Trico Marine Services (TMAR) Message Board

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Gold/Mining/Energy : Trico Marine Services (TMAR)

TMAR 22.46

+0.3%

2:59 PM EST

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To: D.J.Smyth who wrote (948)	10/28/1998 5:20:00 PM
From: D.J.Smyth	Read Replies (1) of 1153

conference call notes: 1) they believe they've "accomplished a lot" this past quarter 2) additional operating expenses partially due to consolidating 40% ownership in Brazil operation (at least $1 million) 3) also additional operating expenses due to $6.4 million drydocking costs. additional drydocking costs will be complete by November. only addtl costs would be retaining a crew as needed for new contracts going forward 4) cash $14.4 million net 5) market has picked up the past two weeks due in part to independent operators coming back into the gulf starting up rigs 6) utilization during Sept. was 14% due to storms 7) during storm competitors lost 3 lift boats (went down), so lift boat utilization for next qtr. should be higher due to increased demand/fewer boats on hand 8) probably 25 to 30 newbuilds in the market for this year and next, not the 80 that was reported earlier. 8 to 10 competitor's boats are being moved from the gulf to other intl. markets 9) debt level will be lower by year end 10) utilization without the drydocked vessels (about 15 vessels down due to drydocking) was 77%. 11) new boats coming on line that should help support revenue base going forward 12) Oct. day rates ave. $4900, seeing currently $4800 13) they've witnessed some increased stacking of vessels by competitors 14) $11 million was spent this quarter on new vessel construction; which increased amortization; schedule will decrease next year obviously, they have some play room with the drydocking costs substantially falling off going forward. $6.4 million amounts to about $.30 in earnings; some of which will be retained as labor going forward, but much of which can be eliminated one person actually complimented them for there performance this quarter.

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