Trico Marine investor Kistefos seeks support ahead of June 10 meeting

By Lisa Kerner

Charlotte, N.C., May 27 - Kistefos AS once again reached out to Trico Marine Services, Inc. shareholders seeking their support for the election of Kistefos' nominees, Age Korsvold and Christen Sveaas, to Trico's board of directors at the annual meeting on June 10.

In a Wednesday letter to Trico shareholders, Kistefos said Trico's board "saw fit to award itself an additional 60,000 stock options at an exercise price of $3.57, approximately 40% below the price" where the shares traded May 5.

"This option grant came just days after Trico's board agreed to a dilutive and expensive debt exchange, further harming stockholders," the letter said.

Trico's board also awarded chairman and chief executive officer Joseph Compofelice a base pay increase of $100,000 despite recording an operating loss of $128 million in 2008, according to Kistefos.

As previously reported in Prospect News, Trico wants shareholders to vote on the white proxy card for its nominees - Compofelice and Ben A. Guill - and against the Kistefos proposals, other than the proposal to eliminate the classification of Trico's board.

Trico asked shareholders to reject Kistefos' proposals to expand the board and remove board member Per Staehr.

According to Trico's board, Kistefos has refused to discuss a compromise to settle the "disruptive" proxy contest the Norwegian investment company initiated.

Houston-based Trico provides marine support services to the oil and gas industry.

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