Trico Marine Services, Inc. (Trico) reported lower-than-expected revenues in 1Q 09, reflecting lower than anticipated day rates for its Towing and Supply vessels. However, the company's net earnings exceeded our expectations given a higher-than-expected tax benefit recorded during the quarter. While the company expects an improved operating performance in 2Q 09 and 3Q 09, given its recent contract wins related to its Subsea segment…

Trico Marine Services, Inc.’s (Trico) common stock has appreciated significantly since our last update report, which we believe reflects the on-going volatility in global equity markets. As we hold a cautious outlook for the common stock given the prevailing weakness in the global economy, falling day rates for Towing and Supply vessels and Trico’s high leverage position, we downgrade the common stock from…

Trico Marine Services, Inc. (Trico) declined significantly in a single trading session on 03 March 2008 which we believe reflects investor reaction to a conflict between Trico Management and its largest shareholder as well as Management’s admission of a softening day rates in the Gulf of Mexico and North Sea. As we are likely to revise our estimates downwards to account for lower than expected 4Q 08 and FY 2008 results and a decline…