EXHIBIT 10.3

SECOND AMENDMENT
 
This SECOND AMENDMENT, dated as of April 13, 2005 (this “Amendment”), made by
BEAR STEARNS CORPORATE LENDING INC., as administrative agent (in such capacity,
the “Administrative Agent”) and as collateral agent for the Revolving Credit
Secured Parties (as defined in the Credit Agreement referred to below) (in such
capacity, the “Revolving Credit Collateral Agent”), and THE BANK OF NEW YORK, as
collateral agent for the Term Loan Secured Parties (as defined in the Credit
Agreement referred to below) (in such capacity, the “Term Loan Collateral Agent”
and together with the Administrative Agent and the Revolving Credit Collateral
Agent, collectively, the “Agents”) and the Lenders (as defined in the Credit
Agreement referred to below) listed on the signature pages hereof (the
“Lenders”) in favor of TRICO MARINE ASSETS, INC., a Delaware corporation (“Trico
Assets”), TRICO MARINE OPERATORS, INC., a Louisiana corporation (“Trico
Operators”), TRICO MARINE SERVICES, INC., a Delaware corporation
(the “Company”), TRICO MARINE INTERNATIONAL, INC., a Louisiana corporation
(“TMI”), TRICO MARINE INTERNATIONAL HOLDINGS B.V., a Netherlands limited company
(besloten vennootschap) (“TMIH”), TRICO SUPPLY AS, a Norway limited company
(“Trico Supply”), and the other Subsidiaries of the Company listed on the
signature pages hereof (together with the Company, Trico Assets, Trico
Operators, TMI, TMIH and Trico Supply, collectively, the “Credit Parties”).
 
RECITALS
 
A.    The Credit Parties, the Lenders and the Agents are parties to that certain
Credit Agreement (Exit), dated as of February 21, 2005 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”);
 
B.    The Credit Parties, the Agents and the Lenders each desire to amend the
Credit Agreement in accordance with the terms and conditions set forth in this
Amendment;
 
In consideration of the mutual conditions and agreements set forth in the Credit
Agreement and this Amendment, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:
 
ARTICLE I  
 
DEFINITIONS.
 
Section 1.01.   Certain Definitions. All terms used herein that are defined in
the Credit Agreement and not otherwise defined herein shall have the meanings
assigned to them in the Credit Agreement.
 
Section 1.02.   Rules of Interpretation. The rules of interpretation specified
in Section 1.2 of the Credit Agreement shall be applicable to this Amendment.
 
ARTICLE II  
 
AMENDMENTS.
 
Section 2.01.   Defined Terms (Section 1.1). Section 1.1 of the Credit Agreement
in hereby amended by adding the following defined term and definition after the
definition of the term “Borrowing”:
 
““Brazilian Vessels” means the six Collateral Vessels operated, flagged or
registered in Brazil and known as the Walker I, the Doce River, the Fernanda M,
the Grande River, the Jesse O and the Red Fox.”
 
Section 2.02.   Equity Issuances (Section 2.6(a)(ii)). Section 2.6(a)(ii) of the
Credit Agreement is hereby amended by:
 
(a)  inserting immediately after the phrase “If on any date any Credit Party
shall receive any Net Cash Proceeds from any Equity Issuance”, and before the
comma, the following phrase:
 
“(other than a maximum aggregate amount of up to $500,000 per fiscal year of
such Net Cash Proceeds received by the Company from the exercise by management
of the Company of options and warrants issued to such management in connection
with their employment by the Company, which amounts may be retained by the
Company and used for general corporate purposes consistent herewith)”; and
 
(b)  inserting immediately before the period at the end of the penultimate
sentence thereof the following phrase:
 
“, and any remaining Net Cash Proceeds from such Equity Issuances after making
all repayments required hereby shall be released to the Company to be used for
general corporate purposes consistent herewith”.
 
Section 2.03.   Disposition of Property (Section 6.4). Section 6.4 of the Credit
Agreement is hereby amended by deleting the period at the end of Section 6.4(f)
and substituting in lieu thereof “; and” and by adding thereto the following as
a new Section 6.4(g):
 
“(g)    the sale of the Brazilian Vessels.”
 
