TRMA

[BigSully1]

Trico Marine Services Inc: Company Report3200 Southwest Freeway

Suite 2950

Houston TX 77027
Phone: 713-7809926 http://www.tricomarine.com/

Industry : Oil & Gas Equipment & ServicesEmployees : 834Exchange : NASDAQ

Trico Marine Services, Inc. (Trico) is a provider of marine support vessels to the offshore oil and gas industry, primarily in the North Sea, Gulf of Mexico, West Africa, Mexico and, to a lesser extent, Brazil. As of December 31, 2006, the CompanyGÇÖs fleet consisted of 68 vessels, including 10 large capacity platform supply vessels, six large anchor handling, towing and supply vessels, 44 supply vessels, seven crew boats, and one line handling (utility) vessel. Its diversified fleet of vessels provides a range of services to offshore oil and gas operators, including 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 also provides support for deepwater remotely operated vehicles (ROVs), well stimulation, sea floor cable laying and trenching services.
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Press Release Source: Trico Marine Services, Inc.


Trico Marine Services Reports Third Quarter 2007 Earnings With Record Charter Hire Revenues
Wednesday October 31, 8:01 pm ET


HOUSTON, TX--(MARKET WIRE)--Oct 31, 2007 -- Trico Marine Services, Inc. (NasdaqGM:TRMA - News) (the "Company" or "Trico") today announced its financial results for the quarter ended September 30, 2007 reporting quarterly net income of $13.2 million or $0.87 per share (diluted) significantly higher than the second quarter 2007 net income of $4.4 million or $0.29 per share (diluted). Charter hire revenues for the third quarter of 2007 were $68.5 million, a record high for the Company, up 18% from $57.9 million in the prior quarter.
Summary Results



(In thousands, except per share data and day rates)


                                             For the three
                                             months ended   For the three
                                             September 30,  months ended
                                                 2007       June 30, 2007
                                             -------------  -------------
Charter hire revenues                         $      68,525  $      57,899
Operating income                                     22,310          5,291
Net income                                           13,177          4,434
Diluted EPS                                   $        0.87  $        0.29

Day Rates:
Supply / Anchor Handling (North Sea class)    $      27,747  $      23,885
Supply Vessels (Gulf class) (1)                       9,723          9,724

Utilization:
Supply / Anchor Handling (North Sea class)               94%            86%
Supply Vessels (Gulf class) (1)                          84%            74%


(1) Excludes five vessels transferred to EMSL Joint Venture that are on
   bareboat charters.
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Third Quarter Results

Charter hire revenues increased by $10.6 million compared to the second quarter of 2007, primarily due to higher day rates for Trico's North Sea class vessels, and also higher utilization for those vessels as a result of less time completing maintenance and classification (M & C) requirements. Rates for AHTS vessels in the third quarter continued to be robust at an average rate of $39,986 per day.

Direct vessel operating expenses decreased $7.6 million in the third quarter of 2007, down over 20% compared with the prior quarter primarily due to reduced M & C costs on North Sea class vessels. In the third quarter, M&C work was completed on two North Sea class vessels, compared to four in the prior quarter.

In addition, general and administrative (G&A) expenses increased in comparison to the second quarter by $2.2 million primarily due to changes to the Company's executive management team.

Joseph S. Compofelice, Trico's Chairman and CEO, commented, "Trico's quarterly results were in line with our expectations and reflect significant improvements in utilization and cost control over the second quarter of this year during which the higher number of dry dockings increased vessel operating expenses and reduced utilization in the North Sea market."

Mr. Compofelice continued, "Looking ahead, activity levels remain strong in the North Sea, West Africa and Mexico. In our U.S. Gulf of Mexico market, rates and activity levels started to weaken late in the third quarter and the Company announced the redeployment of four Gulf class vessels to international markets, where prospects for long term contracts and predictable cash flows are in line with our strategic objectives. This move reflects our philosophy of pursuing longer term cash flows in higher growth markets whenever possible. We will continue to focus on expanding our international footprint while managing our operating and overhead costs. Our strong balance sheet provides us the opportunity to pursue strategic opportunities that involve long term contracts for service offerings reflective of higher growth markets such as subsea and other specialized markets as well as other opportunities that will bring long term value to all Trico shareholders."

For the period October 1 through October 26, 2007, day rates for North Sea class vessels averaged $31,092 with utilization of 89% while day rates for our Gulf class supply vessels averaged $9,396 with utilization of 73%, or 75% for actively marketed vessels.

Stock Repurchase Program

In July 2007, the Company's Board of Directors authorized the repurchase of up to $100 million of the company's common stock in open-market transactions including block purchases or in privately negotiated transactions.

