Kistefos agrees to stock repurchase, keeps 20.2% stake in Trico

By Lisa Kerner

Charlotte, N.C., July 31 - Trico Marine Services, Inc. investors led by Kistefos AS agreed in principal to participate in the company's approved stock repurchase program. Kistefos' agreement assures the company's compliance with federal law limiting foreign ownership of Trico common stock to 25% and maintains the shareholders' 20.2% ownership interest in Trico.

The reporting persons own 3 million shares of Trico stock, according to a schedule 13D filing with the Securities and Exchange Commission.

On May 4, Kistefos urged Trico's board to return cash to shareholders through a special dividend or stock buyback program, expand its revenue base and consider a sale of the company.

Trico Marine is a Houston-based provider of marine support services to the oil and gas industry.

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