December 8, 2009
Trico wins more subsea contracts
Trico Marine Services, Inc. (Nasdaq:TRMA) reports it has won new contract awards worth over $50 million, approximately $40 million being subsea contract awards for projects commencing in 2010.
Awards include extending term work in the North Sea with Statoil for an anchor handler, as well as further expanding the company's Subsea and Protection division's non-oilfield services contracts. Specifically, CTC Marine was awarded a $40 million contract for the cable lay and plowing activity on the Jeju Island Project. The work scope for KT Submarine will involve installation of two 105 kilometer cable bundles between Jeju Island and Jindo Mainland Korea in water depths of up to 160 meters.
Joseph S. Compofelice, Chairman and Chief Executive Officer of Trico, commented, "These contract awards show the strength and diversity of our subsea protection business worldwide... We believe our subsea capabilities will continue to differentiate us from our competitors on a global basis and expect a similar services mix of backlog to be achieved in the future."