Rochester, NY 8/27/2009 2:29:59 PM
Trico Marine Services Inc. TRMA, Trico The strength of our second quarter result is the result of transition
Trico Marine Services Inc. TRMA,
Trico Marine Services, Inc. announced its financial results for the second quarter of 2009 of revenues of $180 million, adjusted EBITDA of $31 million and adjusted net income of $0.33 per diluted share. The increases over first quarter of 2009 were due to substantial growth and improvement in the Company's subsea service businesses.
"The strength of our second quarter results is the result of the transition to a subsea service company and reflects not only our progress but the fundamental growth in the subsea sector. As a result of strong backlogs, each of DeepOcean and CTC Marine delivered substantial revenue, earnings and cash flow improvement in China, Mexico and Brazil with less dependence on their historical home market in the North Sea. Utilization of our subsea fleet in the quarter was very high and we expect similar utilization in the third quarter.
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