Trico Marine Announces Auction to Sell Towing and Supply Vessels (USA)

Trico Marine Services, Inc.announced that it intends to conduct an auction to sell certain additional Towing and Supply vessels, in continuation of the Company’s exit from the Towing and Supply business. The United States Bankruptcy Court for the District of Delaware recently 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.

Upon receipt of an offer for any or all of the vessels prior to 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 contact Mike Wallace at [email protected] or by calling (713) 780-9926.

About Trico Marine Group

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: tricomarine ,March 01, 2011;