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Tuesday, 02 December, 2008, 02:20 GMT | more >>

Choppy forecast for Trico earnings



By Upstream staff 

Houston's Trico Marine Services warned that its second-quarter operating income would be sharply lower than year-ago figures, adding chief executive Trevor Turbidy had resigned to pursue other interests.

The company said it had been hit by higher dry-docking and general and administrative costs despite increased charter hire revenues in the period.

Trico said it expected second quarter operating income of between $4 million and $6 million in the quarter on charter hire revenues of $57 million to $59 million.

It reported operating income of $20.2 million in the second quarter of last year.

The company said it had named Joseph Compofelice, its executive chairman, as its new chief executive.

Trico said it had dry-docked four vessels during the second quarter of the year, compared with just one in the first quarter. It said it had delayed one scheduled dry-docking from the first quarter and moved one forward from the third quarter, resulting in the extra costs.

The company said it had been hit by higher shipyard and labour costs in the North Sea as it worked to meet demand for its services in the region.

Trico said the dry-dockings were the result of regulatory class work. However, it said the company had also won a new five-year contract after agreeing to dry-dock a vessel to improve its diving equipment.

It also said its recent successful proxy contest and an acquition opportunity had boosted its general and administrative costs. It said the acquistion bid "had not led to a completed transaction".

As a result, the company expected its general and administrative to be about $10 million to $11 million in the quarter.


Monday, 09 July, 2007, 19:30 GMT  | last updated: Tuesday, 10 July, 2007, 07:24 GMT

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