the total in asset sale proceeds since the beginning of the year to approximately $20 million. The Company expects to use the proceeds to service debt obligations.
In addition, the Company today announced new contract awards representing over $25 million in value relating to new subsea contract awards for projects in the North Sea. Contracts awarded for the Company's Subsea Services and Subsea Protection divisions include the following:
• DeepOcean was awarded a long term frame agreement for subsea services with a major oil company involving firm work for three annual campaigns covering structural and pipeline inspection in the UK and Norwegian sectors of the North Sea.
• CTC Marine was awarded its second significant offshore renewable energy contract in the North Sea whereby CTC Marine will load out and install powered cable and then provide the associated survey works, trenching scope, and stabilisation of the cable.
Mr. Compofelice, Chief Executive Officer of the Trico Marine Group, commented: "Offshore renewable energy is an increasing priority worldwide and we expect to play a strong role in the offshore renewable energy 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."