SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, DC 20549

                                 FORM 10-Q

           X    Quarterly Report Pursuant to Section 13  or 15(d) of
                    the Securities Exchange Act of 1934
             For the quarterly period ended September 30, 2000

                   Transition Report Pursuant to Section 13 or 15(d)
                  of the Securities Exchange Act of 1934
                  For the transition period            to

                      Commission File Number 0-28316

                        TRICO MARINE SERVICES, INC.
          (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

           Delaware                                 72-1252405
(STATE OR OTHER JURISDICTION OF        (I.R.S. EMPLOYER IDENTIFICATION NO.)
 INCORPORATION OR ORGANIZATION)



     250 North American Court
     Houma, LA                               70363
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)    (ZIP CODE)

Registrant's telephone number, including area code (504) 851-3833


Indicate  by  check  mark whether the registrant: (1) has filed all reports
required to be filed by  Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding  12  months,  and (2) has been subject to such
filing requirements for the past 90 days.

                            Yes    X      No
                                -------      --------

  As of November 9, 2000 there were 36,236,585 shares outstanding of the
           Registrant's Common Stock, par value $.01 per share.

<TABLE>
<CAPTION>

                                PART I.   FINANCIAL INFORMATION

                                ITEM 1.   FINANCIAL STATEMENTS

                         TRICO MARINE SERVICES, INC. AND SUBSIDIARIES

                                  CONSOLIDATED BALANCE SHEETS

                                          (Unaudited)

                                    (Dollars in thousands)
                                                                                                September 30,    December 31,
                                                                                                    2000             1999
                                                                                                -------------    ------------
       ASSETS
<S>                                                                                             <C>              <C>
     Current assets:
             Cash and cash equivalents                                                          $  17,189        $   5,898
             Restricted cash                                                                          330              566
             Accounts receivable, net                                                              28,426           24,141
             Prepaid expenses and other current assets                                              4,333            4,740
                                                                                                -------------    ------------
                   Total current assets                                                            50,278           35,345
                                                                                                -------------    ------------
     Property and equipment, at cost:
             Land and buildings                                                                     3,771            3,727
             Marine vessels                                                                       576,584          619,544
             Construction-in-progress                                                               4,025            3,250
             Transportation and other                                                               2,542            3,960
                                                                                                -------------    ------------
                                                                                                  586,922          630,481

     Less accumulated depreciation and amortization                                                93,496           77,093
                                                                                                -------------    ------------
             Net property and equipment                                                           493,426          553,388
                                                                                                -------------    ------------

     Goodwill, net                                                                                 88,029          101,762
     Other assets                                                                                  31,880           40,084
                                                                                                -------------    ------------
                                                                                                $ 663,613        $ 730,579
                                                                                                =============    ============
     LIABILITIES AND STOCKHOLDERS' EQUITY

     Current liabilities:
             Current portion of long term debt                                                  $   4,540         $  7,618
             Accounts payable                                                                       7,678            9,467
             Accrued expenses                                                                       7,055            7,935
             Accrued interest                                                                       5,236           11,746
             Income taxes payable                                                                      46               57
                                                                                                -------------    ------------
                  Total current liabilities                                                        24,555           36,823
                                                                                                -------------    ------------

     Long-term debt                                                                               326,828          393,510
     Deferred income taxes, net                                                                    17,723           27,279
     Other non-current liabilities                                                                  2,135            2,859
                                                                                                -------------    ------------
                 Total liabilities                                                                371,241          460,471
                                                                                                -------------    ------------

     Commitments and contingencies

     Stockholders' equity:
             Common stock, $.01 par value, 55,000,000 and 40,000,000 shares authorized,
                36,105,242 and 28,462,448 shares issued and 36,033,210 and 28,390,416
                shares outstanding at September 30, 2000 and December 31, 1999, respectively          361              285
             Additional paid-in capital                                                           335,540          265,031
             Retained earnings                                                                     23,062           37,176
             Accumulated other comprehensive loss                                                 (66,590)         (32,383)
             Treasury stock, at par value, 72,032 shares                                               (1)              (1)
                                                                                                -------------    ------------
                 Total stockholders' equity                                                       292,372          270,108
                                                                                                -------------    ------------
                                                                                                $ 663,613        $ 730,579
                                                                                                =============    ============

                 The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>
<TABLE>
<CAPTION>

                                TRICO MARINE SERVICES, INC. AND SUBSIDIARIES

                                    CONSOLIDATED STATEMENTS OF OPERATIONS

                                               (Unaudited)