During the third quarter the Company repurchased approximately 570,000 shares of its common stock for $17.6 million at an average price of $30.87 per share. Of this amount, pursuant to our agreement with the Company's largest shareholder, Kistefos AS, the Company repurchased a total of 114,000 shares of its common stock during this period from Kistefos.

Conference Call Information

Trico has scheduled a conference call to review third quarter 2007 results on November 1, 2007 at 8:30 a.m. eastern time. To participate in the conference call, callers in the United States and Canada can dial (877) 502-9272 and international callers can dial (913) 981-5581. The Conference I.D. for callers is 1936094.

The call will be available for replay approximately one hour after the call is completed until November 14, 2007. For callers in the United States and Canada, the toll-free number for the replay is (888) 203-1112. For international callers the number is (719) 457-0820. The Conference I.D. for all callers to access the replay is 1936094.

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. 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 forward-looking statements. A description of risks and uncertainties relating 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.



TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In thousands, except share and per share amounts)

                                             Three months
                                                 ended      Three months
                                             September 30,      ended
                                                 2007       June 30, 2007
                                             -------------  -------------
Revenues:
Charter hire                                  $      68,525  $      57,899
Other vessel income                                   1,921            811
                                             -------------  -------------
Total revenues                                       70,446         58,710

Operating expenses:
Direct vessel operating expenses and other           29,367         36,975
General and administrative                           12,561         10,350
Depreciation and amortization expense                 6,209          6,114
Gain on sales of assets                                  (1)           (20)
                                             -------------  -------------
Total operating expenses                             48,136         53,419

Operating income                                     22,310          5,291

Interest expense                                     (1,106)        (1,040)
Amortization of deferred financing costs               (208)          (206)
Interest income                                       4,127          3,981
Other income (loss), net                             (2,091)          (618)
                                             -------------  -------------
Income before income taxes and noncontrolling
interest in loss of consolidated subsidiary         23,032          7,408

Income tax expense                                    9,906          3,472
                                             -------------  -------------

Income before noncontrolling interest in loss
of consolidated subsidiary                          13,126          3,936
                                             -------------  -------------

Noncontrolling interest in loss of
consolidated subsidiary                                 51            498
                                             -------------  -------------

Net income                                    $      13,177  $       4,434
                                             =============  =============

Basic income per common share:
  Net income                                 $        0.90  $        0.30
                                             =============  =============
  Average common shares outstanding             14,561,711     14,714,433
                                             =============  =============
Diluted income per common share:
  Net income                                 $        0.87  $        0.29
                                             =============  =============
  Average common shares outstanding             15,133,175     15,436,810
                                             =============  =============



TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In thousands)

                                              Nine months
                                                 ended       Nine months
                                             September 30,      ended
                                                 2007       June 30, 2007
                                             -------------  -------------
Revenues:
Charter hire                                  $     187,091  $     177,421
Other vessel income                                   4,034          4,404
                                             -------------  -------------
Total revenues                                      191,125        181,825

Operating expenses:
Direct vessel operating expenses and other           97,751         78,352
General and administrative                           30,059         19,688
Depreciation and amortization expense                17,789         18,774
Insurance recovery from a loss on assets held
for sale                                                 -           (605)
Loss on assets held for sale                              -          3,185
Gain on sales of assets                              (2,858)        (1,332)
                                             -------------  -------------
Total operating expenses                            142,741        118,062

Operating income                                     48,384         63,763

Interest expense                                     (2,929)        (1,163)
Amortization of deferred financing costs               (564)          (133)
Interest income                                      10,827          2,653
Other income (loss), net                             (3,403)         1,340
                                             -------------  -------------
Income before income taxes and noncontrolling
interest in loss of consolidated subsidiary         52,315         66,460

Income tax expense                                   22,322         24,927
                                             -------------  -------------

Income before noncontrolling interest in loss
of consolidated subsidiary                          29,993         41,533
                                             =============  =============

Noncontrolling interest in loss of
consolidated subsidiary                              2,200            805
                                             -------------  -------------

Net income                                    $      32,193  $      42,338
                                             =============  =============


Basic income per common share:
  Net income                                 $        2.19  $        2.90
                                             -------------  -------------
  Average common shares outstanding             14,719,163     14,614,919
                                             -------------  -------------

Diluted income per common share:
  Net income                                 $        2.10  $        2.79
                                             -------------  -------------
  Average common shares outstanding             15,346,571     15,174,006
                                             -------------  -------------





