Trico Marine seeks approval for $26 million sale of two vessels

By Lisa Kerner

Charlotte, N.C., Oct. 13 - Trico Marine Services, Inc. asked the court to approve Trico Marine Assets, Inc.'s sale of two vessels to Tidewater Inc. for a total of $26 million, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The vessels being sold are the Trico Moon vessel and the Trico Mystic vessel.

A hearing is scheduled for Nov. 4.

The sale is contingent on the sale by non-debtor affiliate Trico Subsea Holding AS of the Trico Sabre and Trico Star vessels to Tidewater for $25 million each for a total of $50 million. This sale does not require court approval.

Tidewater has agreed to pay a deposit of 5% of the purchase price of each vessel provided the sellers provide adequate security.

The sale agreements are expected to be finalized by Oct. 21 and the vessels must be delivered between Nov. 1 and Nov. 15, the filing said.

Included in the motion is a request by the debtors for permission to use the sale proceeds to pay certain debtor-in-possession liens and senior liens.

Trico, a marine services company based in The Woodlands, Texas, filed for bankruptcy on Aug. 25. The Chapter 11 case number is 10-12653.

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