Kistefos sells off more shares of Trico, keeps 20% stake

By Lisa Kerner

Charlotte, N.C., Aug. 14 - Kistefos AS sold 38,750 shares of Trico Marine Co. stock back to the company, including 21,250 shares on Aug. 9 at $30.48 each and 17,500 shares on Aug. 10 at $30.82 each.

The transactions were reported in a schedule 13D filing with the Securities and Exchange Commission.

Currently, Kistefos owns 2,961,250 shares, or 20%, of the company's stock.

Kistefos announced on Aug. 14 that it entered into a stock purchase agreement with Trico outlining the amounts, terms and conditions under which the company and the investor can sell Trico shares to each other.

The stock purchase agreement is in effect from Aug. 9 until Trico acquires $20 million worth of shares from Kistefos, Trico ends the repurchase program or Kistefos ceases to hold any Trico shares.

On July 31, Trico said Kistefos agreed in principal to participate in the company's approved stock repurchase program. Kistefos' agreement assures the company's compliance with federal law limiting foreign ownership of Trico common stock to 25%.

At that time, the reporting persons owned 3 million shares of Trico stock.

Kistefos had in the past urged Trico's board to return cash to shareholders through a special dividend or stock buyback program, expand its revenue base and consider a sale of the company.

Trico Marine is a Houston-based provider of marine support services to the oil and gas industry.

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