Trico Marine Services to Build Two New Vessels
Trico Marine Services has reached an agreement, effective September 1, 2006, to build two GPA 640, 210' offshore supply vessels for a total cost of approximately $35 million. The vessels will have diesel electric propulsion and class 2 dynamic positioning systems. Bender Shipbuilding & Repair Co., Inc. will build the vessels at its shipyard in Mobile, Alabama, with an expected delivery date for the first vessel in March 2008 and the second vessel in July 2008. The agreement guarantees the construction costs of the vessels as well as technical specifications and contains penalties for late delivery. Trico expects to fund construction costs related to each vessel from cash and cash flow from operations.
Trevor Turbidy, President and Chief Executive Officer of the Company, commented, "We are pleased to announce the construction of these vessels, which is consistent with our previously announced strategy of upgrading our fleet in a fiscally responsible manner. These vessels address our customers' operating requirements and will have the ability to work in almost any market in the world. We are delighted that Bender will be constructing the vessels and we have the utmost confidence in their ability to deliver the vessels on each of their expected delivery dates in 2008."
These vessels incorporate an additional deck level for increased accommodation of client personnel. Diesel-electric propulsion provides excellent fuel efficiency and lower operating costs for our customers. These unique characteristics will make the vessel attractive for global deployment including specialized disciplines such as seismic, ROV, and subsea applications.