Trico Marine Group

Name: Trico Marine Group
Address: 10001 Woodloch Forest Dr., Ste 610, The Woodlands, Texas 77380
Phone: 713 780-9926

Trico Marine Group consists of three divisions, providing maritime services to oil and gas companies around the world. DeepOcean specializes in subsea installation and construction support; CTC Marine specializes in offshore trenching; Trico Offshore, specializes in platform and rig supply, towing of drilling rigs, and personnel transport.

Trico Marine Group provides either packaged solutions or individual vessel and service offerings, primarily in international markets, including Australia, Brazil, Mexico, Norway, Southeast Asia, United Kingdom, the Gulf Coast of the United States, and West Africa. In 2008, Trico Marine substantially exited the offshore supply vessel business and moved into the subsea services business. In 2009, Trico Marine’s focus turned to the renewable energy, telecom, and defense markets.

A public company, Trico Marine’s common stock is traded on the NASDAQ National Market under the symbol “TRMA”. As of March 12, 2010, there were 19,538,017 shares of the Company’s common stock outstanding, held by 46 shareholders. Trico Marine did not pay any cash dividends on common stock during 2008 and 2009. Reuters (June 2010) reports Trico Marine may seek bankruptcy protection after the loss of over 95% of the company’s market value.

Incorporated in 1993 in Delaware, Trico Marine group initially provided only towing and supply services. With the acquisition of Active Subsea and DeepOcean, including its subsidiary CTC Marine, in 2007 and 2008, respectively, Trico Marine is seeing the majority of company revenues from subsea operations. Operations, particularly in the North Sea, China, West Africa, Mexico, and Brazil, are dependent upon two key customers: Statoil and Blue Whale Offshore Engineering Technology Company.

As of December 31, 2009, Trico Marine employed approximately 1,780 worldwide, including approximately 1,320 operating personnel. U.S. employees are covered by provisions of the Jones Act, the Death on the High Seas Act, and general maritime law.

Top Trico Marine Services, Inc. competitors include Oceaneering International, Inc., SEACOR Holdings Inc., and Tidewater Inc.

View Larger Map