Trico Shipping Reaches Agreement for $22 Million in Senior Secured Financing

THE WOODLANDS, Texas, Sept. 21 /PRNewswire-FirstCall/ -- Trico Marine Services, Inc. (Pink Sheets: TRMAQ) (the "Company" or "Trico") today announced that Trico Shipping AS ("Trico Shipping"), an indirect, wholly-owned subsidiary of the Company, has reached a definitive agreement for $22 million in senior secured multi-draw term loan financing (the "Financing") from certain of the holders of its 11 7/8% Senior Secured Notes (the "Notes") and certain funds managed by Tennenbaum Capital Partners, LLC ("Tennenbaum").  The Financing will be used to fund operating expenses and other working capital needs for Trico Shipping.  

This Financing was completed subsequent to Trico Shipping receiving consent from 100% of the holders of the Notes to amend certain terms of the indenture governing the Notes (the "Indenture").  An initial draw of $15 million, before required fees and expenses, was made on September 21, 2010.  The remaining $7 million will be available upon meeting certain terms and conditions contained in the Financing. 

Chairman of the Board of Directors, President and Chief Executive Officer, Richard A. Bachmann commented, "We are pleased to reach an agreement that provides Trico Shipping with additional funding to continue our operations in the ordinary course of business.  We appreciate the support of all of our constituents and we are continuing to work with them to develop a comprehensive global reorganization plan to improve Trico's capital structure and liquidity position."

Additionally, on September 17, 2010, the NASDAQ Stock Market announced that it will delist the common stock of Trico Marine Services, Inc. Trico Marine Services, Inc.'s stock was suspended on September 8, 2010 and has not traded on NASDAQ since that time.  On September 20, 2010, NASDAQ filed a Form 25 with the Securities and Exchange Commission to complete the delisting.  The delisting becomes effective ten days after the Form 25 is filed.

Additional information regarding the terms of the financing agreement, including the basis for the delisting and other related information, will be included in one or more current reports on Form 8-K that the Company will file with the Securities and Exchange Commission.

About Trico Marine Group

On August 25, 2010, Trico Marine Services, Inc. announced that its U.S. companies and its Cayman Islands holding company have filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware.  

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 www.tricomarine.com.

Forward Looking Statements

Certain statements and information in this press release may constitute "forward-looking statements."  The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effect on the Company. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that it anticipates. The Company's forward-looking statements involve significant risks and uncertainties (some of which are beyond its control) and assumptions that could cause actual results to differ materially from its historical experience and its present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: (i) the Company's and its subsidiaries' ability to continue as a going concern; (ii) the Company's and its subsidiaries' ability to obtain court approval with respect to motions in the Chapter 11 cases; (iii) the ability of the Company to confirm and consummate one or more plans of reorganization with respect to the Chapter 11 cases; (iv) the ability of the Company and its subsidiaries to obtain and maintain normal terms with vendors and service providers; (v) the Company's ability to maintain contracts that are critical to its operations; (vi) the potential adverse impact of the Chapter 11 cases on the Company's liquidity or results of operations; (vii) the ability of the Company to attract, motivate and/or retain key executives and employees; (viii) the ability of the Company to attract and retain customers; and (ix) other risks and factors regarding the Company and its industry identified from time to time in the Company's reports filed with the Securities and Exchange Commission.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

SOURCE Trico Marine Services, Inc.