Trico Marine Reports First Quarter 2000 Results
HOUSTON, April 28 /PRNewswire/ --
Trico Marine Services, Inc. (Nasdaq: TMAR) today reported a net loss for the
quarter ended March 31, 2000, of $9.1 million, or $0.32 per share (diluted),
on revenues of $26.4 million, compared to a net loss of $7.3 million, or
$0.36 per share (diluted), on revenues of $28.3 million for the first quarter
of 1999.
The decrease in revenues for the first quarter of 2000 resulted
principally from lower average day rates for the Company's Gulf of Mexico
supply boats and North Sea fleet, compared to the first quarter 1999. Supply
boat day rates in the Gulf of Mexico averaged $3,347 for the quarter, compared
to $3,662 for the first quarter 1999, but increased from $3,250 for the fourth
quarter 1999. Average day rates for the North Sea fleet decreased to
$8,650 for the most recent quarter, compared to $11,451 for the first quarter
1999 and $8,761 for the fourth quarter 1999.
The utilization rate for Gulf of Mexico supply boats increased to 70% for
the first quarter 2000, compared to 56% for the year-ago period, and 67% for
the fourth quarter 1999, due to improved market conditions in the Gulf and
reduced vessel downtime for dry-docking and vessel refurbishment. The
utilization rates for both periods include the impact of the deactivation, or
stacking, of 10 supply boats. Utilization of the North Sea vessels decreased
to 73% in the most recent quarter, compared to 87% in the first quarter 1999
and 74% for the fourth quarter 1999. During the 2000 first quarter, the
Company dry-docked five of its North Sea vessels. Two of those vessels were
dry-docked prior to being mobilized to other international areas.
"The biggest factor affecting our first quarter results was the weakness
in the North Sea in January and February, which carried over from the fourth
quarter," said Thomas E. Fairley, Trico's President and Chief Executive
Officer. "While most of our North Sea vessels are under long-term contracts,
we experienced low utilization and day rates for our large anchor handling
towing supply vessels working in the spot market. Some of this softness was
due to weather and seasonal factors. We are encouraged, however, by the
improvement in North Sea day rates and utilization that we began to see in
early March."
Fairley added that the Company is well-positioned to benefit from any
upturn in the North Sea, or any other deepwater drilling activity since most
of these projects require the premium, anchor handling supply vessels like the
ones in the Company's fleet. As previously reported, Trico has been awarded
two contracts for vessels which were mobilized from the North Sea -- one for a
PSV in West Africa which commenced in late February, and one for an anchor
handler in Trinidad which commenced in mid-March. |
