SOURCE: Trico Marine Services, Inc.

July 09, 2007 14:22 ET

Trico Marine Services Appoints New Chief Executive Officer

HOUSTON, TX--(Marketwire - July 9, 2007) - Trico Marine Services, Inc. (NASDAQ: TRMA) (the "Company" or "Trico") announced today that Joseph S. Compofelice, the Company's Executive Chairman of the Board, has been appointed Chief Executive Officer to replace Trevor Turbidy who has resigned his positions with the Company to pursue other opportunities. Mr. Compofelice has served as the Chairman of the Board of Trico since May 2004 and was the Company's previous Chief Executive Officer from March 2005 to August 2005.

Mr. Compofelice emphasized that, "I am excited to bring a renewed commitment to ensure that our strategy to renew and expand our fleet is implemented successfully. Trico has an exceptional balance sheet, holds positions in solid markets, including in Southeast Asia through its joint venture with China Oilfield Service Limited, and has an excellent workforce throughout the Company. As part of our strategy to enhance stockholder value, we will continue to pursue appropriate acquisition opportunities."

About Trico

Trico provides a broad range of marine support services to the oil and gas industry, primarily in the North Sea, Gulf of Mexico, West Africa and Southeast Asia (through its joint venture). The services provided by the Company's diversified fleet of vessels include the transportation of drilling materials, supplies and crews to drilling rigs and other offshore facilities; towing drilling rigs and equipment from one location to another; and support for the construction, installation, repair and maintenance of offshore facilities. Trico is headquartered in Houston, Texas.

Please visit the Company's website at http://www.tricomarine.com for additional information.

Certain statements in this press release that are not historical fact may be "forward-looking statements." Actual events may differ materially from those projected in any forward-looking statement. There are a number of important factors involving risks and uncertainties beyond the control of the Company that could cause actual events to differ materially from those expressed or implied by such statements. A description of risks and uncertainties attendant to Trico Marine Services, Inc. and its industry and other factors, which could affect the Company's results of operations or financial condition, are included in the Company's Securities and Exchange Commission filings. Trico undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this report.

Contact Information

  • Contact:
    Geoff Jones
    VP and Chief Financial Officer
    (713) 780-9926