                         For the
                       Period from
                       October 1,  Three months ended  Nine months ended
                      2007 through ------------------  ------------------
                       October 26,  Sept 30,   June 30, Sept 30,  Sept 30,
Average Day Rates:        2007       2007      2007      2007      2006
                         --------  --------  --------  --------  --------
 PSV/AHTS (North Sea
  class)(1)              $ 31,092  $ 27,747  $ 23,885  $ 25,426  $ 19,177
 Supply (Gulf class)(2)     9,396     9,723     9,724     9,722    11,189
 Crew/line handling         5,904     5,885     5,996     5,727     4,557

Utilization:
 PSV/AHTS (North Sea
  class)                       89%       94%       86%       91%       93%
 Supply (Gulf
  class)(2)(3)                 73%       84%       74%       76%       66%
 Crew/line handling            80%       81%       75%       80%       87%

Average Number of
Vessels:
 PSV/AHTS (North Sea
  class)                     16.0      16.0      16.0      16.0      16.0
 Supply (Gulf class)         36.0      36.0      38.5      38.6      44.4
 Crew/line handling           7.0       7.0       7.0       7.3       9.0


(1) Anchor handling, towing and supply vessels.
(2) Effective May 2007, five of our Gulf class supply vessels entered into
   bareboat contracts which decreased average supply vessel day rates.
   Including the five vessels under bareboat agreements, our average day
   rates were $7,985, $8,429, $8,976, $8,994 and $11,189 with utilization
   of 76%, 86%, 75%, 77% and 66% for the period from October 1, 2007
   through October 26, 2007 and the three month period ended September 30,
   2007, the three month period ending June 30, 2007, and the nine month
   periods ended September 30, 2007 and 2006, respectively.
(3) Stacked vessels for the Gulf supply vessel class are included in
   the average number of vessels and the calculation of utilization.
   Excluding stacked vessels, our utilization was 75%, 87%, 81%, 83% and
   89%, for the period from October 1, 2007 through October 26, 2007 and
   the three month period ended September 30, 2007, the three month period
   ended June 30, 2007, and the nine month periods ended September 30,
   2007 and 2006, respectively.




TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)


                                              (UNAUDITED)
                                             September 30,  December 31,
ASSETS                                            2007           2006
                                             -------------  -------------
Current assets:
 Cash and cash equivalents                   $     271,598  $     114,173
 Available for sale securities                      46,326          2,475
 Restricted cash                                     4,186            716
 Accounts receivable, net                           64,961         58,787
 Prepaid expenses and other current assets           3,575          4,036
 Assets held for sale                                2,224          3,048
                                             -------------  -------------
   Total current assets                            392,870        183,235

Property and equipment:
 Land and buildings                                  2,010          1,995
 Marine vessels                                    285,445        256,125
 Construction-in-progress                           28,192         15,876
 Transportation and other                            3,851          2,328
                                             -------------  -------------
                                                   319,498        276,324
Less accumulated depreciation and
amortization                                        65,526         44,476
                                             -------------  -------------
 Net property and equipment                        253,972        231,848

Restricted cash - noncurrent                          3,770         11,842
Other assets                                         14,966          8,397
                                             -------------  -------------
 Total assets                                $     665,578  $     435,322
                                             =============  =============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
 Short-term and current maturities of debt   $       3,258  $       1,258
 Accounts payable                                   14,128         11,055
 Accrued expenses                                   19,958         14,590
 Accrued insurance reserve                           2,678          3,062
 Accrued interest                                    1,160            110
 Income taxes payable                                1,916          2,092
                                             -------------  -------------
   Total current liabilities                        43,098         32,167

Long-term debt, including premiums                  157,931          8,605
Deferred income taxes                                84,330         63,327
Other liabilities                                     3,624          2,199
                                             -------------  -------------
 Total liabilities                                 288,983        107,674

Noncontrolling interest                              13,110         15,310

Commitments and contingencies                             -              -
Stockholders' equity:
Preferred stock, $.01 par value                           -              -
Common stock, $.01 par value                            150            148
Warrants - Series A                                   1,646          1,646
Warrants - Series B                                     633            634
Additional paid-in capital                          245,166        231,218
Retained earnings                                   110,875         78,824
Treasury Stock, at cost                             (17,604)             -
Pension and postretirement, net of taxes of
$0.3 million                                          (769)          (708)
Cumulative foreign currency translation
adjustment                                          23,388            576
                                             -------------  -------------
Total stockholders' equity                          363,485        312,338
                                             -------------  -------------

Total liabilities and stockholders' equity    $     665,578  $     435,322
                                             =============  =============




TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)

