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 March 31, 1997

          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
    incorporation or organiztion)                 Identification No.)
 

          610 Palm Street
             Houma, LA                                      70364
   (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 May 9, 1997 there were 7,785,573 shares outstanding of the 
Registrant's Common Stock, par value $.01 per share.


                       PART I.   FINANCIAL INFORMATION

                       ITEM 1.   FINANCIAL STATEMENTS

                 TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS
                                 (Unaudited)

                            (Dollars in thousands)

                                                       March 31,   December 31,
                                                         1997          1996
                                                     -----------   ------------
                                    ASSETS

Current assets:
  Cash and cash equivalents                          $    4,791    $    1,047
  Accounts receivable, net                               18,156        17,409
  Prepaid expenses and other current assets                 665           591
                                                     ----------    ----------
     Total current assets                                23,612        19,047
                                                     ----------    ----------

Property and equipment, at cost:
  Land and buildings                                      1,795         1,565
  Marine vessels                                        151,289       120,403
  Construction-in-progress                                7,746         7,135
  Transportation and other                                1,007           853
                                                     ----------    ----------
                                                        161,837       129,956

Less accumulated depreciation and amortization           13,060        10,814
                                                     ----------    ----------

  Net property and equipment                            148,777       119,142
                                                     ----------    ----------
Other assets, net                                         6,650         5,166
                                                     ----------    ----------
                                                     $  179,039    $  143,355
                                                     ==========    ==========

                    LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable                                   $    6,006    $    5,162
  Accrued expenses                                        3,870         3,812
                                                     ----------    ----------
     Total current liabilities                            9,876         8,974
                                                     ----------    ----------

Long-term debt                                           45,500        21,000
Deferred income taxes, net                               12,993         9,401
                                                     ----------    ----------
     Total liabilities                                   68,369        39,375
                                                     ----------    ----------

Commitments and contingencies

Stockholders' equity:
  Common stock, $.01 par value, 15,000,000 
    shares authorized, issued 7,840,896 and 
    7,836,996 shares, outstanding 7,768,864 
    and 7,764,964 shares at March 31, 1997 
    and December 31, 1996, respectively                      78            78
  Additional paid-in capital                             93,915        93,896
  Retained earnings                                      16,678        10,007
  Treasury stock, at par value, 72,032 shares                (1)           (1)
                                                     ----------    ----------

     Total stockholders' equity                         110,670       103,980
                                                     ----------    ----------
                                                     $  179,039    $  143,355
                                                     ==========    ==========

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


                TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF OPERATIONS 
                                (Unaudited)

               (Dollars in thousands, except per share amounts)


                                                        Three Months Ended
                                                             March 31,
                                                     ------------------------
                                                        1997          1996
                                                     ----------    ----------

Revenues:
  Charter hire                                       $   23,488    $    8,376
  Other vessel income                                         4             8
                                                     ----------    ----------
     Total revenues                                      23,492         8,384
                                                     ----------    ----------
Operating expenses:
  Direct labor and other operating expenses               8,147         4,687
  General  and administrative                             1,418           661
  Amortization of marine inspection costs                   582           430
  Other                                                      71           104
                                                     ----------    ----------
     Total operating expenses                            10,218         5,882

Depreciation and amortization expense                     2,282           824
                                                     ----------    ----------

Operating income                                         10,992         1,678

Interest expense                                            726         1,036
Amortization of deferred financing costs                     17           102
Other income, net                                           (14)          (12)
                                                     ----------    ----------

Income before income taxes                               10,263           552

Income tax expense                                        3,592           188
                                                     ----------    ----------
Net income                                           $    6,671    $      364
                                                     ==========    ==========


Weighted average common shares outstanding            8,432,365     3,051,339
                                                     ==========    ==========
                                                                            
Net income per common share outstanding              $     0.79    $     0.12
                                                     ==========    ==========


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


               TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF CASH FLOWS 
                                (Unaudited)

                            (Dollars in thousands)

                                                         Three Months Ended
                                                              March 31,
                                                      ------------------------
                                                          1997         1996
                                                      ----------    ----------
    
