Trico Marine shareholder Kistefos seeks board representation

By Lisa Kerner

Charlotte, N.C., Dec. 23 - Trico Marine Services, Inc.'s largest shareholder, Kistefos AS, asked the company to appoint two Kistefos executives, Christen Sveaas and ?ge Korsvold, to its board of directors.

Sveaas is the sole equity owner, founder and chairman of Kistefos, and Korsvold is Kistefos' chief executive officer.

Kistefos said in a Dec. 23 letter to Trico Marine that it is prepared to take steps to accomplish its election to the board at a special meeting of shareholders if necessary.

In the letter, Kistefos cited Trico Marine's poor performance and "extraordinary" loss of shareholder value in the last year as evidence that the board needs a change.

The 22.8% shareholder also provided notice that it will make a proposal to declassify Trico Marine's board at the next annual meeting of the company's shareholders, according to a Kistefos news release.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.