THE WOODLANDS, Texas, Dec. 16, 2010 /PRNewswire-FirstCall/ -- Trico Marine Services, Inc. (Pink Sheets: TRMAQ) (the "Company" or "Trico") today announced that it has reached an agreement with the Company's major constituents concerning the process of selling Trico's remaining Towing and Supply vessels and any related operating assets, in accordance with previous public statements that the Company is exiting the Towing and Supply business. The United States Bankruptcy Court for the District of Delaware (the "Court") recently issued an Order approving the agreed upon sale process.
The Company noted that today's announcement excludes vessels owned by entities not part of the Company's bankruptcy proceedings, including Trico's North Sea Towing and Supply vessels.
The vessels Trico intends to sell include the Spirit River, Hondo River, Palma River, Buffalo River, James River, Leigh River, Manatee River and Pearl River, as well as related inventory. Trico may present acceptable offers for the sale of any vessels to the Court promptly upon agreement with a buyer. In order to procure the highest and best offer, Trico has been authorized by the Court to conduct an auction if multiple offers for the same vessel are received.
The deadline to submit an offer for any remaining vessel(s) not previously presented to the Court is 12:00 pm CST on January 17, 2011 (the "Final Offer Deadline"). Trico will hold a final auction at 10:00 am CST on January 24, 2011 for any offer received for such remaining vessel(s) prior to the Final Offer Deadline. The Court will subsequently conduct a Sale Hearing to approve any sales made at the final auction or that otherwise have not yet been approved.
Additional information about Trico's restructuring and vessel specifications are available at the Company's website, www.tricomarine.com. For access to court documents and other general information about the Chapter 11 cases, is available at http://dm.epiq11.com/trico.
About Trico Marine Group
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 ability of Trico Supply to implement a debt-for-equity conversion; (ii) the Company's and its subsidiaries' ability to continue as a going concern; (iii) the Company's and its subsidiaries' ability to obtain court approval with respect to motions in the Company's Chapter 11 cases; (iv) the ability of the Company to confirm and consummate one or more plans of reorganization with respect to the Chapter 11 cases; (v) the ability of the Company and its subsidiaries to obtain and maintain normal terms with vendors and service providers; (vi) the Company's ability to maintain contracts that are critical to its operations; (vii) the potential adverse impact of the Chapter 11 cases on the Company's liquidity or results of operations; (viii) the ability of the Company to attract, motivate and/or retain key executives and employees; (ix) the ability of the Company to attract and retain customers; and (x) 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.
Meaghan Repko / Nicholas Lamplough
Joele Frank, Wilkinson Brimmer Katcher
SOURCE Trico Marine Services, Inc.