Trico Marine shareholder Kistefos continues to seek board seats

By Lisa Kerner

Charlotte, N.C., Oct. 16 - Trico Marine Services, Inc. shareholder Kistefos AS said it is clear, based on a recent Securities and Exchange Commission filing, that the company is in a "serious financial crisis" and in the "dire straits" Kistefos predicted during the proxy contest earlier this year.

Kistefos chairman Christen Sveaas insisted that he and chief executive officer Age Korsvold be added to Trico's board. Sveaas made his demand in a letter to Trico included in a schedule 13D/A filed on Friday with the SEC.

In June, Kistefos announced that Sveaas received the support of a majority of the votes cast at Trico's annual meeting but was not elected to the company's board because of Trico's two-thirds threshold requirement to expand the board. Korsvold also received a large amount of support but was not elected, the shareholder said.

Trico chairman and CEO Joseph S. Compofelice was re-elected by a slim majority of votes cast at the meeting. Compofelice is to blame for Trico's present condition, Kistefos said.

Kistefos, in the SEC filing, said its lawyers have discussed the shareholder's concerns about Trico's Jones Act status with the U.S. Maritime Administration, which Kistefos expects will be contacting Trico about the issue shortly.

According to the filing, Kistefos beneficially owns 3,535,959 shares, or 18.4%, of the Houston-based company's outstanding stock.

Trico provides marine support services to the oil and gas industry.

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