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Gold/Mining/Energy : Trico Marine Services (TMAR) -- Ignore unavailable to you. Want to Upgrade?

To: D.J.Smyth who wrote (1066)	4/7/1999 10:32:00 AM
From: SIer formerly known as Joe B.	Read Replies (1) \| Respond to of 1153

(COMTEX) B: TRICO MARINE RECEIVES MARAD COMMITMENT B: TRICO MARINE RECEIVES MARAD COMMITMENT HOUSTON, April 7 /PRNewswire/ -- Trico Marine Services, Inc. (Nasdaq: TMAR) ("Trico") today announced that it has received a commitment from the United States Maritime Administration ("MARAD") to provide a guarantee of obligations pursuant to Title XI of the Merchant Marine Act of 1936, for mortgage period financing, relating to the construction of two 230-foot deepwater supply vessels. The first vessel, the Spirit River, was delivered in December 1998 and began a long-term charter contract, while the second vessel, the Hondo River, is expected to be delivered in the second quarter of 1999. The MARAD guarantee is for an aggregate of approximately $18.8 million. The debt obligations are to be amortized over a period of 15 years, beginning six months from the date of closing. Proceeds will be used to prepay amounts outstanding under the Company's revolving credit facility. Bank One Capital Markets, Inc. has committed to purchase the debt obligations. Completion of the Title XI financing is subject to, among other things, execution of definitive financing agreements. Trico Marine provides marine support services to the oil and gas industry, primarily in the Gulf of Mexico, the North Sea and Latin America. The services provided by the Company's diversified fleet of vessels include the marine transportation of drilling materials, supplies and crews and support for the construction, installation, and maintenance and removal of offshore facilities. SOURCE Trico Marine Services, Inc. -0- 04/07/99 /CONTACT: Victor M. Perez or Tom Green both of Trico Marine Services, Inc., 713-780-9926, or email, ir@tricomarine.com/ (TMAR) CO: Trico Marine Services, Inc.; United States Maritime Administration; Bank One Capital Markets, Inc. ST: Texas IN: OIL MAR SU: * end of story *

To: D.J.Smyth who wrote (1066)	4/12/1999 8:11:00 PM
From: Robert T. Quasius	Respond to of 1153

Interesting story below. I wonder if HMAR and TMAR could be acquisition targets. New Orleans, April 12 (Bloomberg) -- Tidewater Inc., the largest operator of offshore oil-service vessels, plans to use the oil industry's current slump as an opportunity to make acquisitions, Chief Executive William O'Malley said. Tidewater would prefer newer assets in markets where it already has a strong presence, O'Malley said, declining to be more specific. Tidewater has a 60 percent market share in West Africa and also is strong in Latin America. Companies that provide equipment and services to the oil industry have seen profits and stock prices fall as low oil prices prompt drilling cutbacks. Though crude oil prices recently turned upward, the oil-service industry isn't expected to recover much before next year. ''This is a period of high stress, but it's also a period of opportunity, and we are going to take advantage of opportunities that are out there,'' O'Malley said in remarks at the Howard Weil energy conference. New Orleans-based Tidewater has a fleet of 675 vessels, 65 percent of them outside of the U.S. Tidewater bought Ocean Group Plc's offshore support division for $535 million in 1997. Tidewater shares fell 5/16 to 24 11/16 in early afternoon trading. Apr/12/1999 13:05