Trico trims

Trico Marine Services is selling two ships and delaying deliveries of vessels building in India in a bid to shore up its balance sheet.

The US company says it has sold two North Sea class vessels to buyers in Asia for an aggregate price of about $40m.

The first sale is due to be completed in early October, with the second due to close later that same month subject to delivery and inspection in Hong Kong.

Trico said the sale would reduce debt, improve its liquidity and reduce both its spot OPSV exposure and dependence on the supply vessel market.

Trico has also suspended the delivery of four of seven PSVs on order at India’s Temba Shipyards with an option to cancel.

The effect of the indefinite suspension of delivery is to reduce previous committed capital expenditures for 2010 and 2011 by about $80m.

“Preserving the option to construct the remaining four vessels allows the company flexibility in developing its strategic growth plans for subsea services to adjust for market conditions and liquidity needs at a future date,” Trico said.

The first three vessels in the series will be delivered from the Chennai-based shipyard as scheduled between December 2009 and July 2010.

Trico said the construction contracts for the three PSVs had been amended to reduce the purchase price, adding that it will incur about $40m of additional capital expenditures between now and their deliveries.

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