Prophet, I understand Trico to be an OSV boat company, or "offshore supply boat" company, i.e., platform supplies, and crews, as well as "lift boats"- boats that have cranes and will remove a small platform deck or a wellhead on a MOS for maintenance work. That would exclude transporting crude oil (although Trico's boats will carry fuels to the platforms), global positioning, heavy duty crane barges, seagoing tugboats, and any sort of seismic work activity....
See below note from Trico's November SEC 10-K Form...
Three months ended Nine months ended
September 30, September 30,
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1997 1996 1997 1996
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Average Day Rates:
Supply $7,590 $5,018 $7,130 $4,302
Lift 6,013 4,954 5,705 4,805
Crew/Line Handling 2,045 1,579 1,937 1,547
Utilization:
Supply 85% 93% 85% 93%
Lift 76% 77% 71% 66%
Crew/Line Handling 98% 96% 97% 95%
Average Number of Vessels:
Supply 47.7 20.0 40.7 18.2
Lift 6.0 6.0 6.0 6.0
Crew/Line Handling 23.0 25.0 24.0 22.8
Supply boat day rates for the third quarter and first nine months of 1997 rose 51.3% to $7,590 and 65.7% to $7,130, respectively, compared to $5,018 and $4,302 for the comparable 1996 periods due to the strong market conditions in the Gulf. Lift boat day rates averaged $6,013 for the quarter and $5,705 for the first nine months of 1997, an increase of 21.4% and 18.7%, respectively, compared to $4,954 and $4,805 for the comparable 1996 periods. While the Company's supply boats experienced strong demand and effectively full utilization levels during the periods, utilization for the supply boat fleet decreased for the third quarter and nine month period due to large number of scheduled vessel drydockings in 1997 compared to the year-ago periods. Utilization for the Company's lift boats was 76% and 71% for the third quarter and first nine months of 1997, respectively, compared to 77% and 66% for the year-ago periods. The improvement in day rates for the lift boats during 1997 is due to improved market conditions in the Gulf for offshore platform repair and maintenance and well-servicing activities.
Day rates for crew boats and line handling vessels increased 29.5% to $2,045 for the third quarter, from $1,579 for the third quarter of 1996, due to the increase in day rates for crew boats in the Gulf. Utilization for the crew boats and line handling vessels increased to 98% for the third quarter of 1997, compared to 96% for the comparable 1996 period due to strong demand for crew boats in the Gulf and the long term contracts for the line handling vessels in Brazil.
Sincerely,
Doug F. |