Net income                                            $    6,671    $      364
Adjustments to reconcile net income to net
    cash provided by operating activities:
  Depreciation and amortization                            2,882         1,372
  Deferred income taxes                                    3,592           188
  Interest on subordinated debt                                -           298
  Gain on sale of assets                                       7             - 
  Provision for doubtful accounts                             30            40
Changes in operating assets and liabilities:
  Accounts receivable                                       (777)         (191)
  Prepaid expenses and other current assets                  (74)         (379)
  Accounts payable and accrued expenses                      901          (615)
Other, net                                                  (275)          (63)
                                                      ----------    ----------
    Net cash provided by operating activities             12,957         1,014
                                                      ----------    ----------
Cash flows from investing activities:
  Purchases of property and equipment                    (31,911)       (4,115)
  Deferred USCG expenses                                  (1,781)         (304)
  Proceeds from sales of assets                                5             - 
  Investment in and advances to unconsolidated 
    company                                                    3          (635)
                                                      ----------    ----------
    Net cash used in investing activities                (33,684)       (5,054)
                                                      ----------    ----------
Cash flows from financing activities:
  Proceeds from issuance of common stock, net 
    of registration expenses                                  19           (97)
  Proceeds from issuance of long-term debt                25,500         6,169
  Repayment of long-term debt                             (1,000)         (964)
  Deferred financing costs and other                         (48)         (322)
                                                      ----------    ----------

    Net cash provided by financing activities             24,471         4,786
                                                      ----------    ----------

Net increase in cash                                       3,744           746

Cash and cash equivalents at beginning of period           1,047         1,117
                                                      ----------    ----------
Cash and cash equivalents at end of period            $    4,791    $    1,863
                                                      ==========    ==========

Supplemental information:
  Income taxes paid                                   $      450    $        2
                                                      ==========    ==========

  Interest paid                                       $      419    $    1,217
                                                      ==========    ========== 



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



            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 months ended March 31,
1997 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, 1996.

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 income, total stockholders'  equity
or cash flows.

2. Bank Credit Agreements:

Effective February 7,  1997,  the  Company increased its agreement with its
bank lenders (the "Bank Credit Facility") to $65,000,000.

3. Acquisitions:

In January 1997, the Company entered  into agreements with two companies to
acquire seven supply vessels and one utility  vessel  for $36,200,000.  The
first transaction for the acquisition of five of the supply vessels and the
utility  vessel  was  completed  on  January  31,  1997, with  the  Company
borrowing $22,000,000 under the Bank Credit Facility  to  fund a portion of
the purchase price.  The Company expects the acquisition of  the  other two
supply vessels to be completed in the second quarter of 1997.  The  Company
will  borrow  under  its  Bank  Credit  Facility  to  fund a portion of the
purchase price.

4. Earnings Per Share and Capital Stucture Disclosure:

In February 1997, the Financial Accounting Standards Board issued Statement
of  Financial  Accounting  Standards  "SFAS  No. 128  Earnings  Per  Share" 
effective for financial statements issued for periods ending after December
15, 1997.  The  board  has  also issued  Statement  No. 129  "Disclosure of
Information  About  Capital Structure" also  effective the  same date.  The 
Company does not believe that effect of adopting these statements will have
a material impact on the Company.


  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 first quarter ended March 31, 1997 were $23.5 million,  an
increase of 180.2% compared  to  the $8.4 million in revenues for the first
quarter of 1996.  This increase was  principally  due  to the growth in the
Company's vessel fleet, both in the Gulf of Mexico ("Gulf") and Brazil, and
the increase in average vessel day rates, principally for  supply boats and
lift  boats in the Gulf.  The table below sets forth by vessel  class,  the
average  day rates and utilization of the Company's vessels and the average
number of vessels owned during the periods indicated.


