Exhibit 10.24
 ADDENDUM NO. 1
 TO
 LOAN AGREEMENT
 DATED 21 DECEMBER 2007
 between
 DEEP OCEAN SHIPPING II AS
as Borrower
 THE BANKS AND FINANCIAL INSTITUTIONS PARTICIPATING AS LENDERS
IN THE LOAN AGREEMENT
as Lenders
 and
 SPAREBANK 1 SR-BANK
as Agent




---



##### 



THIS ADDENDUM Addendum
 1
    
    DEEP OCEAN SHIPPING II AS, (registration no. 992 035 870) with registered
address at Stoltenberggaten 1, NO-5527 Haugesund, Norway (the Borrower);2
    
    THE BANKS AND FINANCIAL INSTITUTIONS PARTICIPATING AS LENDERS IN THE LOAN AGREEMENT (the
Lenders),and3
    
    SPAREBANK 1 SR-BANK(registration no. 937 985 321), acting through
its office at Sørhauggaten 150, P.O. Box 453, NO-5501 Haugesund, Norway as agent (the
Agent);(together referred to as the Parties)
 WHEREAS:
 (A)
    
    This Addendum is supplemental to the loan agreement dated 21 December 2007 (the Loan
Agreement), entered into between (i) the Borrower, (ii) Lenders and (iii) the Agent for the
financing of the Borrower and consisting of a term loan in the amount of NOK 350,000,000, or
the equivalent thereof;(B)
    
    Trico Marine Services Inc. has through a fully owned indirect subsidiary Trico Shipping AS
acquired 100% of the shares in Deep Ocean AS, being the indirect owner of 100% of the shares
in the Borrower through its wholly owned subsidiary Deep Ocean Maritime AS;(C)
    
    The Lenders and the Agent have consented to certain changes in the corporate
structure of the Deep Ocean-group, including the delisting of Deep Ocean AS from Oslo Børs and
the subsequent change of ownership of the Borrower, subject to the terms and conditions as set
out below.
 NOW IT IS HEREBY AGREED AS FOLLOWS:
 1
    
    DEFINITIONS AND CONSTRUCTION1.1
    
    Words and expressions defined in the Loan Agreement shall, unless otherwise defined herein,
have the same meanings when used herein (including the preamble).1.2
    
    In this Addendum, unless the context otherwise requires:Effective Datemeans 23 June 2009 being the date on which the Agent
has received the documents and evidence specified in Schedule 1 in a
form and substance satisfactory to it.




---



##### 



2.
    
    AGREEMENT AND CONSENTS, INCLUDING GUARANTEES2.1
    
    The Lenders and the Agent accepts that the shares in the Borrower is transferred from Deep
Ocean Maritime AS to Trico Shipping AS (org.nr 976 584 020) to be settled by way of a note.
The Lenders and the Agent furthermore accepts that the note is assigned from Trico Shipping AS
to Trico Supply AS as parts of the consideration for the contemplated purchase by Trico Supply
AS of 100 % the shares in Deep Ocean AS from Trico Shipping.2.2
    
    The Lenders and the Agent accepts Trico Supply AS and Trico Marine Services Inc as guarantors
for the Loan.2.3
    
    The Borrower agrees and undertakes as follows:
 a.
    
    Increasing of the Margin to 1.75% with effect from 1 November 2008b.
    
    Increasing of the Margin to 2,75 % with effect from 1 April 2009c:
    
    To provide signed statements from Trico Shipping AS and Trico Supply AS
confirming among others that all future charter parties for Deep Endeavour will be
entered into with the Borrower as contractual party and that all agreements between
the Borrower and Trico Marine Services Inc. and related parties are entered into on
arm-length basis. Draft statements are attached as Schedule 4 to this Addendum.
 3.
    
    AMENDMENTS AND CHANGES TO CLAUSES IN THE LOAN AGREEMENT3.1
    
    Amendments and changes to clause 2.1 (Definitions and interpretations) of the Loan Agreement3.1.1
    
    The wording of the following definitions as set out in Clause 2.1 (Definitions) of the Loan
Agreement shall be deleted in their entirety and shall be substituted by the following:Group or a Group Companymeans Trico Supply AS (org 976 853 938) with its subsidiaries.Trico Guaranteesmeans the guarantees executed by the Trico Guarantors in the form and substance acceptable
to the Agent acting on behalf of the Lenders.Trico Guarantorsmeans Trico Supply AS and Trico Marine Services Inc.