Section 2.04.   Certain Payments; Modifications of Certain Debt Instruments and
other Agreements (Section 6.7(i)). Section 6.7(i) of the Credit Agreement is
hereby amended by adding the following parenthetical before the semicolon at the
end thereof:
 
“(except that Trico Shipping, as borrower under the Norwegian Revolving
Facility, may prepay revolving loans under the Norwegian Revolving Facility in
accordance with the terms and conditions thereof)”.
 
ARTICLE III  
 
EFFECT OF AMENDMENTS.
 
Except as expressly set forth herein, each amendment set forth herein shall not
by implication or otherwise limit, impair, constitute a waiver or amendment of,
or otherwise affect, the rights or remedies of the Lenders or the Agents under
the Credit Agreement or any other Credit Document, and shall not alter, modify,
amend or in any way affect any of the terms, conditions, obligations, covenants
or agreements contained in the Credit Agreement or any other Credit Document,
all of which shall continue in full force and effect. Nothing herein shall be
deemed to entitle any Credit Party to a consent to, or a waiver, amendment,
modification or other change of, any of the other terms, conditions,
obligations, covenants or agreements contained in the Credit Agreement or any
other Credit Document, in similar or different circumstances. The amendments
herein shall apply and be effective only with respect to the matters expressly
covered thereby.
 
ARTICLE IV  
 
EFFECTIVE DATE.
 
This Amendment shall, unless an Event of Default has occurred and is continuing
after giving effect to this Amendment, become effective as of the date first
written above (the “Amendment Effective Date”) upon delivery to the
Administrative Agent by the parties hereto of duly executed counterparts of this
Amendment. Upon the effectiveness of this Amendment the Credit Agreement shall
for all purposes become the Credit Agreement as hereby amended.
 
ARTICLE V  
 
REPRESENTATIONS AND WARRANTIES.
 
The Company and each Borrower represents and warrants as to itself and to each
other Credit Party or Group Member, as applicable, and each other Credit Party
represents and warrants as to itself, to each Agent and each Lender that the
representations and warranties made by the applicable Credit Parties in the
Credit Documents are true and correct in all material respects on and as of the
Amendment Effective Date, before and after giving effect to the effectiveness of
the this Amendment, as if made on and as of the Amendment Effective Date. For
purposes of such restatement of such representations and warranties all
references to the “Credit Documents” within the Credit Agreement shall be deemed
to include this Amendment, and all references to the “Credit Agreement” therein
shall be deemed to mean the Credit Agreement as hereby amended.
 
ARTICLE VI  
 
MISCELLANEOUS.
 
Section 6.01.   Notices. Except as otherwise provided herein, whenever it is
provided herein that any notice, demand, request, consent, approval, declaration
or other communication shall or may be given to or served upon any of the
parties by any other party, or whenever any of the parties desires to give and
serve upon any other party any communication with respect to this Amendment,
each such notice, demand, request, consent, approval, declaration or other
communication shall be in writing and shall be given in the manner and to the
address, and deemed received as provided for in Section 12.2 of the Credit
Agreement. All such notices and other communications shall, when mailed,
telecopied, telegraphed, telexed or cabled, respectively, be effective when
deposited in the mails, telecopied, delivered to the cable company or courier,
respectively, addressed as aforesaid; except that notices and other
communications to the Agents shall not be effective until received by such
entity.
 
Section 6.02.   Counterparts. This Amendment may be executed by one or more of
the parties to this Amendment on any number of separate counterparts, and all of
said counterparts taken together shall be deemed to constitute one and the same
instrument. Delivery of an executed signature page of this Amendment by
facsimile transmission shall be effective as delivery of a manually executed
counterpart hereof or thereof.
 
Section 6.03.   Severability. Any provision of this Amendment that is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.
 
Section 6.04.   GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, INCLUDING
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW.
 
