Bankruptcy court agrees sale of more Trico vessels

Trico Marine Services, Inc. (Pink Sheets: TRMAQ), which filed for Chapter 11 bankruptcy on August 25, 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 U.S. Bankruptcy Court for the District of Delaware 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 says it 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.

December 16, 2010