Key Developments For Trico Marine Services, Inc.
Trico Marine Services, Inc. (TRMA.O) (Consolidated Issue listed on NASDAQ Global Market)
Trico Marine Services, Inc. Announces Pricing of $400 Million 11.875% Senior Secured Notes
Trico Marine Services, Inc. announced the pricing of offering of $400 million principal amount of 11.875% Senior Secured Notes due November 1, 2014 (the Senior Notes) of its wholly owned subsidiary, Trico Shipping AS. The Senior Notes had an aggregate offering price of 96.393% of par. The offering is expected to close on October 30, 2009. Trico intends to use the net proceeds from the offering to repay debt of Trico Supply AS and its subsidiaries that was outstanding on May 14, 2009.
Trico Marine Services, Inc. Announces Proposed Offering of $400 Million Senior Secured Notes of Its Subsidiary Trico Shipping AS
Trico Marine Services, Inc. announced that its wholly owned subsidiary Trico Shipping AS (Trico Shipping) intends to offer, subject to market and other conditions, $400.0 million aggregate principal amount of Senior Secured Notes due 2014 (the Senior Secured Notes) through an offering to qualified institutional buyers within the United States pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act) and to persons outside the United States pursuant to Regulation S under the Securities Act. The Senior Secured Notes will be guaranteed by the Company's wholly owned subsidiary, Trico Supply AS and by Trico Supply's subsidiaries (other than Trico Shipping) and parent companies, including Trico. The Company intends to use the net proceeds from the sale of the Senior Secured Notes to repay approximately $367 million of debt of Trico Supply and its subsidiaries outstanding at May 14, 2009.
Trico Marine Services, Inc. To Sell 2 Vessels For $40 Million-Reuters
Reuters reported that Trico Marine Services, Inc. agreed to sell two of its vessels for about $40 million to repay debt, and said it suspended the delivery of four new vessels. The Company said the two North Sea class vessels will be sold to Asian buyers, with the first sale scheduled to close in early October and the second in late October. The Company also said it has reached an agreement with an Indian shipyard regarding construction contracts for seven new vessels. Trico indefinitely suspended delivery of four of these subsea services vessels, to reduce previously committed capital expenditures for 2010 and 2011 by about $80 million. The construction contracts for three other subsea vessels had been amended to reduce the purchase price, the Company said, adding that it will incur about $40 million of additional capital expenditures between October 2009 and July 2010 to complete these vessels.
Trico Marine Services, Inc. Issues Q3 2009 Outlook; EBITDA Outlook Below Analysts' Estimates; Announces $50 Million in Contracts
Trico Marine Services, Inc. announced that for the third quarter of 2009, it expects revenues to be in excess of $170 million with adjusted EBITDA to be in the range of $24 to $29 million. According to Reuters Estimates, analysts on an average were expecting the Company to report EBITDA of $31 million on revenue of $179 million for the same period. The Company also announced new contract awards representing $50 million in value, approximately $35 million of which are new subsea contract awards for projects in Norway, Mexico, and the United States. In the Company's Towing and Supply division, contract awards include securing term work in Brazil for an anchor handler, reducing Trico's North Sea spot market exposure. Contracts awarded for the Company's Subsea Services and Subsea Protection divisions (primarily DeepOcean and CTC Marine) include the following: decommissioning project in the North Sea involving surveys and drill cutting repositioning using DeepOcean's ROVs; one year additional IMR work through September 2010 for one of the main contractors for PEMEX in Mexico; providing ROV support for the end customer StatoilHydro in the North Sea; and performing cable lay and trenching for a customer in the United States.
Trico Marine Services, Inc. Announces $100 Million in Subsea Contracts-Reuters
Reuters reported that Trico Marine Services, Inc. said it has been awarded new and extended subsea contracts worth about $100 million. All of the contracts were signed by its subsea services units, DeepOcean and CTC Marine, the Company said. The Company said one of the contracts provides for the installation of a life of field seismic system in the North Sea worth at least $23 million. The Company's CTC Marine unit extended its contract with China Offshore Oilfield Engineering Co for two projects valued at about $38 million. DeepOcean secured projects worth about $20 million that includes subsea services work till the end of August.
