Trico Marine reports 60 per cent increase in revenueNews // May 27, 2005
Combined gross revenues for the first quarter of 2005 were US$38.1 million, compared to US$23.6 million for the same quarter last year. The 62 per cent revenue increase was primarily due to increased activity in the North Sea, particularly for our anchorhandling towing and supply vessels. Utilization and day rates also increased in the Gulf of Mexico region due to increased offshore platform activity.
The company reported a combined net loss for the first quarter of 2005 of US$61.3 million, consisting of net income of US$0.1 million for the post-restructuring period from March 15, 2005 to March 31, 2005, and a net loss of US$61.4 million for the period from January 1, 2005 to March 14, 2005.
The majority of this first quarter loss resulted from net charges of US$219.0 million made in connection with the application of fresh-start accounting upon the completion of the company's reorganization, US$6.7 million of reorganization costs, offsetting gains of US$166.5 million resulting from the discharge of debt in the reorganization and lower interest expense of US$2.4 million.
"In terms of revenue and operating results, this is the company's best quarterly performance since the fourth quarter of 2001 and we are excited with the prospect of building on this momentum," said Joseph Compofelice, Trico's Chairman of the Board and interim CEO.
"We have shifted our attention to our operations and strategic plan. Our restructuring is behind us and Trico is well-positioned, with a strengthened balance sheet and improving liquidity, to benefit in this dynamic OSV market. We have seen sharp increases in day rates for our vessels in the North Sea over the past four months, as compared to prior years, and we have benefited from our level of spot exposure in the North Sea market," Mr Compofelice added.