                                         Three months ended March 31,
                                         ----------------------------
                                           1997               1996
                                           ----               ---- 
      Average Day Rates:
      Supply                              $6,582             $3,415
      Lift                                 5,536              4,840
      Crew/Line Handling                   1,771              1,530

      Utilization:
      Supply                                 88%                88%
      Lift                                   66%                58%
      Crew/Line Handling                     94%                96%

      Average Number of Vessels:
      Supply                                 35.8               16.0
      Lift                                    6.0                6.0
      Crew/Line Handling                     24.7               18.3

All classes  of  vessels  in  the  Company's fleet reported higher dayrates
during the first quarter of 1997 compared  to the first quarter of 1996 due
to the improved market conditions in the Gulf.   Supply  boat day rates for
the quarter rose 92.7% to $6,582, compared to $3,415 for the  first quarter
of 1996.  Lift boat day rates averaged $5,536 for the quarter,  an increase
of  14.4%  compared to $4,840 last year.  Utilization for the supply  boats
was unchanged  from  the  1996  first  quarter at 88%.  While the Company's
supply boats were effectively at full utilization, the 88% utilization rate
reflects a large number of scheduled vessel  drydockings during the quarter
compared to the year ago period.  Utilization  for the lift boats increased
to 66% from 58% for the first quarter of 1996 including  the  impact in the
first  quarter  of 1997 of one of the six lift boats being unavailable  for
service during the  entire  quarter  due  to  drydocking  and repairs.  The
improvement  in  day  rates and utilization for the lift boats  during  the
first quarter of 1997 is  due to improved market conditions in the Gulf for
offshore platform repair and  maintenance  and  well-servicing  activities.
Dayrates  for crewboats and line handling vessels increased 15.7%  for  the
first quarter  to $1,771, from $1,530 for the first quarter of 1996, due to
the increase in  dayrates  for  crewboats in the Gulf.  Utilization for the
crew boats and line handling vessels decreased to 94% for the first quarter
of 1997, compared to 96% for the comparable 1996 period.

During the first quarter of 1997, direct labor and other operating expenses
increased to $8.1 million (34.7%  of  revenues),  compared  to $4.7 million
(55.9%  of  revenues)  for  the  first quarter of 1996 due to the  expanded
vessel fleet and increased labor and  maintenance and repair costs.  Direct
labor and other operating expenses decreased  as  a  percentage of revenues
due to the increase in revenues during the first quarter of 1997.

Depreciation  and amortization expense increased to $2.3  million  for  the
first quarter of 1997, up from $824,000 for the year-ago quarter due to the
expanded vessel  fleet.   Amortization of marine inspection costs increased
to $582,000 for the first quarter  of 1997, from $430,000 in the comparable
1996 period, due to the amortization  of  increased  drydocking  and marine
inspection costs associated with the larger vessel fleet.

General  and  administrative  expenses  increased to $1.4 million (6.0%  of
revenues) in the 1997 first quarter, from  $661,000  (7.9% of revenues) for
the 1996 period due to additions of personnel in connection with the growth
in the Company's vessel fleet and additional financial  reporting and other
expenses associated with being a public company this year  versus  the year
ago  quarter.   General  and  administrative  expenses,  as a percentage of
revenues,  decreased in the first quarter as the increase in  revenues  and
additions to  the  vessel  fleet did not require proportionate increases in
administrative expenses.

Interest expense decreased to  $726,000  for the first quarter of 1997 from
$1.0  million  for the first quarter of 1996.   The  decrease  in  interest
expense was due  to a decrease in average borrowings during the quarter and
lower interest costs for the Company compared to the first quarter of 1996.
Average bank debt  outstanding  increased  to  $38.0  million  in the first
quarter  of 1997, compared to $27.4 million for the year-ago period.   This
increase was  more  than  offset  by  a  decrease  in  average  outstanding
subordinated debt during the quarter compared to the first quarter of 1996.
Average  outstanding  subordinated  debt in  the first  quarter of 1996 was 
$13.1 million.   There  was no  outstanding subordinated  debt in the first  
quarter  of 1997  because  concurrent  with the  Company's  initial  public 
offering  in  May  1996,  the  Company  converted  a   portion  of  its  9% 
subordinated debt into common stock  and the remaining  portion was retired  
with  proceeds from the initial public offering.

