Bankruptcy court approves sale of more Trico Marine vessels

gavelTrico Marine Services, Inc. (Pink Sheets: TRMAQ) says it intends to conduct an auction to sell more towing and supply vessels as it continues its exit from the towing and supply business.  The U.S. Bankruptcy Court for the District of Delaware has issued an order approving the auction process for the sale of these vessels.

The vessels Trico intends to auction include the Elm River, Suwanee River, Trinity River and Palma River, as well as any additional vessels whose sales have not closed by the auction date, and those vessels' related inventory.  The sale of the vessels will be on an "as is, where is" basis.

Trico intends to conduct the auction on March 21, 2011 to procure the highest and best price for the vessels, and the court will conduct a sales hearing on March 28, 2011 to approve the sale of any auctioned vessel.

If it gets an offer for any or all of the vessels before the auction date, Trico Marine may, accept an offer and execute a purchase agreement, subject to court approval.  The company may then withdraw the vessel from consideration at the auction.

To participate in the auction, interested parties must submit written notice by March 14, 2011, at 5:00 pm CT.  For more information please contact Mike Wallace at mwallace@tricomarine.com or by calling (713) 780-9926.

March 1, 2011

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