Offshore staff

(Houston) -- A joint venture between subsidiaries of Trico Marine Services Inc. and China Oilfield Services Ltd. has been announced.

The company, Eastern Marine Services Ltd., will provide transportation services for offshore oil and gas exploration, production, and related construction.

Of the 14 vessels involved, 7 GoM-class vessels will operate in China under bare boat arrangements between COSL and EMSL. The remaining vessels will be targeted to key Southeast Asian markets.

"Expansion into growing international markets has been a key tenet of our long-term strategy," said Joseph S. Compofelice, chairman of Trico, "and our joint venture with COSL represents a unique opportunity for sustained growth opportunities in regions of the world that we believe will command a higher percentage of worldwide oil and gas exploration."

"This joint venture is perfectly aligned with our long-term strategy of maintaining our position as a leading provider of oilfield services in offshore China," said Yuan Guanagyu, CEO and president of COSL.

7/03/06