Trico Marine announces $100 million stock buyback along with Q2 numbers, hints at acquisitions

By Aaron Hochman-Zimmerman

New York, July 31 - Trico Marine Services, Inc. alluded to potential acquisitions during its second quarter conference call as it announced that a plan to buy back up to $100 million of stock has been approved by its board of directors.

"The board and I are really committed to growing the company," said Joe Compofelice, Trico's chairman and chief executive officer when asked specifically about possible mergers and acquisitions.

"Companies sell cheaper than boats," he added.

Compofelice and Geoff Jones, chief financial officer of Trico, which specializes in shipping, drilling and offshore facility maintenance, revealed the company's second quarter numbers along with general plans for future growth.

"We think our stock is an exceptional value," Compofelice said of the buyback plan.

The statements made by Compofelice were intended to showcase what Trico believes are its strengths and ability to grow.

Houston-based Trico posted second quarter revenues of nearly $59 million which leaves Trico in "exceptionally solid shape," Compofelice said, adding that the rates Trico charged in major markets were very stable, but actually edged up slightly in the Gulf of Mexico.

"We remain very optimistic about the Gulf," Jones said.

In other parts of the world, the first five Trico vessels recently arrived in Chinese waters for work with government-owned oil giant Cnooc, Jones said.

"We continue to be elated with the prospects for offshore operations in this exciting market," he said.

However, "west Africa is the fastest growing market," Jones said, adding that some of the five vessels operating in China could eventually move to the African coast.

To increase the company's "bench depth," new hires in management have been added in order to help Trico "renew, enlarge and internationalize further," Compofelice said. The additions will also help expand the variety of services Trico provides.

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