Trico Marine Group
Trico Marine Group provided a range of services in the maritime industry. The services range from exploration support with subsea services, towing and supply, trenching and construction, and shipping of petroleum products. It was headquartered in the United States and also operated locations in other countries. It had three distinct operating divisions including DeepOcean, Trico Offshore, and CTC Marine.
Although its main services were provided in the United States, the company also had a presence in a number of other locations across the globe including the UK, Australia, Brazil, and others. It had 1780 employees. It is no longer operational, having gone through bankruptcy and sell off in late 2011.
Trico Marine Group began in Delaware in 1993. It started as a marine towing and supply company but soon branched out to include other services. It acquired a company called Active Subsea and DeepOcean in an attempt to expand its services. It continued to increase its services and add vessels to the company. At one point, it had 64 vessels. These included ten large capacity platform supply ships, six towing vessels, 41 standard supply ships, six crew vessels and one-line handling ship. It also had 11 additional ships on order when they went into bankruptcy. The group had ambitions that may have extended beyond its abilities, particularly for a business that was relatively young as compared to many of the other companies in the industry.
In 2011, it was announced that Trico Marine Services had completed a restructuring in an out of court resolution. The group includes Trico Supply, Trico Shipping, CTC Marine Projects, Ltd., and DeepOcean along with other subsidiaries. Trico announced that all operations would continue normally. The process separated DeepOcean to improve liquidity and reduce outstanding debt. The DeepOcean subsidiary provided subsea services and owned the majority of vessels including large construction vessels and ROVs. Many of the vessels were not very old when the company went bankrupt, and some were still not obtained.
It ended up spinning off all of its companies and went out of business. Creditors were reportedly not repaid, and stockholders lost money as stocks were worth just pennies on the dollar. More than 1700 employees lost their jobs. This was the second time the company filed for bankruptcy. It originally filed in 2005 but was able to successfully recover, at least temporarily.
From the bankruptcy of Trico Marine Group, DeepOcean Group was born. The company started in 2011 with headquarters in the UK. It offers five main types of services including:
- Inspection, Maintenance, and Repair
- Seabed Intervention
- Subsea Installation
- Survey and Seabed Mapping
It is available to work around the world. The company’s largest shareholder is now Triton. There are 29 companies in Triton’s portfolio which are located in Northern Europe, Italy, and Spain.
The subsidiary known as CTC Marine is now part of DeepOcean and is called DO 1 UK Ltd. Today its main area of focus is on the provisioning of fiber optic cable lay and ocean floor operations, mainly for global telecommunications companies.
DeepOcean has a large fleet of vessels including general construction and subsea vessels, ROVs, trenchers and ploughs, module handling systems, and support equipment and a drilling rig. It provides a number of services such as engineering and project management and surveying. The towing and supply division offers support for petroleum vessels. The company has a global presence but operates mainly in the North Sea, UK, Mexico, Brazil, Australia, and Southeast Asia.
Their large construction vessels include:
- Arbol Grande
- Atlantic Challenger
- CBO Isabella
- Deep Endeavour
- Deep Helder
- Deep Vision
- Edda Fauna
- Edda Flora
- Edda Freya
- Havila Phoenix
- Maersk Connector
- Maersk Forza
- Normand Ocean
It also operates three marine bases in Europe including the UK, Norway, and The Netherlands. DeepOcean is thriving with new contracts being regularly initiated. It also continues to add to its holdings and recently acquired Searov Offshore, a company that owns and operates ten Remote Operated Vehicles with bases in Gabon, Congo, Pointe Noire, and Port Gentil. It was awarded a contract to design and implement the Troll C platform for Statoil.