Trico Marine Expects First Quarter Seasonal Slow-Down in the North Sea To Impact Earnings; Signs New Contracts Totaling $32 Million

Apr 03, 2001, 01:00 ET from Trico Marine, Inc.

    HOUSTON, April 3 /PRNewswire/ -- Trico Marine, Inc. (Nasdaq:   TMAR)
 announced today that as a result of slower than expected activity for its
 anchor handling, towing and supply vessels (AHTS) in the North Sea during most
 of the first quarter, the Company expects its 2001 first quarter earnings to
 be between $0.04 to $0.06 per share (diluted) versus a net loss of $0.32 per
 share (diluted) in 2000's first quarter.  Trico's first quarter results are
 expected to be released on April 27, 2001 prior to the opening of the
 financial markets.
     The Company also announced that the market has improved and that eight new
 contracts, totaling $32 million in anticipated revenues, have recently been
 awarded to its North Sea vessels.  With the new contracts, contract coverage
 for Trico's North Sea fleet is approximately 85% of possible days for the
 balance of 2001.
     "While the business environment is strong, the seasonal slowdown in North
 Sea activity was more pronounced than anticipated during January, February and
 early March," said Tom Fairley, President and Chief Executive Officer.  "This
 was evident in the 70% utilization rate for three of our large anchor-handling
 vessels during the first quarter.  However, we have already seen improvement
 in demand and day rates for both anchor-handling vessels and platform supply
 vessels, not only in the North Sea, but also other international areas."
     The Gulf of Mexico has continued to show strength through the quarter.  In
 the first quarter, supply boat day rates averaged approximately $6,700 per day
 with utilization of 72%.  Current term bids for Gulf supply boats are at
 approximately $7,500 a day.  In the North Sea, the fleet averaged
 approximately $10,100 a day in the first quarter with utilization of 88%.
     Trico's Northern Admiral AHTS, built in 1999, was awarded a contract by
 Unocal Campos Ltda. to commence in early April.  The Northern Admiral was
 deployed to Brazil in mid-March.  Two additional AHTS vessels, the Northern
 Chaser and the Northern Comrade, will depart for Brazil in May and June of
 2001 under contracts awarded to Trico by Esso Brasileira de Petroleo.  In the
 North Sea, the Northern Corona AHTS  begins a new contract April 1.
     Two of the Company's PSVs have been awarded long-term contracts.  The
 Northern Supporter will begin a three-year contract in the North Sea April 1,
 and the Northern Viking was awarded a two-year contract.  In addition, the
 Northern Seeker, which had been idle since late 1999, has been reactivated and
 begins a new six-month contract April 1, while the Northern Sea also begins a
 new six-month contract on April 1.  All contracts are at higher day rates,
 reflecting the improved market conditions.  Day rates for these contracts
 exceed $20,000 for the AHTS vessels and $10,000 for the PSVs, including
 mobilization days.
     Trico Marine provides marine support services to the oil and gas industry,
 primarily in the Gulf of Mexico, the North Sea and Latin America.  The
 services provided by the Company's diversified fleet of vessels include the
 marine transportation of drilling materials, supplies and crews and support
 for the construction, installation, and maintenance and removal of offshore
 facilities.
     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 statements.  A description of risks and
 uncertainties attendant to Trico Marine Services, Inc. and its industry and
 other factors that could affect the Company's financial results are included
 in Trico's Securities and Exchange Commission filings.
 
 

SOURCE Trico Marine, Inc.
    HOUSTON, April 3 /PRNewswire/ -- Trico Marine, Inc. (Nasdaq:   TMAR)
 announced today that as a result of slower than expected activity for its
 anchor handling, towing and supply vessels (AHTS) in the North Sea during most
 of the first quarter, the Company expects its 2001 first quarter earnings to
 be between $0.04 to $0.06 per share (diluted) versus a net loss of $0.32 per
 share (diluted) in 2000's first quarter.  Trico's first quarter results are
 expected to be released on April 27, 2001 prior to the opening of the
 financial markets.
     The Company also announced that the market has improved and that eight new
 contracts, totaling $32 million in anticipated revenues, have recently been
 awarded to its North Sea vessels.  With the new contracts, contract coverage
 for Trico's North Sea fleet is approximately 85% of possible days for the
 balance of 2001.
     "While the business environment is strong, the seasonal slowdown in North
 Sea activity was more pronounced than anticipated during January, February and
 early March," said Tom Fairley, President and Chief Executive Officer.  "This
 was evident in the 70% utilization rate for three of our large anchor-handling
 vessels during the first quarter.  However, we have already seen improvement
 in demand and day rates for both anchor-handling vessels and platform supply
 vessels, not only in the North Sea, but also other international areas."
     The Gulf of Mexico has continued to show strength through the quarter.  In
 the first quarter, supply boat day rates averaged approximately $6,700 per day
 with utilization of 72%.  Current term bids for Gulf supply boats are at
 approximately $7,500 a day.  In the North Sea, the fleet averaged
 approximately $10,100 a day in the first quarter with utilization of 88%.
     Trico's Northern Admiral AHTS, built in 1999, was awarded a contract by
 Unocal Campos Ltda. to commence in early April.  The Northern Admiral was
 deployed to Brazil in mid-March.  Two additional AHTS vessels, the Northern
 Chaser and the Northern Comrade, will depart for Brazil in May and June of
 2001 under contracts awarded to Trico by Esso Brasileira de Petroleo.  In the
 North Sea, the Northern Corona AHTS  begins a new contract April 1.
     Two of the Company's PSVs have been awarded long-term contracts.  The
 Northern Supporter will begin a three-year contract in the North Sea April 1,
 and the Northern Viking was awarded a two-year contract.  In addition, the
 Northern Seeker, which had been idle since late 1999, has been reactivated and
 begins a new six-month contract April 1, while the Northern Sea also begins a
 new six-month contract on April 1.  All contracts are at higher day rates,
 reflecting the improved market conditions.  Day rates for these contracts
 exceed $20,000 for the AHTS vessels and $10,000 for the PSVs, including
 mobilization days.
     Trico Marine provides marine support services to the oil and gas industry,
 primarily in the Gulf of Mexico, the North Sea and Latin America.  The
 services provided by the Company's diversified fleet of vessels include the
 marine transportation of drilling materials, supplies and crews and support
 for the construction, installation, and maintenance and removal of offshore
 facilities.
     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 statements.  A description of risks and
 uncertainties attendant to Trico Marine Services, Inc. and its industry and
 other factors that could affect the Company's financial results are included
 in Trico's Securities and Exchange Commission filings.
 
 SOURCE  Trico Marine, Inc.