Trico Extends Date of Vessel Auction to March 28, 2011

HOUSTON, March 17, 2011 /PRNewswire/ -- Trico Marine Services, Inc. (Pink Sheets: TRMAQ) (the "Company" or "Trico") today announced that it has extended the date of its previously scheduled auction to sell certain additional Towing and Supply vessels, in continuation of the Company's exit from the Towing and Supply business.  The United States Bankruptcy Court for the District of Delaware (the "Court") recently issued an Order approving the auction process for the sale of these vessels.

Trico now intends to conduct the auction on March 28, 2011 to procure the highest and best price for the vessels, and the Court will conduct a sales hearing on April 4, 2011 to approve the sale of any auctioned vessel.  Previously the auction was to occur on March 21, 2011.

The vessels Trico intends to auction currently include the Suwanee River, Trinity River and Palma River, as well as any additional vessels whose sales have not closed by the auction date, and those vessels' related inventory.  The sale of the vessels will be on an "as is, where is" basis.  The Company noted that the Elm River has been sold and is no longer up for auction.  

Upon receipt of an offer for any or all of the vessels prior to the auction date, Trico Marine may, accept an offer and execute a purchase agreement, subject to Court approval.  The Company may then withdraw the vessel from consideration at the auction.

To participate in the auction, interested parties must submit written notice by March 25, 2011 at 5:00 pm CT.  For more information please contact Mike Wallace at [email protected] or by calling (713) 780-9926.

Information regarding the vessels, including specifications, is available on Trico Marine's website (www.tricomarine.com).  Additional information is also available upon request by writing to Trico Marine at 3200 Southwest Freeway, Suite 2950, Houston, TX 77027, Attn: Mike Wallace, or by using the email address and telephone number above.

Access to court documents and other general information about the Chapter 11 cases is available at http://dm.epiq11.com/trico.

About Trico Marine Group

Trico Marine Group is an integrated provider of subsea, trenching and marine support vessels and services.  Trico's towing and supply division provides a broad range of marine support services to the oil and gas industry through use of its diversified fleet of vessels including the transportation of drilling materials, supplies and crews to drilling rigs and other offshore facilities; towing drilling rigs and equipment, and support for the construction, installation, repair and maintenance of offshore facilities.   Trico's subsea services and trenching/installation divisions control a well equipped fleet of vessels and operate a fleet of modern ROVs and trenching and other subsea protection equipment. The Trico Marine Group is headquartered in The Woodlands, Texas and has a global presence with operations in the North Sea, West Africa, Mexico, Brazil and Southeast Asia.

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

Forward Looking Statements

Certain statements and information in this press release may constitute "forward-looking statements." The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effect on the Company. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that it anticipates. The Company's forward-looking statements involve significant risks and uncertainties (some of which are beyond its control) and assumptions that could cause actual results to differ materially from its historical experience and its present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: (i) the ability of Trico Supply to implement a debt-for-equity exchange; (ii) the Company's and its subsidiaries' ability to continue as a going concern; (iii) the Company's and its subsidiaries' ability to obtain court approval with respect to motions in the Company's Chapter 11 cases; (iv) the ability of the Company to confirm and consummate one or more plans of reorganization with respect to the Chapter 11 cases; (v) the ability of the Company and its subsidiaries to obtain and maintain normal terms with vendors and service providers; (vi) the Company's ability to maintain contracts that are critical to its operations; (vii) the potential adverse impact of the Chapter 11 cases on the Company's liquidity or results of operations; (viii) the ability of the Company to attract, motivate and/or retain key executives and employees; (ix) the ability of the Company to attract and retain customers; and (x) other risks and factors regarding the Company and its industry identified from time to time in the Company's reports filed with the Securities and Exchange Commission.  Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

SOURCE Trico Marine Services, Inc.