EXHIBIT 12.1



TRICO MARINE SERVICES, INC.



COMPUTATION OF RATIOS OF EARNINGS

TO FIXED CHARGES



(Dollars in thousands, except
ratios)



|                                                                                                              |  |      |        |         |   |         |         |  |   |         |   |  |         |         |   | Nine monthsEndedSeptember 30,2003(5) |  
|------------------------------------------------------------------------------------------------------------- |  | ---- | ------ | ------- | - | ------- | ------- |  | - | ------- | - |  | ------- | ------- | - | ------------------------------------ | -
|                                                                                                              |  | 1998 |        | 1999(1) |   |         | 2000(2) |  |   | 2001(3) |   |  | 2002(4) |         |  
|Net income (loss)                                                                                             |  | $    | 25,280 |         | $ | (33,410 | )       |  | $ | (12,722 | ) |  | $       | (6,923  | ) |                                      | $
|Amortization of capitalized interest                                                                          |  |      | 40     |         |   | 174     |         |  |   | 216     |   |  |         | 215     |   |                                      |  
|Income tax expense (benefit)                                                                                  |  |      | 11,804 |         |   | (16,770 | )       |  |   | (4,946  | ) |  |         | (3,317  | ) |                                      |  
|                                                                                                              |  |      |        |         |   |         |         |  |   |         |   |  |         |         |   |                                      |  
|Earnings (loss) from continuing operations before income taxes                                                |  | $    | 37,124 |         | $ | (50,006 | )       |  | $ | (17,452 | ) |  | $       | (10,025 | ) |                                      | $
|                                                                                                              |  |      |        |         |   |         |         |  |   |         |   |  |         |         |   |                                      |  
|Fixed charges                                                                                                 |  |      |        |         |   |         |         |  |   |         |   |  |         |         |   |                                      |  
|Interest on long-term debt expensed                                                                           |  | $    | 27,696 |         | $ | 31,987  |         |  | $ | 29,883  |   |  | $       | 26,232  |   |                                      | $
|Interest on long-term debt capitalized                                                                        |  |      | 4,060  |         |   | 1,206   |         |  |   |        |   |  |         | 156     |   |                                      |  
|Amortization of deferred financing costs                                                                      |  |      | 1,784  |         |   | 1,632   |         |  |   | 1,388   |   |  |         | 1,366   |   |                                      |  
|Estimated portion of rental expense attributable to interest                                                  |  |      | 60     |         |   | 72      |         |  |   | 65      |   |  |         | 69      |   |                                      |  
|                                                                                                              |  |      |        |         |   |         |         |  |   |         |   |  |         |         |   |                                      |  
|Total fixed charges                                                                                           |  | $    | 33,600 |         | $ | 34,897  |         |  | $ | 31,336  |   |  | $       | 27,823  |   |                                      | $
|                                                                                                              |  |      |        |         |   |         |         |  |   |         |   |  |         |         |   |                                      |  
|Earnings (loss) from continuing operations before income taxes and fixed charges, except capitalized interest |  | $    | 66,664 |         | $ | (16,315 | )       |  | $ | 13,884  |   |  | $       | 17,642  |   |                                      | $
|                                                                                                              |  |      |        |         |   |         |         |  |   |         |   |  |         |         |   |                                      |  
|Ratio of earnings to fixed charges                                                                            |  |      | 2.0    |         |   |        |         |  |   |        |   |  |         |        |   |                                      |  
|                                                                                                              |  |      |        |         |   |         |         |  |   |         |   |  |         |         |   |                                      |  



|(1) | Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $51.2 million.
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|(2) | Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $17.5 million.
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|(3) | Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $10.2 million.
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|(4) | Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $53.9 million.
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|(5) | Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $67.6 million.
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