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, 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 May 10, 2000, there were 28,390,416 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)

                                                                                March 31,     December 31,
                                                                                  2000           1999
                                                                               -----------   -------------
<S>                                                                            <C>           <C>
                                        ASSETS
     Current assets:
             Cash and cash equivalents                                         $    5,688    $    5,898
             Restricted cash                                                          336           566
             Accounts receivable, net                                              21,052        24,141
             Prepaid expenses and other current assets                              5,435         4,740
                                                                               -----------   -------------
                   Total current assets                                            32,511        35,345
                                                                               -----------   -------------

    Property and equipment, at cost:
             Land and buildings                                                     3,732         3,727
             Marine vessels                                                       608,159       619,544
             Construction-in-progress                                               2,035         3,250
             Transportation and other                                               3,938         3,960
                                                                               -----------   -------------
                                                                                  617,864       630,481

     Less accumulated depreciation and amortization                                83,884        77,093
                                                                               -----------   -------------

             Net property and equipment                                           533,980       553,388
                                                                               -----------   -------------

     "Goodwill, net"                                                               95,995       101,762
     Other assets                                                                  36,754        40,084
                                                                               -----------   -------------
                                                                               $  699,240    $  730,579
                                                                               ===========   =============
                             LIABILITIES AND STOCKHOLDERS' EQUITY

     Current liabilities:
             Current portion of long term debt                                 $    7,361    $    7,618
             Accounts payable                                                       8,529         9,467
             Accrued expenses                                                       7,044         7,935
             Accrued interest                                                       4,859        11,746
             Income taxes payable                                                      57            57
                                                                               -----------   -------------

                  Total current liabilities                                        27,850        36,823
                                                                               -----------   -------------

     Long-term debt                                                               400,424       393,510
     Deferred income taxes, net                                                    22,160        27,279
     Other non-current liabilities                                                  2,740         2,859
                                                                               -----------   -------------
                 Total liabilities                                                453,174       460,471
                                                                               -----------   -------------

     Commitments and contingencies

     Stockholders' equity:
             Common stock, $.01 par value, authorized 40,000,000 shares,
               issued  28,462,448 shares, outstanding 28,390,416 shares               285           285
             Additional paid-in capital                                           265,031       265,031
             Retained earnings                                                     28,116        37,176
             Accumulated other comprehensive loss                                 (47,365)      (32,383)
             Treasury stock, at par value, 72,032 shares                               (1)           (1)
                                                                               -----------   -------------
                 Total stockholders' equity                                       246,066       270,108
                                                                               -----------   -------------
                                                                               $  699,240    $  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)

                           (Dollars in thousands)



                                                         Three Months Ended
                                                              March 31,
                                                   ----------------------------
                                                       2000             1999
                                                   ------------    ------------
<S>                                                <C>             <C>
     Revenues:
          Charter hire                             $    26,356     $    28,286
          Other vessel income                               25              32
                                                   ------------    ------------

                Total revenues                          26,381          28,318
                                                   ------------    ------------

     Operating expenses:
          Direct vessel operating expenses and other    15,813          17,338
          General and administrative                     2,544           2,534
          Amortization of marine inspection costs        3,889           3,252
                                                   ------------    ------------

                Total operating expenses                22,246          23,124
                                                   ------------    ------------

     Depreciation and amortization expense               8,548           8,004
                                                   ------------    ------------

     Operating loss                                     (4,413)         (2,810)

     Interest expense                                    8,344           7,791
     Amortization of deferred financing costs              349             478
     Other income, net                                    (180)            (58)
                                                   ------------    ------------

     Loss before income taxes                          (12,926)        (11,021)

     Income tax benefit                                 (3,865)         (3,678)
                                                   ------------    ------------

     Net loss                                      $    (9,061)    $    (7,343)
                                                   ============    ============




     Basic earnings per common share:
          Net loss                                 $     (0.32)    $     (0.36)
                                                   ============    ============

          Average common shares outstanding         28,390,416      20,378,416
                                                   ============    ============


     Diluted earnings per common share:
          Net loss                                  $    (0.32)     $    (0.36)
                                                   ============    ============

          Average common shares outstanding         28,390,416      20,378,416
                                                   ============    ============


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)

                           (Dollars in thousands)

                                                                                Three Months Ended
                                                                                      March 31,
                                                                             ------------------------
                                                                                2000          1999
                                                                             ----------   -----------
<S>                                                                          <C>          <C>
     Net loss                                                                $  (9,061)   $  (7,343)
     Adjustments to reconcile net loss to net cash used
             in operating activities:
             Depreciation and amortization                                      12,843       11,732
             Deferred income taxes                                              (3,865)      (3,634)
     Changes in operating assets and liabilities:
             Restricted cash                                                       228          173
             Accounts receivable                                                 2,679        4,296
             Prepaid expenses and other current assets                          (1,298)      (1,800)
             Accounts payable and accrued expenses                              (8,499)      (8,631)
             Other, net                                                            285         (624)
                                                                             ----------   -----------