                            (In thousands, except share and per share amounts)
                                                                    Three Months Ended                       Nine Months Ended
                                                                       September 30,                            September 30,
                                                             ------------------------------           ---------------------------
                                                                     2000        1999                         2000       1999
                                                             --------------  --------------           -------------- ------------
<S>                                                          <C>             <C>                      <C>            <C>
  Revenues:
       Charter hire                                          $      35,260   $   27,560               $     91,072   $   82,463
       Other vessel income                                              25           54                         76          133
                                                             --------------  --------------           -------------- ------------
             Total revenues                                         35,285       27,614                     91,148       82,596
                                                             --------------  --------------           -------------- ------------
  Operating expenses:
       Direct vessel operating expenses and other                   16,509       16,739                     49,471       50,813
       Asset write-down                                                -            -                          -          1,111
       General  and administrative                                   2,660        2,097                      7,965        7,552
       Amortization of marine inspection costs                       3,268        3,492                     10,702       10,188
                                                             --------------  -------------            -------------- ------------
              Total operating expenses                              22,437       22,328                     68,138       69,664
                                                             --------------  --------------           -------------- ------------
  Depreciation and amortization expense                              8,227        8,739                     25,283       24,841
                                                             --------------  --------------           -------------- ------------
  Operating income (loss)                                            4,621       (3,453)                    (2,273)     (11,909)

  Interest expense                                                   7,038        8,172                     23,109       23,685
  Amortization of deferred financing costs                             337          323                      1,053        1,292
  Loss (gain) on sale of assets                                          2           13                     (3,921)          13
  Other income, net                                                   (386)        (237)                      (718)        (532)
                                                             --------------  --------------           -------------- ------------
  Loss before income taxes and extraordinary item                   (2,370)     (11,724)                   (21,796)     (36,367)

  Income tax benefit                                                  (776)      (3,908)                    (6,966)     (12,202)
                                                             --------------  --------------           -------------- ------------
  Loss before extraordinary item                                    (1,594)      (7,816)                   (14,830)     (24,165)

  Extraordinary item, net of taxes                                     -            -                          715       (1,830)
                                                             --------------  --------------           -------------- ------------
  Net loss                                                      $   (1,594)  $   (7,816)                $  (14,115)  $  (25,995)
                                                             ==============  ==============           ============== ============


  Basic and diluted earnings per common share:
       Loss before extraordinary item                           $    (0.04)  $    (0.28)                $    (0.47)  $    (1.01)

       Extraordinary item, net of taxes                                -            -                         0.02        (0.08)
                                                             --------------  --------------           -------------- ------------
       Net loss                                                 $    (0.04)  $    (0.28)                $    (0.45)  $    (1.09)
                                                             ==============  ==============           ============== ============
       Average common shares outstanding                        36,004,202   28,385,079                 31,708,358   23,942,273
                                                             ==============  ==============           ============== ============

 The accompanying notes are an integral part of these consolidated financial statements.

</TABLE>
<TABLE>
<CAPTION>

                       TRICO MARINE SERVICES, INC. AND SUBSIDIARIES

       			   CONSOLIDATED STATEMENTS OF CASH FLOWS

                   		       (Unaudited)

				      (In thousands)
                                                                     Nine Months Ended
                                                                       September 30,
								--------------------------
                                                                    2000          1999
								------------  ------------
<S>                                                             <C>           <C>
  Net loss                                                      $  (14,115)   $  (25,995)
  Adjustments to reconcile net loss to net cash provided
	by (used in) operating activities:
        Depreciation and amortization                               36,966        36,128
        Deferred income taxes                                       (6,581)      (12,219)
        Loss (gain) on sales of assets                              (3,921)           13
        Asset write-off                                                 -          1,111
        Extraordinary item                                            (715)        1,830
  Changes in operating assets and liabilities:
        Restricted cash                                                209           470
        Accounts receivable                                         (5,132)        2,842
        Prepaid expenses and other current assets                     (501)       (1,540)
        Accounts payable and accrued expenses                       (7,944)       (7,066)
        Other, net                                                     123          (862)
								------------  ------------
           Net cash used in operating activities                    (1,611)       (5,288)
								------------  ------------
  Cash flows from investing activities:
        Purchases of property and equipment                         (4,108)      (31,673)
        Deferred marine inspection costs                            (5,343)      (11,157)
        Proceeds from sales of assets                               14,000            46
        Other                                                         (186)          131
								------------  ------------
           Net cash provided by (used in) investing activities       4,363       (42,653)
								------------  ------------
  Cash flows from financing activities:
        Proceeds from issuance of common stock, net of expenses     39,020        46,455
        Proceeds from issuance of long-term debt                    28,400        89,852
        Repayment of long-term debt                                (58,128)      (85,835)
        Deferred financing costs and other                            (154)       (1,761)
								------------  ------------
           Net cash provided by financing activities                 9,138        48,711
								------------  ------------
  Effect of exchange rate changes on cash and cash equivalents        (599)          (68)
                                                                ------------  ------------

  Net increase in cash and cash equivalents                         11,291           702

  Cash and cash equivalents at beginning of period                   5,898         8,737
								------------  ------------
  Cash and cash equivalents at end of period                    $   17,189    $    9,439
								============  ============

  Supplemental information:
       Income taxes paid                                        $       48    $      149
								============  ============
       Interest paid                                            $   28,600    $   29,614
								============  ============


