Page 20: of Maritime Reporter Magazine (March 1997)

MARINE FINANCE

Havre. "With Stolt Tank

Container's total fleet now exceed- ing 10,000 units, Challenge's established marketing network will enable us to respond even more effectively," said Stolt Tank

Containers Managing Director

Reginald J.R. Lee.

Trico Completes Vessel

Acquisitions

Trico Marine Services, Inc. announced completion of the previ- ously announced acquisition of five, 180 to 185-ft. supply vessels and one utility vessel from Laborde

Marine, as well as announced the signing of new charter contracts.

One of the acquired vessels,

Elkhorn River, will be upgraded from 180 to 220 ft. (54.8 to 67 m) and will begin a three-year charter contract in mid-1997 for a well

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FAX: U.S. + 1.203.967.2927 stimulation company that provides boat-based well completion and workover services. Trico also signed an additional supply vessel charter contract with the same customer for Stones River, which will begin in March. The two ves- sels are expected to generate com- bined incremental revenues to

Trico of approximately $5.6 million on an annualized basis.

Additionally, one of the acquired supply boats and the utility vessel will begin contracts for a seismic company.

Royal Caribbean Releases

Financial Earnings Info.

Royal Caribbean Cruises Ltd. (RCCL) reported net income of $150.9 million or $2.37 per share for the year ended December 31, 1996, compared to $149 million or $2.35 per share in 1995.

Operating income for 1996 was up 18 percent to $217 million compared to $183.9 million in 1995. Revenues increased 14.6 percent in 1996 to $1.36 billion compared to $1.18 billion in 1995 as a result of a 15 percent increase in capacity primarily due to the addition of Legend of the

Seas in the second quarter of 1995 and Splendour of the Seas in the second quarter of 1996. The 1996 results include a gain of $10.3 million from the sale of

Song of Norway in the fourth quarter and a charge of $2 million for expenses incurred evaluating a potential transaction. "I am very pleased with the results achieved during 1996, particularly in light of the softer market conditions we encoun- tered during the second half of the year, especially in the fourth quarter," said RCCL CEO

Richard D. Fain. "The strategic decision we made in 1992-93 to build the Vision series of ships is now paying handsome dividends.

We have taken delivery of three of the six Vision ships, with two more scheduled for delivery in 1997 and the last one in 1998. We are confident that our recent order for up to two 130,000 gross register ton Project Eagle vessels will continue Royal Caribbean's dominant position in the industry as we enter the 21st century," he concluded.

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