Kistefos Director Nominees Rejected by Trico Stockholders
THE WOODLANDS, Texas, June 10 /PRNewswire-FirstCall/ -- Trico Marine Services, Inc. (Nasdaq: TRMA) (the 'Company' or 'Trico') today announced that, based on a preliminary review of voting, Trico stockholders appear to have elected to the Trico Board of Directors both of the Company's incumbent director nominees -- Joseph S. Compofelice and Ben A. Guill -- at the Company's 2009 Annual Meeting of Stockholders. Stockholders appear to have voted against electing to the Trico Board of Directors the Kistefos nominees, Christen Sveaas and Age Korsvold, as well as several related proposals, including one that would have expanded the Board.
The preliminary results also indicate that stockholders have voted in favor of declassifying the Board of Directors. Additionally, stockholders appear to have voted against reducing the threshold needed to request a special meeting and against the proposed director 'eligibility' requirement.
'On behalf of Trico's Board of Directors and management team, we thank our stockholders for their support. Regardless of today's outcome, Kistefos remains a major stockholder of Trico and we intend to continue to be responsive to the messages we heard in this contest,' said Joe Compofelice, Trico's Chairman and Chief Executive Officer. 'Trico's Board has the qualifications and experience to provide effective oversight and direction to the company. We remain dedicated to serving the interests of all stockholders and executing our strategy as an integrated provider of subsea, trenching and marine support vessels and services.'
Stockholders also appear to have ratified the appointment of PricewaterhouseCoopers LLP, an independent registered public accounting firm.
IVS Associates, Inc., the independent Inspector of Elections, has indicated that it expects to issue a preliminary tabulation of the vote results within two weeks. Final results of the election will be announced once they are certified by the Inspector.
The meeting closed with a presentation by Mr. Compofelice reaffirming the Company's subsea strategy, noting industry statistics reporting expected growth in this area and the benefit of the Company's geographic diversification. Mr. Compofelice also reaffirmed the Company's goal of delevering its balance sheet.
About Trico Marine Group
The Trico Marine Group is an integrated provider of subsea, trenching and marine support vessels and services.