The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>
<TABLE>
<CAPTION>


                                         TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
                                         CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

                                                          (Unaudited)
                                                         (In thousands)


                                                                            Three Months Ended               Nine Months Ended
                                                                               September 30,                    September 30,
                                                                         ________________________        ________________________
                                                                           2000            1999              2000          1999
                                                                         __________    __________        _________      _________
 <S>                                                                     <C>           <C>              <C>            <C>

     Net loss                                                            $  (1,594)    $ (7,816)        $ (14,115)     $ (25,995)
                                                                         __________    _________        __________     __________
     Other comprehensive income (loss), net of tax:
       Foreign currency translation adjustments                            (14,164)       2,388           (34,207)        (3,072)
                                                                         __________    _________        __________     __________

     Comprehensive loss                                                  $ (15,758)    $ (5,428)        $ (48,322)     $ (29,067)
                                                                         ==========    =========        ==========     ==========




The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>



               TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                (Unaudited)

1.   FINANCIAL STATEMENT PRESENTATION:

The consolidated financial statements for Trico  Marine Services, Inc. (the
"Company")  included  herein  are  unaudited but reflect,  in  management's
opinion, all adjustments, consisting  only of normal recurring adjustments,
that are necessary for a fair presentation  of  the nature of the Company's
business.  The results of operations for the three  and  nine  months ended
September 30, 2000 are not necessarily indicative of the results  that  may
be  expected for the full fiscal year or any future periods.  The financial
statements included herein should be read in conjunction with the financial
statements  and  notes  thereto  included  in  the  Company's  consolidated
financial statements for the year ended December 31, 1999.

Certain  prior  period  amounts have been reclassified to conform with  the
presentation shown in the interim consolidated financial statements.  These
reclassifications had no  effect on net loss, total stockholders' equity or
cash flows.

2.   EARNINGS PER SHARE:

For the three-month and nine-month  periods  ending  September 30, 2000 and
1999,   options   to  purchase  2,086,793  and  1,816,480  common   shares,
respectively, at prices  ranging  from  $0.91  to $23.13 have been excluded
from  the computation of diluted earnings per share  because  inclusion  of
these shares would have been antidilutive.

3.   SEPARATE FINANCIAL STATEMENTS FOR SUBSIDIARY GUARANTORS:

During  1997,  the  Company issued $280,000,000 of 8 1/2 % senior notes due
2005 in three different  series. In November 1998, the Company completed an
exchange offer of all the existing series of senior notes for one series of
senior notes (the "Senior  Notes").  The terms and conditions of the Senior
Notes are identical to the predecessor senior notes.

Pursuant to the terms of the  indenture  governing  the  Senior  Notes, the
Senior  Notes  must  be  guaranteed  by  each of the Company's "significant
subsidiaries" (the "Subsidiary Guarantors"),  whether such subsidiary was a
"significant subsidiary" at the time of the issuance of the Senior Notes or
becomes   a  "significant  subsidiary"  thereafter.    Separate   financial
statements  of  the  Subsidiary  Guarantors are not included in this report
because (a) the Company is a holding  company  with no assets or operations
other  than  its  investments  in  its  subsidiaries,  (b)  the  Subsidiary
Guarantors are wholly-owned subsidiaries  of  the  Company, comprise all of
the Company's direct and indirect subsidiaries (other  than inconsequential
subsidiaries) and, on a consolidated basis, represent substantially  all of
the  assets,  liabilities, earnings and equity of the Company, (c) each  of
the Subsidiary  Guarantors  must  fully  and  unconditionally guarantee the
Company's obligations under the Senior Notes on  a  joint and several basis
(subject  to  a  standard  fraudulent conveyance savings  clause)  and  (d)
management  has  determined  that   separate   financial   statements   and
disclosures  concerning  the  Subsidiary  Guarantors  are  not  material to
investors.

4. Income Taxes:

The Company's effective income tax rates for the three-month periods  ended
September  30, 2000 and 1999 were 33%, and for the nine-month periods ended
September 30,  2000 and 1999, 32% and 34%, respectively.  The variance from
the Company's statutory  rate is primarily due to income contributed by the
Company's wholly-owned Norwegian  subsidiary,  Trico  Supply  ASA, which is
deferred  at  the  Norwegian  statutory  rate  of 28%, due to the Company's
intent to permanently reinvest the unremitted earnings  and  postpone their
repatriation indefinitely.

5.   New Accounting Standards:

In June 1998, the Financial Accounting Standards Board issued  Statement of
Financial   Accounting  Standards,  No.  133,  "Accounting  for  Derivative
Instruments  and  Hedging  Activities"  ("SFAS  No.  133").  SFAS  No.  133
establishes accounting  and  reporting standards for derivative instruments
and is, as amended, effective for all fiscal years beginning after June 15,
2000.  The Company is currently  evaluating  the  impact  SFAS No. 133 will
have on its financial statements, if any.