                                             Nine months    Nine months
                                                ended          ended
                                             September 30,  September 30,
                                                 2007           2006
                                             -------------  -------------
Net income                                    $      32,193  $      42,338
 Adjustments to reconcile net income to net
  cash provided by operating activities:
   Depreciation and amortization                    18,273         18,884
   Amortization of deferred revenues                  (663)        (3,709)
   Deferred income taxes                            19,264         22,961
   Gain on sales of assets                          (2,858)        (1,332)
   Impairment on assets held for sale                    -          3,185
   Provision for doubtful accounts                     424          1,204
   Stock compensation expense                        3,191          1,558
   Noncontrolling interest in loss of
    consolidated subsidiary                         (2,200)          (805)
   Change in operating assets and liabilities:
     Accounts receivable                            (2,679)       (13,574)
     Prepaid expenses and other current
      assets                                           581           (449)
     Accounts payable and accrued expenses           6,774          6,564
     Other, net                                     (1,971)        (1,728)
                                             -------------  -------------
     Net cash provided by operating
      activities                                    70,329         75,097
                                             -------------  -------------

Cash flows from investing activities:
 Purchases of property and equipment               (18,573)       (12,179)
 Proceeds from sales of assets                       4,554          2,795
 Sales of available-for-sale securities            (67,530)             -
 Purchase of available-for-sale securities          23,679              -
 Increase (decrease) in restricted cash              4,713         (4,324)
                                             -------------  -------------
   Net cash used in investing activities           (53,157)       (13,708)
                                             -------------  -------------

Cash flows from financing activities:
 Net proceeds from issuance of common stock          1,810            608
 Proceeds from issuance of debt                    152,000         15,878
 Debt issuance cost                                 (4,804)             -
 Repayment of debt                                    (629)       (47,405)
 Purchases of treasury stock, at cost              (17,604)             -
 Contributions from non-controlling interest             -         20,910
                                             -------------  -------------
   Net cash provided by financing activities       130,773        (10,009)
                                             -------------  -------------

Effect of exchange rate changes on cash and
cash equivalents                                     9,480         (1,780)
                                             -------------  -------------

Net increase  in cash and cash equivalents          157,425         49,600
Cash and cash equivalents at beginning of
period                                             114,173         51,218
                                             -------------  -------------
Cash and cash equivalents at end of period    $     271,598  $     100,818
                                             =============  =============



Contact:
    Contact info:
    Geoff Jones
    VP & Chief Financial Officer
    (713) 780-9926

-----------------------------------------------------------------------------

Company finally puts it's large growing cash stockpile to good use (besides for stock buyback) and aquires Active Subsea - Norwegian Offshore Service for $247M. Completed aquisition today.

       

AP
Trico Marine Completes $247M Acquisition
Monday November 26, 11:28 am ET  
Trico Marine Services Completes Acquisition of Active Subsea ASA for $247 Million


HOUSTON (AP) -- Marine support services company Trico Marine Services Inc. on Monday said it has completed its acquisition of Norwegian offshore services firm Active Subsea ASA for $247 million.
"We expect greater stability in our cash flows as the new vessels are delivered and placed on long-term contracts with customers, which should increase the amount of revenues and earnings we derive from international markets," Joseph S. Compofelice, Trico Marine's chairman and chief executive, said in a release.

-----------------------------------------------------------------------------------------------

Upgrade by Jeffries and Co.;

Trico Marine Services (NASDAQ: TRMA)
TRMA Gets a Facelift and a Brighter Outlook;
Upgrading to Buy
Investment Summary
With the purchase of eight MPSVs currently under construction, we believe that TRMA shares could have over 20% upside over the next 12 months as the market begins to discount the Company's new growth profile and change in fleet composition by 2009.
Event
With the growth potential and fleet upgrade brought on by TRMA's purchase of Active Subsea ASA (ASUB.NO, NOK 21.80, NC), we are upgrading TRMA to Buy from Hold and increasing our price target to $46 from $40.
Key Points
• Active subsea transaction to add $60–70MM in annual EBITDA. We estimate that the acquisition of ASUB could add $60–70MM in annual EBITDA to TRMA's operations, most of which should be recognized in 2009. On a pro forma basis, we estimate that the transaction is $1.20–1.50 accretive to our 2008 EPS estimate.
• TRMA is finally able to deploy free cash. TRMA is purchasing ASUB for $242MM in cash and the assumption of $120MM in remaining progress payments, which equates to $44.6MM per vessel (or roughly within 10% of today's newbuild prices).
• Acquisition To Materially Alter TRMA's Fleet By 2009. With the acquisition of ASUB, TRMA's fleet composition should change dramatically from a quality and geographic diversity standpoint.
TRMA's contract backlog could also increase dramatically by 2009 with potentially over 50% of its EBITDA being generated from long-term contracts.
• Change In Fleet Composition And Growth Profile Warrants
Higher Multiple. Given the pending change in TRMA's revenue
and fleet mix, from an asset quality and geographic perspective, we believe that the valuation gap between TRMA and its peers should narrow considerably by 2009.
• Adjusting EPS Estimates For Cash Balance. Although our EBITDA estimate is increasing by almost $10MM, we are reducing our 4Q07/2008 EPS estimates to $0.67/$2.99 from $0.73/$3.30 primarily to adjust for lower interest income resulting from the $242MM cash payment for ASUB.
---------------------------------------------------------------------------------
Good company, strong financials, great value, great future. Should be a very timely buy now at the 200MA, IMO.

http://stockcharts.com/h-sc/ui?s=TRMA&p=D&b=5&g=0&id=p64717310469

[Houlahan]

Hey Bigsully!
TRMA looks like it is trending higher.