                  Net cash used in operating activities                         (6,688)      (5,831)
                                                                             ----------   -----------

     Cash flows from investing activities:
             Purchases of property and equipment                                (1,979)      (4,897)
             Deferred marine inspection costs                                   (1,146)      (4,380)
             Other                                                                 (43)        (424)
                                                                             ----------   -----------

                  Net cash used in investing activities                         (3,168)      (9,701)
                                                                             ----------   -----------

     Cash flows from financing activities:
             Proceeds from issuance of long-term debt                           12,000       21,000
             Repayment of long-term debt                                        (2,175)     (10,174)
             Deferred financing costs and other                                    (11)        (224)
                                                                             ----------   -----------

                  Net cash provided by financing activities                      9,814       10,602
                                                                             ----------   -----------

     Effect of exchange rate changes on cash and cash equivalents                 (168)         (87)
                                                                             ----------   -----------

     Net decrease in cash and cash equivalents                                    (210)      (5,017)

     Cash and cash equivalents at beginning of period                            5,898        8,737
                                                                             ----------   -----------

     Cash and cash equivalents at end of period                              $   5,688    $   3,720
                                                                             ==========   ===========

     Supplemental information:
          Income taxes paid                                                  $       -    $       6
                                                                             ==========   ===========


          Interest paid                                                      $  15,241    $  13,883
                                                                             ==========   ===========


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)

                            (Dollars in thousands)



                                                         Three Months Ended
                                                               March 31,
                                                       -------------------------
                                                          2000           1999
                                                       ----------    -----------
<S>                                                    <C>           <C>

     Net loss                                          $  (9,061)    $   (7,343)

     Other comprehensive loss, net of tax:
          Foreign currency translation adjustments       (14,982)        (3,035)
                                                       ----------    -----------


     Comprehensive loss                                $ (24,043)    $  (10,378)
                                                       ==========    ===========


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 months  ended  March 31,
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 income, total stockholders' equity
or cash flows.

2.   EARNINGS PER SHARE:

For the three-month periods  ending  March  31,  2000  and 1999, options to
purchase 1,808,980   and 1,832,480 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
March  31,  2000  and  March  31, 1999 were 30% and 33%, respectively.  The
variance from the Company's statutory  rate  is  primarily  due  to  income
contributed  by  our  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.

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 includes Norway and the United Kingdom, and the Other
segment primarily represents the  Company's  Brazilian operations.  Segment
data as of and for the three-months ended March  31,  2000  and 1999 are as
follows:

<TABLE>
<CAPTION>
March 31, 2000                             U.S.        NORTH SEA       OTHER         TOTALS
                                       ----------     -----------    ---------     ----------
<S>                                    <C>            <C>            <C>           <C>
Revenues from external customers       $  13,979      $   10,343     $   2,077     $   26,399
Intersegment revenues                         36              --            --             36
Segment net income (loss)                 (7,077)         (1,468)         (516)        (9,061)
Segment total assets                     587,215         368,544        40,707        996,466
</TABLE>

<TABLE>
<CAPTION>

March 31, 1999                            U.S.     NORTH SEA      OTHER       TOTALS
                                       ---------  -----------   ---------  -----------
<S>                                    <C>         <C>           <C>        <C>
Revenues from external customers       $  11,500   $  14,696     $ 2,090    $   28,286
Intersegment revenues                        216         ---         ---           216
Segment net income (loss)                 (9,065)      2,282        (560)       (7,343)
Segment total assets                     601,986     402,926      42,593     1,047,505
</TABLE>


A  reconciliation of segment data to consolidated data as of March 31, 2000
and 1999 is as follows:

<TABLE>
<CAPTION>

                                                                   2000             1999
                                                                 --------         --------
<S>                                                              <C>            <C>
Revenues
     Total revenues from external customers and intersegment
       revenues for reportable segments......................   $  26,435       $    28,502
     Elimination of intersegment revenues....................         (36)             (216)
                                                                -----------      ----------
                            Total consolidated revenues......   $  26,399       $    28,286
                                                                ===========      ==========
Assets
     Total assets for reportable segments....................   $ 996,466       $ 1,047,505
     Elimination of intersegment receivables.................      (2,492)           (1,147)
     Elimination of investment in subsidiaries...............    (294,734)         (290,973)
                                                                -----------      ----------
                             Total consolidated assets.......   $ 699,240       $   755,385
                                                                ===========      ==========
</TABLE>




7.   SALE OF LIFTBOATS:

On April 10, 2000 the Company  entered  into a definitive agreement whereby
Superior  Energy  Services,  Inc.  agreed  to  acquire  the  Company's  six
liftboats for $14,000,000 in cash.  The sale  of  four of the liftboats was
closed  on  May  10, 2000 and the sale of the remaining  two  liftboats  is
expected to close  before  June 1, 2000.  The Company will recognize a gain
of approximately $2,600,000,  after  taxes,  on  the sale of the liftboats.
All proceeds from the sale will be used to reduce  outstanding  debt  under
the Company's bank credit facility.