The  Company  has  reviewed  SEC Staff Accounting Bulletin (SAB)  No.  101,
"Revenue Recognition in Financial  Statements"  and has determined that the
effect  of  the  pronouncement  will not be material  to  its  consolidated
financial condition and results of operations.

6.  SEGMENT AND GEOGRAPHIC INFORMATION (IN THOUSANDS):

The Company is a provider of marine  support  services  to  the oil and gas
industry.   Substantially all revenues result from the charter  of  vessels
owned by the Company.  The Company's three reportable segments are based on
geographic area,  consistent  with the Company's management structure.  The
accounting policies of the segments  are  the  same, except for purposes of
income  taxes and intercompany transactions and balances.   The  North  Sea
segment provides  for  a  flat  tax  rate  of  28%,  which is the Norwegian
statutory  tax  rate.   Additionally,  segment  data includes  intersegment
revenues,  receivables  and  payables,  and  investments   in  consolidated
subsidiaries.   The  Company  evaluates  performance  based  on net  income
(loss).   The  U.S.  segment  represents the Company's domestic operations.
The  North Sea segment primarily  includes  operations  in  the  North  Sea
offshore  Norway  and  the  United  Kingdom,  and  the Other segment mainly
represents the Company's Brazilian operations.  Segment  data as of and for
the three-month and nine-month periods ended September 30,  2000  and  1999
are as follows:

<TABLE>
<CAPTION>
<S>                                     <C>          <C>            <C>          <C>
Three Months Ended September 30, 2000      U.S.      NORTH SEA       OTHER        TOTALS
                                        --------     ---------      --------     --------

Revenues from external customers        $ 17,166     $ 15,445       $  2,674     $ 35,285
Intersegment revenues                        36            --             --           36
Segment net income (loss)                (3,859)        2,541           (276)      (1,594)


Three Months Ended September 30, 1999      U.S.      NORTH SEA       OTHER        TOTALS
                                        --------     ---------      --------     -------

Revenues from external customers        $ 11,459     $ 14,029       $  2,126     $ 27,614
Intersegment revenues                         36           --             --           36
Segment net income (loss)                 (9,172)       1,953           (597)      (7,816)



Nine Months  Ended  September 30, 2000     U.S.      NORTH SEA       OTHER        TOTALS
                                        --------     ---------      --------     -------

Revenues from external customers        $ 44,997     $ 39,008       $  7,143     $ 91,148
Intersegment revenues                        108           --             --          108
Segment net income(loss)                 (15,326)       2,534         (1,323)     (14,115)
Segment total assets                     566,139      340,615         40,278      947,032



Nine  Months  Ended  September 30, 1999    U.S.      NORTH SEA       OTHER        TOTALS
                                        --------     ---------      --------     -------

Revenues from external customers        $ 32,581     $ 43,626       $  6,389     $ 82,596
Intersegment revenues                        288           --             --          288
Segment net income (loss)                (30,980)       6,533         (1,548)     (25,995)
Segment total assets                     593,009      424,170         41,915    1,059,094
</TABLE>



6.  SEGMENT AND GEOGRAPHIC INFORMATION (IN THOUSANDS) CONTINUED:

A  reconciliation  of  segment  data to consolidated data as of and for the
three-month and nine-month periods  ended September 30, 2000 and 1999 is as
follows:

<TABLE>
<CAPTION>
                                                                               Three months
                                                                                   ended
                                                                               September 30,
                                                                         ------------------------
                                                                             2000         1999
                                                                         ----------    ----------
<S>                                                                      <C>           <C>
Revenues
      Total revenues from external customers and intersegment
      revenues for reportable segments............................        $  35,321    $  27,650
      Elimination of intersegment revenues........................             (36)          (36)
                                                                          ---------    ----------
            Total consolidated revenues...........................        $  35,285    $  27,614
                                                                          =========    ==========
</TABLE>
<TABLE>
<CAPTION>
                                                                                NINE MONTHS
                                                                                   ENDED
                                                                               SEPTEMBER 30,
                                                                          ------------------------
                                                                             2000         1999
                                                                          ---------    -----------
<S>                                                                       <C>          <C>
Revenues
      Total revenues from external customers and intersegment
      revenues for reportable segments...........................         $  91,256    $  82,884
      Elimination of intersegment revenues.......................              (108)        (288)
                                                                          ----------   ----------
            Total consolidated revenues..........................         $  91,148    $  82,596
                                                                          ==========   ==========
</TABLE>
<TABLE>
<CAPTION>
                                                                            AS OF SEPTEMBER 30,
                                                                          -----------------------
                                                                             2000         1999
                                                                          ---------    -----------
<S>                                                                       <C>          <C>
Assets
    Total assets for reportable segments.........................         $ 947,032    $ 1,059,094
    Elimination of intersegment receivables......................            (2,790)        (1,391)
    Elimination of investment in subsidiaries                              (280,629)      (288,894)
                                                                          ----------   ------------
            Total consolidated assets                                     $ 663,613     $  768,809
                                                                          ==========   ============
</TABLE>


7.   Sale of Liftboats:

In May 2000, the Company sold  its  six  liftboats for $14,000,000 in cash.
The Company recognized a gain of approximately $3,923,000, before taxes, on
the sale and all proceeds from the sale were  used  to  reduce  outstanding
debt under the Company's bank credit facility.