Can you check your "files" for any stock in the coal industry?
thanks!

[BigSully1]

Sorry Houlihan, I don't follow any coal stocks at all.

[bjc]

I believe BTU is involved in coal production.  Yes it is.

I found ACI in Google's comparables, and ACI looks quite attractive.  They have had a couple down quarters, but analysts are expecting both EPS and revenues to increase in the coming quarters. 


edit:  I like BTU better.  More consistent earnings and revenues, a little bit richer valuation, but its deserved.  And the chart is better.

[Houlahan]

applaud bjc!
stock did well from when you mentioned BTU. I did not trade it, too late. Wish i had.

[BigSully1]

Vry nice ER, Lehmann upgrades. Stock is cheap

Trico Marine Services Reports 2007 Fourth Quarter and Year-End Results -- International Markets Continue Upward Momentum
Monday February 18, 6:00 pm ET


HOUSTON, TX--(MARKET WIRE)--Feb 18, 2008 -- Trico Marine Services, Inc. (NasdaqGM:TRMA - News) (the "Company" or "Trico") today announced its financial results for the quarter and year ended December 31, 2007, reporting fourth quarter net income of $30.7 million, or $2.08 per diluted share, and full year 2007 net income of $62.9 million, or $4.16 per diluted share. Fourth quarter and full year 2007 results benefited from strong international activity and changes to the Norwegian Tonnage Tax rules that took place in December 2007. Specific to the fourth quarter, the tax changes increased net income by $13.1 million, or $0.89 per diluted share, and for the full year 2007 by $2.8 million, or $0.18 per diluted share.






(In thousands, except per share data and day rates)

                                 Three      Three
                                 months     months     Year       Year
                                 ended      ended      ended      ended
                                December   September  December   December
                                31, 2007   30, 2007   31, 2007   31, 2006
                                ---------  ---------  ---------  ---------
Charter hire revenues           $  63,148  $  68,525  $ 250,239  $ 243,424
Operating income                   18,246     22,310     66,630     88,390
Net income                         30,736     13,177     62,931     58,724
Diluted EPS                     $    2.08  $    0.87  $    4.16       3.86

Average Day Rates:
Supply / Anchor Handling (North
Sea class)                     $  31,909  $  27,747  $  27,024  $  20,455
Supply Vessels (Gulf class)         7,661      8,429      8,685     11,071

Utilization:
Supply / Anchor Handling (North
Sea class)                            88%        94%        90%        94%
Supply Vessels (Gulf class)            69%        86%        75%        66%
ADVERTISEMENT



Chairman and Chief Executive Officer, Joseph S. Compofelice, commented, "We are pleased with our fourth quarter and full year 2007 results. While we experienced softness in our Gulf of Mexico market, we continued to successfully execute our plan to mobilize vessels internationally for longer term contracts and better day rates. During the fourth quarter, we mobilized six vessels internationally which brought the total to thirteen vessels for the year, or 20% of our fleet. The North Sea market gained strength throughout the year for the second straight year, reaching highs in the fourth quarter, with spot rates setting all time records."

Compofelice continued, "The real highlight of the year was our acquisition of Active Subsea in November, which will advantageously position Trico as one of the largest global suppliers of new subsea service vessels. I believe we are now well positioned to take Trico to the next level."

Highlights for the Year



--  Completed the $247 million acquisition of Active Subsea ASA, with
    eight VS-470 subsea vessels under construction for delivery in 2008 and
    2009.
--  Repositioned more of the fleet outside of the Gulf of Mexico which
    resulted in international EBITDA accounting for 90% of consolidated EBITDA
    for 2007.
--  Realized significant improvement in day rates for the two years ended
    December 31, 2007, with rates for AHTSs and PSVs improving 97% and 39%,
    respectively.
--  Benefited from legislative changes to the Norwegian Tonnage Tax rules
    in December 2007 that resulted in an increase of $2.8 million in net
    income, or $0.18 per diluted share, for the year and $13.1 million in net
    income, or $0.89 per diluted share, for the quarter.  As a result, Trico's
    effective tax rate, which was previously above 40%, is expected to be in
    the mid 20% range going forward, and the cash tax rate is expected to be
    lower than 10%.
--  Implemented a share repurchase program of up to $100 million.

