Trico Marine Services, Inc. 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(photo), 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.
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.
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Source: Trico Marine, December 16, 2010;