Section 6.05.   Submission To Jurisdiction; Waivers. Each party hereto hereby
irrevocably and unconditionally:
 
(a)  submits for itself and its property in any legal action or proceeding
relating to this Amendment or for recognition and enforcement of any judgment in
respect thereof, to the non-exclusive general jurisdiction of the courts of the
State of New York, the courts of the United States for the Southern District of
New York, and appellate courts from any thereof;
 
(b)  consents that any such action or proceeding may be brought in such courts
and waives any objection that it may now or hereafter have to the venue of any
such action or proceeding in any such court or that such action or proceeding
was brought in an inconvenient court and agrees not to plead or claim the same;
 
(c)  agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such party at its
address set forth or referenced in Section 12.2 of the Credit Agreement or at
such other address of which the parties hereto shall have been notified pursuant
thereto;
 
(d)  agrees that nothing herein shall affect the right to effect service of
process in any other manner permitted by law or shall limit the right to sue in
any other jurisdiction; and
 
(e)  waives, to the maximum extent not prohibited by law, any right it may have
to claim or recover in any legal action or proceeding referred to in this
Section any special, exemplary, punitive or consequential damages.
 
Section 6.06.   WAIVERS OF JURY TRIAL. THE PARTIES HERETO HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING
TO THIS AMENDMENT.
 
Section 6.07.   Waivers; Amendment.
 
(a)  No failure or delay of the Agents in exercising any power or right
hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right or power, or any abandonment or discontinuance of
steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. The rights and remedies of
the Agents hereunder and of the Agents and the Lenders under the Credit
Agreement or any other Credit Document, are cumulative and are not exclusive of
any rights or remedies that they would otherwise have. No waiver of any
provisions of this Amendment or consent to any departure by any party therefrom
shall in any event be effective unless the same shall be permitted by paragraph
(b) below, and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given. No notice to or demand on
any party hereto in any case shall entitle such party to any other or further
notice or demand in similar or other circumstances.
 
(b)  Neither this Amendment nor any provision hereof may be waived, amended or
modified except pursuant to an agreement or agreements in writing entered into
by the parties hereto.
 
[Remainder of page left blank intentionally; signatures follow.]

 

NYI-2193017v4 
     

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
and delivered as of the date first written above.
 
TRICO MARINE ASSETS, INC.
as a Borrower and a Guarantor

 
By:    ______/s/ Trevor Turbidy__________
 
Name:    Trevor Turbidy
 
Title:    
 

 
TRICO MARINE OPERATORS, INC.
as a Borrower and a Guarantor

 
By:    ______/s/ Trevor Turbidy__________
 
Name:    Trevor Turbidy
 
Title:    
 

 

 
TRICO MARINE SERVICES, INC.
as a Guarantor

 
By:    ______/s/ Trevor Turbidy__________
 
Name:    Trevor Turbidy
 
Title:    
 

 

       

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COUNTERPART SIGNATURE PAGE TO THE SECOND AMENDMENT
TRICO MARINE INTERNATIONAL, INC.

 
By:    ______/s/ Trevor Turbidy__________
 
Name:    Trevor Turbidy
 
Title:    
 
:    
 
TRICO MARINE INTERNATIONAL HOLDINGS B.V.

 
By:    ______/s/ Trevor Turbidy__________
 
Name:    Trevor Turbidy
 
Title:    
 
TRICO SUPPLY AS

 
By:    ______/s/ Trevor Turbidy__________
 
Name:    Trevor Turbidy
 
Title:    
 

 

 
TRICO SERVICOS MARITIMOS LTDA.

 
By:    ____/s/ Fernando Martins________
 
Name:    Fernando Martins
 
Title:    

       

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COUNTERPART SIGNATURE PAGE TO THE SECOND AMENDMENT

SERVICOS DE APOYO MARITIMO DE MEXICO, S. DE R.L. DE C.V.

 
By:    _____/s/ D. Michael Wallace___________
 
Name:    D. Michael Wallace
 
Title:    
 
COASTAL INLAND MARINE SERVICES LTD.

 
By:    _____/s/ N.B. Anderson___________
 
Name:    N.B. Anderson
 
Title:
 
TRICO MARINE INTERNATIONAL, LTD.