8. PUBLIC OFFERING OF COMMON STOCK:

In May 2000, the Company completed a public offering of 4,500,000 shares of
its   common   stock   that  generated  proceeds  of  $39,006,000,  net  of
underwriting discounts and other costs of $1,494,000.  Of the net proceeds,
$31,624,000 was used to  repay amounts outstanding under the Company's bank
credit facility plus related  accrued interest and the balance was used for
working capital.

9. EXCHANGE OF COMMON STOCK FOR SENIOR NOTES:

In June 2000, the Company exchanged  3,109,857  shares  of its common stock
for $32,140,000 principal amount, plus accrued interest,  of  its  8  1/2 %
senior  notes  due  2005.   In  connection  with  the exchange, the Company
recognized an extraordinary gain of approximately $715,000,  after taxes of
$386,000 and the write-off of unamortized debt issuance costs.



   ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                         AND RESULTS OF OPERATIONS


This  discussion  and  analysis  of  financial  condition  and  results  of
operations  should  be  read in conjunction with the unaudited consolidated
financial statements and the related disclosures included elsewhere herein.

                           RESULTS OF OPERATIONS

Revenues for the third quarter  and  nine  months  ended September 30, 2000
were $35.3 million and $91.1 million, respectively,  compared  to the $27.6
million  and  $82.6 million for the third quarter and first nine months  of
1999, respectively.  This  increase  in  revenues  was  principally due the
increase  in  utilization  for our supply boats in the U.S.  Gulf  and  the
increase in average vessel day  rates  for  all  our  vessel  classes.  The
increase  in revenues for the 2000 period was achieved in spite of the sale
of our lift  boats  in  May 2000.  The lift boats contributed approximately
$1.5 million and $4.0 million  in  revenues for the third quarter and first
nine months of 1999, respectively. Low  oil  prices experienced in 1998 and
early  1999  resulted in a decrease in offshore  industry  activity,  which
resulted in decreases  in average day rates and utilization of our vessels.
Such decreases in day rates and utilization were most pronounced during the
first two quarters of 1999,  in  the case of the Gulf, and in late 1999 and
the first quarter of 2000 for the North Sea. As a result of the increase in
oil and natural gas prices in the  last  half  of  1999  and 2000, offshore
industry  activity  has increased in all of our market areas  resulting  in
improved average day  rates  and  utilization  for  our vessels.  The table
below sets forth by vessel class, the average day rates and utilization for
our vessels and the average number of vessels we owned  during  the periods
indicated.

<TABLE>
<CAPTION>
                                     THREE MONTHS ENDED SEPTEMBER 30,   NINE MONTHS ENDED SEPTEMBER 30,
                                     ------------------------------------------------------------------
<S>                                  <C>             <C>                  <C>            <C>
                                         2000            1999                2000           1999
                                     ----------      ----------           ---------      ----------
Average Day Rate:
Supply                               $  4,224        $  3,143             $  3,672       $  3,310
Supply/Anchor Handling (North Sea)     10,518           9,998                9,719         10,474
Lift                                        -           4,372                3,942          4,325
Crew/Line Handling                      2,600           1,561                2,530          1,559

Utilization:
Supply                                    74%            57%                  71%             55%
Supply/Anchor Handling (North Sea)        88%            85%                  81%             88%
Lift                                        -            54%                  46%             49%
Crew/Line Handling                        84%            85%                  78%             82%

Average Number of Vessels:
Supply                                   53.0           52.9                 53.0            52.3
Supply/Anchor Handling (North Sea)       18.0           18.0                 18.0            17.3
Lift                                        -            6.0                  3.0             6.0
Crew/Line Handling                       22.0           21.0                 22.0            21.0
</TABLE>

Supply  boat  day  rates  in the Gulf for the third quarter and first  nine
months  of  2000  increased  34.4%   to   $4,224,   and  10.9%  to  $3,672,
respectively,  compared  to  $3,143  and  $3,310  for  the comparable  1999
periods.   Utilization  for  the Gulf supply boat fleet increased  for  the
third quarter and nine-month period  to 74% and 71%, respectively, compared
to 57% and 55% for the year-ago periods,  due to improved market conditions
in the Gulf and reduced vessel downtime for dry-docking.

Average day rates for our North Sea vessels  for  the third quarter of 2000
increased 5.2% to $10,518, compared to $9,998 for the  1999  third quarter,
due  to increased demand in the North Sea compared to the year-ago  period.
For the first nine months of 2000, however, average day rates for the North
Sea vessels  decreased  7.2% from $10,474 in 1999 to $9,719 in 2000, due to
the weak market conditions which existed in the first quarter of 2000.

