Trico Marine Reports First Quarter 2001 Results
HOUSTON, April 27 /PRNewswire/ -- Trico Marine Services, Inc. (Nasdaq: TMAR - news) today reported net income for the quarter ended March 31, 2001, of $2.0 million, or $0.05 per share (diluted), on revenues of $43.3 million, compared to a net loss of $9.1 million, or $(0.32) per share (diluted), on revenues of $26.4 million for the first quarter of 2000.
The increase in revenues for the first quarter of 2001 resulted from higher average day rates for all the Company's vessel classes, particularly the Gulf of Mexico supply boats, compared to the first quarter 2000. Supply boat day rates for the Gulf of Mexico averaged $6,631 for the quarter, compared to $3,347 for the first quarter 2000. Average day rates for the North Sea fleet increased to $10,389 for the most recent quarter, compared to $8,650 for the first quarter 2000.
The utilization rate for Gulf of Mexico supply boats was 73% for the first quarter 2001, compared to 70% for the year-ago period. Utilization of the North Sea vessels increased to 89% in the most recent quarter, compared to 73% in the first quarter 2000.
``The strengthening of the Gulf of Mexico market, which carried over from the fourth quarter and continues today, is perhaps the biggest factor in our improved first quarter results,'' said Thomas E. Fairley, Trico's President and Chief Executive Officer. ``We did, however, experience a more pronounced seasonal slowdown than expected for three of our large North Sea anchor-handling vessels. The international market has since strengthened significantly, and in early April, we announced that eight new contracts for our North Sea vessels, totaling $32 million in anticipated revenues, have been awarded to Trico, all at higher day rates. These included three contracts in Brazil.''
Fairley added that the Company is well positioned to benefit from the continued strength in the international market and the favorable outlook for natural gas drilling in the Gulf of Mexico. |