 
By:    ______/s/ Trevor Turbidy__________
 
Name:    Trevor Turbidy
 
Title:    

       

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COUNTERPART SIGNATURE PAGE TO THE SECOND AMENDMENT

TRICO SUPPLY (UK) LIMITED

 
By:    ______/s/ Trevor Turbidy__________
 
Name:    Trevor Turbidy
 
Title:        
 

 
ALBYN MARINE LIMITED
 

 
By:    ______/s/ A.J.R. May__________
 
Name:    A.J.R. May
 
Title:    
 

 
NYI-2193017v4    
     

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COUNTERPART SIGNATURE PAGE TO THE SECOND AMENDMENT

BEAR STEARNS CORPORATE LENDING INC.
as Administrative Agent and Revolving Credit Collateral Agent

 
By:______/s/ Victor Bulzacchelli__________
Name: Victor Bulzacchelli
Title: Vice President

BEAR STEARNS CORPORATE LENDING INC.
as Lender

 
By:______/s/ Victor Bulzacchelli__________
Name: Victor Bulzacchelli
Title: Vice President

       

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COUNTERPART SIGNATURE PAGE TO THE SECOND AMENDMENT

THE BANK OF NEW YORK
as Term Loan Collateral Agent

 
By:______/s/ Francis B. Casanova, II_________
Name: Francis B. Casanova, II
Title: Vice President

       

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COUNTERPART SIGNATURE PAGE TO THE SECOND AMENDMENT

GREAT AMERICAN INSURANCE COMPANY

By: AMERICAN MONEY MANAGEMENT CORP.,
 
as Portfolio Manager

By:______/s/ Rodger M. Miller_________
Name: Rodger M. Miller
Title: Executive Vice President

GREAT AMERICAN LIFE INSURANCE COMPANY

By: AMERICAN MONEY MANAGEMENT CORP.,
as Portfolio Manager
 

 
By:______/s/ Rodger M. Miller_________
Name: Rodger M. Miller
Title: Executive Vice President

       

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COUNTERPART SIGNATURE PAGE TO THE SECOND AMENDMENT

TRS CALLISTO LLC

By:______/s/ Alice L. Wagner _________
Name: Alice L. Wagner
Title: Vice President

STANFIELD OFFSHORE LEVERAGED ASSETS, LTD.

By: STANFIELD CAPITAL PARTNERS LLC, as Investment Advisor

By:____________________________________
Name:
Title:

STANFIELD OFFSHORE LEVERAGED ASSETS, LTD.
By: STANFIELD CAPITAL PARTNERS LLC, as Investment Advisor

By:____________________________________
Name:
Title:

       

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COUNTERPART SIGNATURE PAGE TO THE SECOND AMENDMENT

MARINER LDC

By: MARINER INVESTMENT GROUP, INC.,
as Investment Advisor

By:    _/s/ Charles R. Howe, II_____________
Name:    Charles R. Howe, II
Title:    President

MARINER LDC

By: MARINER INVESTMENT GROUP, INC.,

  as Investment Advisor

By:    _/s/ Charles R. Howe, II_____________
Name:    Charles R. Howe, II
Title:    President

CASPIAN CAPITAL PARTNERS, L.P.

By: MARINER INVESTMENT GROUP, INC.,
as Investment Advisor

By:    _/s/ Charles R. Howe, II_____________
Name:    Charles R. Howe, II
Title:    President

       

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COUNTERPART SIGNATURE PAGE TOTHE SECOND AMENDMENT

 
CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM

By: HIGHLAND CAPITAL MANAGEMENT, L.P., as Authorized Representatives of the
Board

By:    ____________________________________
 
Name:    
 
Title:
 

       

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COUNTERPART SIGNATURE PAGE TO THE SECOND AMENDMENT

PUTNAM INVESTMENT MANAGEMENT, LLC,

on behalf of

Putnam High Yield Trust
Putnam High Yield Advantage Fund
Putnam Diversified Income Trust

By:    ____________________________________
 
Name:    
 
Title:
 

NYI-2193017v4    

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