Highlights for the Fourth Quarter



--  The North Sea market achieved record day rates in the spot anchor
    handler market.  Average day rates for Trico's North Sea class fleet
    improved by 15% over the third quarter.  As a result, revenues for AHTSs
    and PSVs in the North Sea increased 11% and 4%, respectively, in the fourth
    quarter compared to the third quarter.
--  For the first time in the Company's history, the average day rate for
    Trico's vessels in West Africa exceeded day rates achieved in the Gulf of
    Mexico for the Company's 180-foot supply vessels.

Summary Results

Charter hire revenues for the quarter ended December 31, 2007 were $63.1 million, a $5.4 million decrease compared to the third quarter of 2007. This decrease was due to a reduction in demand for supply vessels in the Gulf of Mexico and the lost revenues from vessels that were in the process of being mobilized internationally during the fourth quarter. Reduced charter hire revenues in the Gulf during the quarter were partially offset by sequentially higher rates in the North Sea market.

Direct vessel operating expenses for the year were slightly higher on a percentage basis because of $5.1 million of mobilization expense to mobilize 20% of our fleet to international waters and higher than expected repair and maintenance costs.

In January 2008, North Sea day rates averaged $25,345 with utilization of 88%. Day rates for Gulf class supply vessels averaged $7,424 with utilization of 73%.

Conference Call Information

The Company will conduct a conference call at 8:30 a.m. EST on Tuesday, February 19, 2008, to discuss the results with analysts, investors and other interested parties. Individuals who wish to participate in the conference call should dial (888) 205-6875, access code 3346383, in the United States or (913) 312-0959, access code 3346383, from outside the country.

A telephonic replay of the conference call will be available until March 3, 2008, starting approximately 1 hour after the completion of the call, and can be accessed by dialing (719) 457-0820, access code 3346383 (international calls should use (888) 203-1112, access code 3346383).

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, Mexico, Brazil, West Africa and Southeast Asia. The services provided by the Company's diversified fleet of vessels include the transportation of drilling materials, supplies and crews to offshore facilities and rigs; towing rigs; and support for the construction, installation, repair and maintenance of subsea facilities. Trico is headquartered in Houston, Texas.

For more information about Trico Marine Services, Inc. visit us on the web at www.tricomarine.com.

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 forward-looking statements. A description of risks and uncertainties relating 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.



TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In thousands, except share and per share amounts)


                                              Three months   Three months
                                                  ended          ended
                                              December 31,   September 30,
                                                  2007           2007
                                              -------------  -------------
Revenues:
Charter hire                                  $      63,148  $      68,525
Other vessel income                                   1,835          1,921
                                              -------------  -------------
Total revenues                                       64,983         70,446

Operating expenses:
Direct vessel operating expenses                     29,377         29,367
General and administrative                           10,701         12,561
Depreciation and amortization                         6,582          6,209
Impairment on assets held for sale, net of
insurance recoveries                                   116              -
(Gain) loss on sales of assets                          (39)            (1)
                                              -------------  -------------
Total operating expenses                             46,737         48,136

Operating income                                     18,246         22,310

Interest expense, net of amounts capitalized           (329)        (1,106)
Foreign exchange gain (loss)                            754         (2,068)
Interest income                                       3,305          4,127
Other loss, net                                        (435)          (231)
                                              -------------  -------------
Income before income taxes and noncontrolling
interest in loss of consolidated subsidiary         21,541         23,032

Income tax (benefit) expense                         (8,963)         9,906
                                              -------------  -------------

Income before noncontrolling interest in loss
of consolidated subsidiary                          30,504         13,126
                                              -------------  -------------

Noncontrolling interest in loss of
consolidated subsidiary                                232             51
                                              -------------  -------------

Net income                                    $      30,736  $      13,177
                                              =============  =============

Basic income per common share:
Net income                                   $        2.15  $        0.90
                                              =============  =============
Average common shares outstanding               14,315,001     14,561,711
                                              =============  =============

Diluted income per common share:
  Net income                                  $        2.08  $        0.87
                                              =============  =============
  Average common shares outstanding              14,776,887     15,116,556
                                              =============  =============



TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In thousands, except share and per share amounts)


                                                  Year           Year
                                                  ended          ended
                                              December 31,   December 31,
                                                  2007           2006
                                              -------------  -------------
Revenues:
Charter hire                                  $     250,239  $     243,424
Amortization of non-cash deferred revenues              910          4,322
Other vessel income                                   4,959            971
                                              -------------  -------------
Total revenues                                      256,108        248,717

