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

TMAR 22.40

-0.5%

Nov 4 9:47 AM EST

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To: Paul Lee who wrote (1031)	2/17/1999 5:00:00 PM
From: D.J.Smyth	Read Replies (3) of 1153

some comments they made: a) they're making a net profit in the gulf (away from the North Sea)even with current day rates on supply boats - that's what they said folks b) about 2/3rds of the vessels in the North Sea are contracted through 99 with rates equivalent to what we saw in 98. the other 1/3 will be contracted as per the spot market and/or be set-up with new contracts with new North Sea rates. New rates there are slightly less (about 5%) than '98 rates but profit on contracts will remain healthy c)2/3rds of the total boat population in service in the gulf (Tricos included) were built before '83 and of that number about 54 were built before '76 - their point was that many of these older boats that come in for drydocking will not return to service d) they're continuing to pay down their debt faster than scheduled e) increase in SG&A this quarter was related mostly to Norway and pension related items - and the high level should not be reoccuring this quarter we're in f) their refurbishment and upgrade program will begin to slack off this quarter and throughout the remainder of the year which should in turn decrease their operating expenses - although as the boats that have been refurbished come back on line, labor costs will remain constant for these boats as the number of personnel per boat is per ocean-going regulations g) utilization for supply boats in the gulf will move up next quarter as refurbished boats come back on the market h) supply boat day rates in the gulf are expected to stay about the same this quarter - but could tick up as the older boats mentioned above are scrapped. they expect rates to tick up as the number of competitors boats in-service dries up due to aging/drydocking i) certain vessels which they will take delivery of this quarter and next will add to the bottom line. rates from two vessels will command top dollar due to the (1) type of vessel, (2) demand for this type in this current year, (3) limited supply (competitor's etc.) Apparently the number of shares on a diluted basis decreased by 156,000 this quarter from the previous quarter. This trend may continue.

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