Trico Marine Services, Inc. reports that CTC Marine Projects, its trenching and installation division, has been awarded a $20 million contract.
Trico Marine Services, Inc. (Nasdaq:TRMA) reports that CTC Marine Projects, its trenching and installation division, has been awarded a $20 million contract for the North Bardawil Project offshore Egypt for Petrobel which is scheduled to commence in the first quarter of 2009.
"The North Bardawil contract award highlights the breadth of services and technology that the Trico Marine Group offers through CTC and DeepOcean," commented Chairman and CEO Joseph Compofelice. He said the contract was significant for CTC as it diversifies its ability to perform work scopes ranging from trenching to a more comprehensive subsea protection services outside of its original home market in the North Sea.
The project will utilize the 107 m MPSV Volantis.
Delivered from Norway's Fosen shipyard last year, the Volantis is on long term charter from Volstad. It has a with a permanently installed 2,100 kW UT-1 'Ultra Trencher' jet trenching system, a 2,000 ton carousel reel for deployment of flexible pipeline and umbilical, a 150 ton heave compensated crane for deepwater construction and the WROV Installer 1 from Trico's DeepOcean Division.