Operating expenses:
Direct vessel operating expenses                    127,128        106,981
General and administrative                           40,760         27,102
Depreciation and amortization                        24,371         24,998
Impairment on assets held for sale, net of
insurance recoveries                                   116          2,580
(Gain) loss on sales of assets                       (2,897)        (1,334)
                                              -------------  -------------
Total operating expenses                            189,478        160,327

Operating income                                     66,630         88,390

Interest expense, net of amounts capitalized         (3,258)        (1,286)
Foreign exchange gain (loss)                         (2,282)           (23)
Interest income                                      14,132          4,198
Other loss, net                                      (1,364)          (817)
                                              -------------  -------------
Income before income taxes and noncontrolling
interest in loss of consolidated subsidiary         73,858         90,462

Income tax expense                                   13,359         33,723
                                              -------------  -------------

Income before noncontrolling interest in loss
of consolidated subsidiary                          60,499         56,739
                                              -------------  -------------

Noncontrolling interest in loss of
consolidated subsidiary                              2,432          1,985
                                              -------------  -------------

Net income                                    $      62,931  $      58,724
                                              =============  =============

Basic income per common share:
Net income                                   $        4.32  $        4.01
                                              =============  =============
Average common shares outstanding               14,557,826     14,628,490
                                              =============  =============

Diluted income per common share:
  Net income                                  $        4.16  $        3.86
                                              =============  =============
  Average common shares outstanding              15,137,000     15,206,137
                                              =============  =============



TRICO MARINE SERVICES, INC. AND SUBSIDIARIES





                                    Three     Three
                                   Months     Months      Year      Year
                        Month of    ended     ended       ended     ended
                        January   December  September   December  December
                          2008    31, 2007   30, 2007   31, 2007  31, 2006
                        --------  --------  ----------  --------  --------
Average Day Rates:
PSV/AHTS (North Sea
  class) (1)            $ 25,345  $ 31,909  $   27,747  $ 27,024  $ 20,455
Supply (Gulf class)       7,424     7,661       8,429     8,685    11,071
Crew/line handling        6,016     5,880       5,885     5,762     4,785

Utilization:
PSV/AHTS (North Sea
  class)                      88%       88%         94%       90%       94%
Supply (Gulf class)          73%       69%         86%       75%       66%
Crew/line handling           58%       73%         81%       78%       86%

Average Number of
Vessels:
PSV/AHTS (North Sea
  class)                    16.0      16.0        16.0      16.0      16.0
Supply (Gulf class)        40.7      41.0        41.0      41.1      44.3
Crew/line handling          7.0       7.0         7.0       7.2       8.7

(1)  Anchor handling, towing and supply vessels.



TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands, except share and per share amounts)



                                              December 31,   December 31,
ASSETS                                            2007           2006
                                              -------------  -------------
Current assets:
   Cash and cash equivalents                  $     131,463  $     114,173
   Available for sale securities                          -          2,475
   Restricted cash                                    4,747            716
   Accounts receivable, net                          47,253         58,787
   Prepaid expenses and other current assets          7,167          4,036
   Assets held for sale                               3,786          3,048
                                              -------------  -------------
     Total current assets                           194,416        183,235

Property and equipment:
   Land and buildings                                   117          1,995
   Marine vessels                                   285,656        256,125
   Construction-in-progress                         255,749         15,876
   Transportation and other                           3,574          2,328
                                              -------------  -------------
                                                    545,096        276,324
   Less accumulated depreciation and
    amortization                                     71,482         44,476
                                              -------------  -------------
   Net property and equipment                       473,614        231,848

Restricted cash - noncurrent                          3,813         11,842
Other assets                                         12,045          8,397
                                              -------------  -------------
   Total assets                               $     683,888  $     435,322
                                              =============  =============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
   Short-term and current maturities of debt  $       3,716  $       1,258
   Accounts payable                                  15,480         11,055
   Accrued expenses                                  27,098         17,762
   Foreign taxes payable                              4,627              -
   Income taxes payable                                   -          2,092
                                              -------------  -------------
     Total current liabilities                       50,921         32,167

Long-term debt, including premium                   157,287          8,605
Deferred tax liability                                    -         63,327
Foreign taxes payable                                64,777              -
Other liabilities                                     4,312          3,575
                                              -------------  -------------
Total liabilities                                  277,297        107,674

Noncontrolling interest                              12,878         15,310

Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par value                           -              -
New Common stock, $.01 par value                        150            148
Warrants - Series A                                   1,645          1,646
Warrants - Series B                                     632            634
Additional paid-in capital                          248,625        231,218
Retained earnings                                   141,611         78,824
Accumulated other comprehensive income, net
of tax                                              18,654           (132)
Treasury stock, at cost                             (17,604)             -
                                              -------------  -------------
   Total stockholders' equity                       393,713        312,338
                                              -------------  -------------

