Working Together with Management and the Board, Kistefos Helped Scorpion Secure a Critical Loan Facility That Has Led to a Dramatic Stock Reversal

Kistefos AS today asked stockholders of Trico Marine Services Inc., (NASDAQ: TRMA), an integrated provider of subsea, trenching and marine support vessels and services, to consider the recent events at Scorpion Offshore Ltd. when determining whether to support Kistefos’ Board nominees and governance proposals at Trico’s upcoming June 10, 2009 Annual Meeting of Stockholders. Kistefos believes its active involvement at Scorpion serves as an effective example of the substantial value it can bring to companies in turnaround situations, and what can be achieved when a company, its board and major shareholders collaborate.

Scorpion, which is based in Houston and listed on the Oslo Stock Exchange, is an owner and operator of state-of-the-art offshore drilling rigs. The company saw its stock price fall significantly late last year due, in part, to ongoing concerns about its ability to obtain adequate financing, Kistefos said. In January 2009, Kistefos took an approximately 10.5 percent stake in the company and offered to lend its financing, industry and turnaround experience to the company. Kistefos Executive Chairman Christen Sveaas subsequently accepted Scorpion’s invitation to join the company’s expanded Board of Directors on April 21 of this year. Mr. Sveaas worked collaboratively with Scorpion’s main shareholders, its Board and management to address the company’s financing needs, Kistefos said. Kistefos now holds a 17 percent stake in the company as a result of it guaranteeing and subscribing to an equity offering earlier this year.

On June 4, Scorpion announced it had secured a $52 million credit facility to complete its working capital requirements that was guaranteed by two of its largest stockholders, including Mr. Sveaas. Scorpion said the facility eliminated the need for it to raise additional funds in a difficult financing market for its first six operating rigs. Scorpion shares responded by climbing 57 percent over a two-day period.

“The Scorpion case is a prime example of what can happen when a company allows willing stockholders with the right kind of expertise to work alongside management and the Board to assist in meeting the challenges on hand,” Mr. Sveaas said. “While Trico’s challenges are more complex than those of Scorpion, the results of the combined efforts at Scorpion should make all interested parties at Trico reflect.