In  the first quarter of 1997, the Company had income tax expense  of  $3.6
million, compared to income tax expense of $188,000 in the 1996 period.

LIQUIDITY AND CAPITAL RESOURCES

Funds  during the first three months of 1997 were provided by $24.5 million
in net borrowings  under  the  Company's  Bank  Credit  Facility  and $13.0
million in funds from operating activities.  During the period, the Company
made capital expenditures totaling $33.7 million, consisting principally of
$25.0  million  for  the acquisition of five supply vessels and one utility
vessel  in  the  Gulf  completed   at  the  end  of  January  1997.   Other
expenditures consisted of U.S. Coast  Guard  drydocking  costs  and several
vessel construction and vessel upgrade projects.

During  the  first  quarter  of  1997, the upgrade of the Stones River  was
completed and it began operations  under  a  long-term charter.  The Stones
River  was  a  180-foot  supply  boat  acquired  in March  1996  which  was
lengthened  to 220 feet.  In connection with the acquisition  completed  at
the end of January  1997,  the  Company  also  began  upgrading  one of the
acquired vessels, renamed the Elkhorn River, by lengthening it from  180 to
220 feet and adding a dynamic positioning system.  This vessel will begin a
three-year  charter contract for a well stimulation company upon completion
of its upgrade  in  the  third  quarter of 1997.  In the first quarter, the
Company continued construction in  Brazil  of a 200-foot supply boat which,
once completed, will commence a two year charter contract with Petrobras in
the third quarter of 1997.  During the quarter,  the Company also continued
construction  of  the  SWATH vessel which is expected  to  be  placed  into
operation in the first quarter  of  1998 under a five year charter contract
with Petrobras.

As of May 12, 1997, the Company had $43.5 million of outstanding borrowings
under its $65.0 million Bank Credit Facility.   The  Company  believes  its
capital expenditures for the remainder of 1997 will total approximately $31
million,  including the pending acquisition of two supply boats expected to
be completed  at the end of the second quarter, U.S. Coast Guard drydocking
costs and the Company's  existing vessel construction and upgrade projects.
The  Company  believes  that  cash  generated  from  operations  and  funds
available under the Bank  Credit  Facility  will  be sufficient to fund the
Company's   currently   planned   capital  projects  and  working   capital
requirements.   The  Company's  strategy,   however,   is   to  make  other
acquisitions  as  part of an effort to expand it presence in the  Gulf  and
diversify into selected  international  markets.  To the extent the Company
is successful in identifying such acquisition opportunities, it most likely
will require additional debt or equity financing  depending  on the size of
such acquisitions.


                       PART II.    OTHER INFORMATION
            ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits:

     3.1 Certificate of Incorporation of the Company.(1)

     3.2 By Laws of the Company.(2)

    10.1 Amendment No. 4 to  the Revolving Credit  Agreement  among  Trico  
         Marine Operators,  Inc., Trico  Marine Assets, Inc., Trico Marine 
         Services,  Inc.  and  First  National  Bank  of Boston,  Hibernia 
         National Bank and  First National Bank of Commerce, as  Banks and 
         the First National Bank of  Boston, as agent dated as of February  
         7, 1997. (3)

    10.2 Vessel  Purchase  Agreement  dated  as of January 6, 1997  between
         Trico Marine Assets, Inc. and Laborde Marine, L.L.C. (3)

    11.1 Computation of Earnings Per Share.

    27.1 Financial Date Schedule.

(b) Reports on Form 8-K:

         Report on Form 8-K dated January 31,  1997  reporting  "Item  2  -
         Acquisition  or  Disposition  of  Assets  and  Item  7 - Financial
         Statements and Exhibits."

________________________
(1)  Incorporated by reference to the Company's Registration Statement on 
     Form 8-A filed with the Commission on April 25, 1996.

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

(3) Incorporated by reference to the Company's Form 8-K dated January 31,
    1997.

                          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.
                              (Registrant)


Date: May 15, 1997             /s/ KENNETH W. BOURGEOIS
                              ---------------------------------------
                              Kenneth W. Bourgeois
                              Chief Accounting Officer and
                              duly authorized officer