   Total liabilities and stockholders' equity $     683,888  $     435,322
                                              =============  =============



TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)


                                                  Year           Year
                                                  ended          ended
                                              December 31,   December 31,
                                                  2007           2006
                                              -------------  -------------
Net income (loss)                             $      62,931  $      58,724
Adjustments to reconcile net income to net
  cash provided by operating activities:
   Depreciation and amortization                     24,371         25,029
   Amortization of non-cash deferred revenues          (910)        (4,322)
   Deferred income taxes                                  -         29,513
   Gain (loss) on sales of assets                    (2,897)        (1,334)
   Impairment on assets held for sale                   116          2,580
   Provision for doubtful accounts                       78          1,234
   Stock based compensation                           3,247          2,024
   Noncontrolling interest in loss of
    consolidated subsidiary                          (2,432)        (1,985)
   Change in operating assets and liabilities:
    Accounts receivable                              15,634        (15,522)
    Prepaid expenses and other current assets        (2,992)          (384)
    Accounts payable and accrued expenses             9,497          8,938
    Foreign taxes payable                             9,321              -
    Other, net                                       (3,488)        (2,764)
                                              -------------  -------------
Net cash provided by operating activities           112,476        101,731
                                              -------------  -------------

Cash flows from investing activities:
  Acquisition of Active Subsea, net of
   acquired cash                                   (220,443)             -
  Purchases of property and equipment               (26,063)       (19,472)
  Proceeds from sales of assets                       4,649          3,402
  Purchases of available for sale securities       (184,815)        (2,475)
  Sale of available for sales securities            187,290              -
  Change in restricted cash                           4,113         (4,682)
                                              -------------  -------------
Net cash used in investing activities              (235,269)       (23,227)
                                              -------------  -------------

Cash flows from financing activities:
  Purchases of treasury stock                       (17,604)             -
  Net proceeds from exercises of warrants and
   options                                            2,027            992
  Proceeds from issuance of senior convertible
   debentures                                       150,000              -
  Proceeds from issuance of EMSL debt                 2,000         15,878
  Repayment of debt                                  (1,258)       (54,041)
  Debt issuance costs                                (4,804)             -
  Contribution from non-controlling interest              -         20,910
                                              -------------  -------------
Net cash provided by (used in) financing
activities                                         130,361        (16,261)
                                              -------------  -------------

Effect of exchange rate changes on cash and
cash equivalents                                     9,722            712
                                              -------------  -------------

Net increase (decrease) in cash and cash
equivalents                                         17,290         62,955
Cash and cash equivalents at beginning of
period                                             114,173         51,218
                                              -------------  -------------
Cash and cash equivalents at end of period    $     131,463  $     114,173
                                              =============  =============

[BigSully1]

chart update.

[BigSully1]

update

[BigSully1]

update

[Protocol Guy]

Nice Pick Bigsully ! This is a stock that I've been following for some time with great pleasure 

Here's a the complete 26 pages Research Note by Lehman Brothers:

[BigSully1]

Nice Pick Bigsully ! This is a stock that I've been following for some time with great pleasure 

Here's a the complete 26 pages Research Note by Lehman Brothers:

Thank you VERY much for the report Protoguy, and applauds. Very enlightening, especially about the Jones Act. I only wish they had talked a little more about the joint venture with CNOOC. Happy trading! (or investing)

[BigSully1]

More info available on stock picking board

Trico Marine Services Inc: Company Report3200 Southwest Freeway

Suite 2950

Houston TX 77027
Phone: 713-7809926 http://www.tricomarine.com/

Industry : Oil & Gas Equipment & ServicesEmployees : 834Exchange : NASDAQ

Trico Marine Services, Inc. (Trico) is a provider of marine support vessels to the offshore oil and gas industry, primarily in the North Sea, Gulf of Mexico, West Africa, Mexico and, to a lesser extent, Brazil. As of December 31, 2006, the CompanyGÇÖs fleet consisted of 68 vessels, including 10 large capacity platform supply vessels, six large anchor handling, towing and supply vessels, 44 supply vessels, seven crew boats, and one line handling (utility) vessel. Its diversified fleet of vessels provides a range of services to offshore oil and gas operators, including 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 also provides support for deepwater remotely operated vehicles (ROVs), well stimulation, sea floor cable laying and trenching services.

[setravis]

updated chart look...

[setravis]

TRMA - Volume Alert !

http://www.chartmoney.com/stockquotes.php?ticker=trma

Trico Marine Services, Inc., through its subsidiaries, provides subsea and marine support vessels and services to oil and natural gas exploration and production companies.