Utilization of our North  Sea vessels was 88% and 81% for the third quarter
and first nine months of 2000,  respectively,  compared  to 85% and 88% for
the year-ago periods.  Utilization in the North Sea increased  in the third
quarter  due  to improved market conditions and the re-activation,  at  the
beginning of the  third  quarter,  of  two of the three previously inactive
PSV's.

Day rates for crew boats and line handling  vessels  for  the third quarter
and  first  nine  months  of  2000 increased 66.6% to $2,600 and  62.3%  to
$2,530, respectively, compared to $1,561 and $1,559 for the comparable 1999
periods.  Day rates for the crew  boats and line handling vessels increased
due to new contracts we were awarded at higher day rates for several of our
line handling vessels in Brazil, and  improved  market  conditions  for our
crew  boats  in the Gulf.  Utilization for the crew boats and line handling
vessels was 84%  for both the third quarter of 2000 and the comparable 1999
period.

During the third quarter  and  first  nine  months  of  2000, direct vessel
operating expenses were $16.5 million (46.8% of revenues) and $49.5 million
(54.3%  of  revenues),  respectively, compared to $16.7 million  (60.6%  of
revenues) and $50.8 million  (61.5% of revenues), for the third quarter and
first nine months of 1999.  Direct  vessel  operating expenses decreased in
the third quarter and first nine months of 2000  compared  to  the year-ago
periods due to cost controls that we implemented, the sale of our liftboats
in  May  2000  and  the  increase  in  value of the U.S. dollar versus  the
Norwegian Kroner, which reduced expenses  for  our North Sea fleet.  Direct
vessel operating expenses decreased as a percentage  of revenues due to the
increase  in  utilization  for our Gulf supply boats and  the  increase  in
average day rates for all our vessel classes in the 2000 third quarter.

Depreciation and amortization  expense  decreased  to  $8.2  million in the
third  quarter of 2000 from $8.7 million last year due to the sale  of  our
lift boats  in May 2000 and the increase in value of the U.S. dollar versus
the Norwegian  Kroner,  which reduced depreciation expense of the North Sea
fleet.   For the first nine  months  of  2000,  however,  depreciation  and
amortization  expense  increased to $25.3 million compared to $24.8 million
in the 1999 period, due  to  new  vessels  added to the fleet in July 1999.
Amortization of marine inspection costs decreased  to  $3.3  million in the
third quarter of 2000, from $3.5 million in the comparable 1999 period, due
to reduced dry-docking and marine inspection costs.

General  and  administrative  expense  increased  to $2.7 million (7.5%  of
revenues)  and  $8.0 million (8.7% of revenues) in the  third  quarter  and
first nine months  of  2000,  respectively,  from  $2.1  million  (7.6%  of
revenues) and $7.6 million (9.1% of revenues) for the 1999 periods. General
and  administrative  expense, as a percentage of revenues, decreased in the
2000 periods due to the increase in revenues resulting from the increase in
utilization for our Gulf supply boats and the increase in average day rates
for all our vessel classes in the third quarter of 2000.

Interest expense decreased  to  $7.0  million for the third quarter of 2000
from $8.2 million for the third quarter of 1999 due to the reduction of our
bank debt and 8.5% senior notes in the second quarter of 2000.

In the third quarter and first nine months  of  2000,  we  had  income  tax
benefits of $776,000 and $7.0 million, respectively, compared to income tax
benefits  of  $3.9  million  and  $12.2  million  in  the 1999 periods. Our
effective  income tax rate for the three-month period ended  September  30,
2000 was 32.7%.

LIQUIDITY AND CAPITAL RESOURCES

Our ongoing  capital  requirements arise primarily from our need to service
debt, fund working capital, acquire, maintain or improve equipment and make
other investments.  Due  to  the  reduction  in  industry  activity,  which
occurred  in  1998  and  1999, and the resulting decreases in day rates and
utilization rates, we experienced a net loss during 1999 and the first nine
months  of 2000.  As a result,  our  capital  requirements  were  primarily
funded  through  the  issuance  of  additional equity and the incurrence of
debt.

During 1999, we  completed vessel construction and upgrade projects that we
committed to prior to the downturn  in  industry   activity.  Additionally,
during the second quarter of  1999  we  completed  our  vessel  improvement
program   that   consisted  of   the  extensive  upgrade  and refurbishment
of  a  significant  portion  of  our  Gulf  supply  boat  fleet. While this
refurbishment program resulted in significant vessel  downtime in 1998  and
in  the first  half  of 1999, we believe that it extended the service lives
of many of our vessels and has enabled us to significantly  reduce required
capital expenditures in 2000 and beyond. Capital expenditures for the first
nine months  of  2000  consisted  principally  of  $4.0 million  for vessel
improvements and $5.3 million of deferred marine inspection costs.  Capital
expenditures  for  the  remainder of   2000  will  be  primarily limited to
regulatory-mandated vessel dry-docking costs.

