Jefferies Drops Trico Marine (TRMA) Coverage

Jefferies & Co. has dropped coverage of Trico Marine Services (NASDAQ: TRMA) as the company has now completed the transition to a subsea services provider. Jefferies wishes to retain its primary focus on OSV, and the offshore and onshore drilling segments.

The most recent rating awarded to Trico was a Hold, coupled with a price target of $3.Trico had started out as an OSV business, but has been making concerted restructuring efforts in the recent past to change into a subsea service provider. Subsea construction is likely to be strong in the coming summer months, but Trico’s prospects will not be clear enough till its liquidity issues are addressed completely.