---



##### 



Marginmeans 2.75 per cent per annum.Maturity Datemeans 1 January 2010.Share Pledgemeans a pledge of 100% of the shares in the Borrower of even date herewith, executed by
Trico Shipping AS in favor of the Agent as security for the Borrowers obligation pursuant
to this Agreement in the form and substance acceptable to the Agent acting on behalf of
the Lenders.3.1.2
    
    The following new definition to be inserted:Inter Company Loan Pledgemeans the a pledge provided by Deep Ocean AS to the Agent in the form and substance
acceptable to the Agent acting on behalf of the Lenders, where the Deep Ocean AS claim
against Trico Supply AS under the Inter Company Loan Agreement is pledged amounting to
approx. NOK.3.1.3
    
    Amendments and change to clause 3.1 (Corporate status)Clause 3.1 shall be deleted in its entirety and shall be substituted by the following;It is a limited company duly incorporated, validly existing and registered under the laws of Norway, wholly owned by
Trico Shipping AS.3.1.4
    
    Amendments and changes to clause 11 (Security) of the Loan AgreementClause 11 shall include a new clause 11 (vii) and (viii) reading:
 (vii)
    
    the Trico Guarantees(viii)
    
    the Inter Company Loan Pledge
 3.1.5
    
    Amendments and changes to clause 13.1.3 (Financial Statement) of the Loan AgreementIn clause 13.1.3, after references to the Guarantors, the wording and the Trico
Guarantors to be inserted.




---



##### 



3.1.6
    
    Amendments and changes to clause 14 (Events of Default) of the Loan AgreementIn clause 14.1.2, 14.1.3, 14.1.4, 14.1.5 and 14.1.6 after references to Group Company
the wording or any of the Trico Guarantors to be inserted.Clause 14.1.11 (Financial Covenant) to be inserted a new section as follows:
 the Guarantor does not achieve, on consolidated basis:
 (i) an EBITDA equal to at least NOK 111.809.000 in Q2 2009, NOK 130.402.000 in Q3 2009 and
42.471.000 in Q4 2009.
 3.1.7
    
    Clause 14 is expanded by inserting a new clause 14.1.12 reading:14.1.12. OwnershipTrico Shipping AS ceases to own 100% of the shares of the Borrower, without the prior written
consent of the Agent, on behalf of the Lenders.
 3.1.8
    
    Amendments and changes to clause 13 (Undertakings) of the Loan Agreementa
    
    A new clause 13.1.17 to be inserted as following:Charter partiesSecure that all future charter parties for Deep Endeavour will be
entered into with the Borrower as contractual partyb
    
    A new clause 13.1.18 to be inserted as follows:Board compositionMaintain a board composition in accordance with the requirements set
out in the Norwegian guidelines for corporate governancec
    
    A new clause 13.1.19 to be inserted as follows:Agreements with shareholdersSecure that all agreements with shareholders or companies within the
Group Companies are entered into on arm-length basisd
    
    A new clause 13.1.20 to be inserted as follows:Compliance certificates




---



##### 



Provide at a quarterly basis (15 February, 15 May, 15 August and 15 of
November) compliance certificates confirmed by the Borrowers
accountant confirming that the Borrower is in compliance with the
[financial] covenants set out in this AgreementA new clause 13.2.10 to be inserted as follows:13.2.10 Dividends, financial contributionsNot pay any dividends, nor distribute any of its present or future
assets, rights or revenues nor make any financial distributions
(including cash contributions) or loans to its shareholders, any
company within the Group Companies (except for operational guarantees
to Group Companies) or the Trico Guarantors, without the prior written
consent from the Agent on behalf of the Lenders4.
    
    CONTINUED FORCE AND EFFECT4.1
    
    Except as set out in this Addendum, the Loan Agreement shall continue in full force and
effect and the Loan Agreement and this Addendum shall be read and construed as one instrument.5.
    
    GOVERNING LAW AND JURISDICTION
    DEEP OCEAN SHIPPING II AS
 As Borrower




---



##### 



DEEP OCEAN ASAs Guarantor and pledgorTRICO SUPPLY ASAs GuarantorTRICO MARINE SERVICES INCAs GuarantorTRICO SHIPPING ASAs pledgorLENDERSAGENT




---



##### 



Schedule 1
 CONDITIONS PRECEDENT
 1. Corporate Documents
  (a)
    
    the certificate of incorporation of each of the Borrower, Deep Ocean AS, Trico Shipping AS,
Trico Supply and Trico Marine Services Inc;(b)
    
    the bylaws of each of the Borrower, Deep Ocean AS, Trico Shipping AS, Trico Supply and Trico
Marine Services Inc;(c)
    
    Satisfactory corporate resolutions of each of the Borrower, Deep Ocean AS, Trico Shipping AS,
Trico Supply AS and Trico Marine Services Inc. approving and authorising the execution,
delivery and performance of this Addendum, the Trico Guarantees, the Share Pledge and any
power of attorney pertaining thereto.
 2. Delivery of non-security documentation, etc.
  (a)
    
    evidence of compliance with all financial covenants of the Loan Agreement;(b)
    
    the fees payable on the date of this Addendum;(c)
    
    evidence of ownership structure;
 3. Delivery of Security Documents and other documents
  (a)
    
    the Addendum duly executed by the Borrower, Deep Ocean AS, Trico Shipping AS, Trico Supply
AS and Trico Marine Services Inc;(c)
    
    the Trico Guarantees executed by the Guarantors;(d)
    
    the Share Pledge duly executed by Trico Shipping AS;(e)
    
    statements from Trico Shipping AS and Trico Supply AS(e)
    
    such legal opinions as the Agent may request in respect of the Trico Guarantees, the Share
Pledge, the Inter Company Loan and other relating issues.