Funds during the  first  nine months of 2000 were provided by $39.0 million
in net proceeds from the issuance  of  common  equity in a public offering,
$14.0 million in proceeds from asset sales, and $28.4 million in borrowings
under our bank credit facilities.  During the first nine months of 2000, we
used $1.6 million in funds for operating activities,  repaid  $58.1 million
of debt and made capital expenditures totaling $9.5 million, which included
$5.3   million   of   deferred  marine  inspection  costs.   Other  capital
expenditures during the period consisted primarily of vessel improvements.

In May 2000, we closed  on  the sale of our six liftboats for $14.0 million
in cash.  As a result of the  sale,  we recognized a gain, before taxes, of
approximately $3.9 million in the second  quarter.   Proceeds  of  the sale
were used to reduce amounts outstanding under our bank credit facility.

In June 2000, we exchanged 3.1 million shares of our common stock for $32.1
million principal amount, plus accrued interest, of our 8-1/2% senior notes
due  2005.   We now have outstanding approximately $247.9 million in senior
notes.  The senior notes are unsecured and are required to be guaranteed by
all of our significant  subsidiaries.  Except in certain circumstances, the
senior notes may not be prepaid  until  August  1, 2001, at which time they
may be redeemed, at our option, in whole or in part,  at a redemption price
equal  to  104.25%  plus accrued and unpaid interest, with  the  redemption
price declining ratably  on August 1 of each of the succeeding three years.
The indenture governing the  senior  notes contains certain covenants that,
among  other  things,  limit our ability  to  incur  additional  debt,  pay
dividends or make other  distributions,  create certain liens, sell assets,
or enter into certain mergers or acquisitions.

We maintain a bank credit facility that provides a revolving line of credit
that  can  be  used for acquisitions and general  corporate  purposes.   In
August 2000, we  amended  our  $52.5  million  revolving  line of credit to
reduce  the facility amount to $45.0 million, decrease the interest  margin
and modify certain covenants. The bank credit facility is collateralized by
a mortgage  on substantially all of our vessels other than those located in
the North Sea  and Brazil.  Amounts borrowed under the bank credit facility
mature on July 19,  2002  and  bear  interest at a Eurocurrency rate plus a
margin that depends on our leverage ratio.  As of November 10, 2000, we had
no outstanding borrowings under the bank  credit  facility. The bank credit
facility requires us to maintain certain financial  ratios  and  limits our
ability  to  incur additional indebtedness, make capital expenditures,  pay
dividends or make  certain  other distributions, create certain liens, sell
assets or enter into certain  mergers  or  acquisitions.  Although the bank
credit  facility  does  impose  some limitations  on  the  ability  of  our
subsidiaries  to  make  distributions   to   us,   it   expressly   permits
distributions to us by our significant subsidiaries for scheduled principal
and interest payments on the senior notes.

We also maintain a Norwegian revolving credit facility in the amount of NOK
500 million ($55.1 million). The commitment amount for this Norwegian  bank
facility  reduces  by  NOK 50 million ($5.5 million) every six months, with
the balance of the commitment  to  expire in June 2003.  As of November 10,
2000,  we  had  approximately  NOK  390 million  ($43.0  million)  of  debt
outstanding under the facility.  The weighted average interest rate for the
Norwegian bank facility was 7.83% as of September 30, 2000.  In April 2000,
we executed a new loan agreement for  an additional Norwegian bank facility
in the amount of NOK 125 million ($13.8  million).   The  commitment amount
for  this  additional  facility reduces by NOK 12.5 million ($1.4  million)
every six months beginning June 2001, with the balance of the commitment to
expire June 2003. As of  November  10,  2000,  this additional facility was
fully drawn. The weighted average interest rate  for this bank facility was
8.06%  as  of  September 30, 2000. The two Norwegian  bank  facilities  are
collateralized by  security  interests in certain of our North Sea vessels,
requires Trico Supply to maintain  certain  financial ratios and limits the
ability of Trico Supply to create liens, or merge or consolidate with other
entities. Amounts borrowed under these credit  facilities  bear interest at
NIBOR (Norwegian Interbank Offered Rate) plus a margin.

We believe that cash generated from our operations, together with available
borrowings under our bank credit facilities, will be sufficient to fund our
working  capital  requirements  and currently planned capital expenditures.
As we previously disclosed, it was  one  of our objectives at the beginning
of this year to improve our financial flexibility by taking steps to reduce
financial leverage and improve liquidity.   As  part  of that objective, we
completed  the  transactions described above during the second  quarter  of
2000, including the  issuance of common stock and the senior note exchange,
as well as the sale of  the  lift  boats. It has also been our objective to
position ourselves to pursue any acquisition  opportunities that we believe
may be presented in our selected market areas.  Depending  upon the size of
any  acquisition, it is likely that we would require additional  equity  or
debt  financing.   However,   we  can  give  no  assurances  regarding  the
availability or terms of any possible transactions and the related debt and
equity financing.

