THE WOODLANDS, Texas, Sept. 14, 2010 (GLOBE NEWSWIRE) -- Trico Marine Services, Inc. (Pink Sheets:TRMAQ) (the "Company") today announced that Trico Shipping AS ("Trico Shipping"), an indirect, wholly-owned subsidiary of the Company, has extended the period during which it would pay a consent fee to consenting holders of its 11.875% senior secured notes due 2014 (the "Notes") in connection with its previously announced solicitation of consents (the "Consent Solicitation") to amend the indenture governing the Notes and the related documents (the "Amendment.") Trico Shipping will pay to each holder of Notes who has delivered a duly executed consent on or prior to 5:00 p.m. EDT on September 15, 2010, and who has not revoked such consent, a fee of $2.50 per $1,000 principal amount of notes covered by such consent, subject to the conditions described in the consent solicitation statement of Trico Shipping and the accompanying documents (the "Consent Solicitation Documents"). The previously announced expiration date of the period for the payment of the consent fee to consenting holders was 5:00 p.m. EDT on September 14, 2010.
All holders of the Notes who have previously delivered consents do not need to redeliver such consents or take any other action in response to this extension in order to receive the consent fee upon the successful conclusion of the Consent Solicitation. Other holders of Notes may use the previously distributed Letter of Consent for purposes of delivering their consents. Trico Shipping reserves the right to terminate, withdraw or amend the Consent Solicitation at any time subject to applicable law.
Evercore Partners ("Evercore") is serving as the solicitation agent and Deutsche Bank National Trust Company ("Deutsche Bank") is serving as the information agent and tabulation agent in connection with the Consent Solicitation. Questions concerning the terms of the solicitation should be directed to Evercore, at (212) 822-7584. Requests for assistance in completing and delivering a letter of consent or requests for additional copies of the Consent Solicitation Documents should be directed to Deutsche Bank by calling 1-800-735-7777, option 1, or by writing to Deutsche Bank at:
The Consent Solicitation is being made solely by means of the Consent Solicitation Documents. Under no circumstances shall this press release constitute a solicitation of consents to the Amendment.
As of Tuesday, September 14, 2010 at 5:00 p.m. EDT, holders of an aggregate of approximately $399.7 million principal amount of Notes, representing 99.93% of the Notes then outstanding, had delivered and not revoked their consents.
About Trico Marine Group
On August 25, 2010, Trico Marine Services, Inc. announced that its U.S. companies and its Cayman Islands holding company have filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware.
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.
For more information about Trico Marine Services, Inc. visit us on the web at .
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Forward Looking Statements
Certain statements and information in this press release may constitute "forward-looking statements." The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effect on the Company. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that it anticipates. The Company's forward-looking statements involve significant risks and uncertainties (some of which are beyond its control) and assumptions that could cause actual results to differ materially from its historical experience and its present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: (i) the Company's and its subsidiaries' ability to continue as a going concern; (ii) the Company's and its subsidiaries' ability to obtain court approval with respect to motions in the Chapter 11 cases; (iii) the ability of the Company to confirm and consummate one or more plans of reorganization with respect to the Chapter 11 cases; (iv) the ability of the Company and its subsidiaries to obtain and maintain normal terms with vendors and service providers; (v) the Company's ability to maintain contracts that are critical to its operations; (vi) the potential adverse impact of the Chapter 11 cases on the Company's liquidity or results of operations; (vii) the ability of the Company to attract, motivate and/or retain key executives and employees; (viii) the ability of the Company to attract and retain customers; and (ix) other risks and factors regarding the Company and its industry identified from time to time in the Company's reports filed with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
CONTACT: Joele Frank, Wilkinson Brimmer Katcher Meaghan Repko Nick Lamplough (212) 355-4449