NEW ACCOUNTING STANDARDS

In June 1998, the Financial Accounting  Standards Board issued Statement of
Financial   Account   Standards,  No.  133,  "Accounting   for   Derivative
Instruments  and  Hedging  Activities"  ("SFAS  No.  133").  SFAS  No.  133
establishes account  and reporting standards for derivative instruments and
is, as amended, effective  for  all  fiscal  years beginning after June 15,
2000.  We are currently evaluating the impact SFAS No. 133 will have on our
financial statements, if any.

We  have reviewed SEC Staff Accounting Bulletin  (SAB)  No.  101,  "Revenue
Recognition in Financial Statements" and have determined that the effect of
the pronouncement  will  not  be  material  to  our  consolidated financial
condition and results of operations.

CAUTIONARY STATEMENTS

"Management's Discussion and Analysis of Financial Condition and Results of
Operations"  includes  certain  "forward-looking  statements"   within  the
meaning  of  Section  27A  of  the  Securities  Act  and Section 21E of the
Exchange  Act.   All  statements other than statements of  historical  fact
included in this section  regarding  the  Company's  financial position and
liquidity,  its  strategic  alternatives,  future capital  needs,  business
strategies, scheduled drydockings and related  vessel  downtime,  and other
plans and objectives of management of the Company for future operations and
activities,  are forward-looking statements. These statements are based  on
certain assumptions  and analyses made by the Company's management in light
of  its  experience  and  its  perception  of  historical  trends,  current
conditions, expected future  developments and other factors it believes are
appropriate under the circumstances.   Such statements are subject to risks
and uncertainties, including the Company's  dependence  on  the oil and gas
industry  and  the  volatility  of that industry, the Company's ability  to
manage  growth, competition in its  industry,  the  risk  of  international
operations   and  currency  fluctuations,  general  economic  and  business
conditions, the business opportunities that may be presented to and pursued
by the Company,  changes  in  law or regulations and other factors, many of
which are beyond the control of the Company.  Although the Company believes
that the expectations reflected  in  such  forward-looking  statements  are
reasonable,  it  can give no assurance that such expectations will prove to
have  been  correct.    Such   statements  are  not  guarantees  of  future
performance and the actual results  or  developments  may differ materially
from those projected in the forward-looking statements.



    ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our market risk exposures primarily include interest rate and exchange rate
fluctuations  on  derivative and financial instruments as  detailed  below.
Our  market  risk sensitive  instruments  are  classified  as  "other  than
trading".

We have entered  into a number of variable and fixed rate debt obligations,
denominated in both  the  U.S.  Dollar  and the Norwegian Kroner (Norwegian
debt payable in Norwegian Kroner).  The instruments are subject to interest
rate  risk.   We manage this risk by monitoring  our  ratio  of  fixed  and
variable rate debt  obligations  in  view of changing market conditions and
from time to time altering that ratio.   We  also  enter into interest rate
swap  agreements,  when  considered  appropriate, in order  to  manage  our
interest rate exposure.

Our  foreign subsidiaries collect revenues  and  pay  expenses  in  several
different  foreign currencies.  We monitor the exchange rate of our foreign
currencies and, when deemed appropriate, enter into hedging transactions in
order to mitigate  the  risk  from  foreign  currency fluctuations. We also
manage our foreign currency risk by attempting  to contract foreign revenue
in U.S. Dollars whenever practicable.  At September  30,  2000,  we  had no
open foreign currency forward exchange contracts.

Our  market risk estimates have not changed materially from those disclosed
in our 1999 Form 10-K, incorporated herein by reference.


                        PART II.  OTHER INFORMATION

ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits:

         3.1   Amended  and  Restated  Certificate  of  Incorporation of the
               Company. 1
         3.2   Amendment  to  the  Amended  and  Restated  Certificate   of
               Incorporation of the Company.

         3.3   By Laws of the Company. 1

         4.1   Specimen Common Stock Certificate. 2

        10.1   Fourth Amendment dated as of August 11,2000 to the Third Amended
               and  Restated  Credit  Agreement  by  and  among  Trico   Marine
               Services, Inc. and the other parties specified therein.

        11.1   Computation of Earnings Per Share.

        27.1   Financial Data Schedule.

(b) Reports on Form 8-K:

              None.


    ____________________________
    1   Incorporated by reference  to  the  Company's  Current Report on
        Form  8-K  dated  July  21,  1997 and filed with the Commission  on
        August 1, 1997.

    2   Incorporated  by  reference  to   the   Company's  Registration
        Statement on Form S-1 (Registration Statement No. 333-2990).


                                 SIGNATURE

Pursuant  to  the  requirements  of the Securities Exchange  Act  of  1934,
Registrant has duly caused this report  to  be  signed on its behalf by the
undersigned thereunto duly authorized.


                              TRICO MARINE SERVICES, INC.





                              By: /s/ Kenneth W. Bourgeois
                                 ----------------------------------
                                  Kenneth W. Bourgeois
                                  Chief Accounting Officer and
                                   duly authorized officer


Date: November 13, 2000