   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, 2000 were $26.4 million, a
decrease of 6.8% compared to the $28.3 million  in  revenues  for the first
quarter  of  1999.   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  for  our  vessels.
Additionally,  the  entry of newly-built  vessels  into  markets  where  we
operate contributed to  an  increased  competitive  environment, which also
depressed day rates and utilization rates. The table  below  sets  forth by
vessel class, the average day rates and utilization for our vessels and the
average number of vessels owned during the periods indicated.


                                   THREE MONTHS ENDED MARCH 31,
                                   ----------------------------
                                        2000          1999
                                        ----          ----
Average Day Rates:
Supply                                $ 3,347       $ 3,662
Supply /Anchor Handling (N. Sea)        8,650        11,451
Lift                                    3,963         4,580
Crew/line handling                      2,285         1,898

Utilization:
Supply                                   70%           56%
Supply /Anchor Handling (N. Sea)         73%           87%
Lift                                     44%           47%
Crew/line handling                       76%           81%

Average no. of Vessels:

Supply                                  53.0          52.0
Supply /Anchor Handling (N. Sea)        18.0          17.0
Lift                                     6.0           6.0
Crew/line handling                      22.0          22.0


Supply  boat  day rates in the Gulf for the first quarter of 2000 decreased
8.6% to $3,347,  compared  to  $3,662  for  the  first quarter of 1999. The
utilization rate for the Gulf supply boats increased  to  70% for the first
quarter  of 2000, compared to 56% for the year-ago period due  to  improved
market conditions  in  the  Gulf and reduced vessel downtime for drydocking
and refurbishment.  The utilization  rate  for  both  periods  includes the
impact of the de-activation, or stacking, of 10 supply boats in the Gulf.

Day  rates  for  the  our  North Sea vessels averaged $8,650 for the  first
quarter of 2000 compared to  $11,451  for  the  first  quarter of 1999. Day
rates in the North Sea decreased in the 2000 first quarter due to decreased
demand in the North Sea compared to the year-ago period.    Utilization was
73% for the first quarter of 2000, compared to 87% for the first quarter of
1999.  As a result of low market day rates and utilization, we  elected  to
de-activate  two  of  our  North Sea PSV's in the third quarter of 1999.  A
third  PSV was de-activated in  the  fourth  quarter  of  1999.  North  Sea
utilization  in  the first quarter of 2000 was adversely affected by vessel
downtime for the drydocking  of  three  vessels.   Additionally, during the
first  quarter  of  2000  we  mobilized  two  North  Sea vessels  to  other
international areas in response to new contract awards.   Late in the first
quarter  of 2000, we began to experience increases in utilization  and  day
rates for our vessels in the North Sea.

Lift boat  day  rates  averaged $3,963 for the quarter, a decrease of 13.5%
compared to $4,580 for the  comparable  1999  period.   Utilization for our
lift boats decreased to 44%, compared to 47% for the year-ago period.

Day rates for crew boats and line handling vessels increased  to $2,285 for
the  first quarter, from $1,898 for the first quarter of 1999.   Day  rates
improved  for  both  our  Gulf  crew  boats  and  our line handling vessels
operating  in  Brazil.  Utilization for the crew boats  and  line  handling
vessels decreased to 76% for the first quarter of 2000, compared to 81% for
the comparable 1999 period.   Three  of our line handling vessels in Brazil
were drydocked during the quarter prior  to  commencement  of  new two-year
charters.

During  the  first  quarter  of  2000,  direct  vessel  operating  expenses
decreased  to  $15.8  million (59.9% of revenues) compared to $17.3 million
(61.2% of revenues) for the first quarter of 1999. This decrease was due to
cost reduction measures we implemented and the de-activation of three PSV's
in the North Sea.  The  decrease  in  direct  vessel operating expenses was
partially offset by additional expenses associated  with  three new vessels
that were placed into service in the first half of 1999.

Depreciation  and  amortization expense increased to $8.5 million  for  the
first quarter 2000,  up  from  $8.0  million  for  the year-ago period as a
result  of  our  expanded vessel fleet. Amortization of  marine  inspection
costs increased to  $3.9 million for the quarter ended March 31, 2000, from
$3.3 million in the comparable 1999 period, due to the increased drydocking
and marine inspection costs which we incurred in 1997, 1998 and early 1999,
due to our Gulf supply boat upgrade and refurbishment program.

Our general and administrative  expenses  were unchanged at $2.5 million in
the  first quarter of 2000. However, general  and  administrative  expenses
increased to 9.6% of revenue in the first quarter of 2000, compared to 8.9%
of revenue in the first quarter of 1999, due to the decrease in average day
rates for our Gulf supply boats and our North Sea vessels.

Interest expense  increased  to  $8.3 million for the first quarter of 2000
from $7.8 million for the first quarter  of  1999  due  to  higher  average
interest rates.

In  the first quarter of 2000, we had an income tax benefit of $3.9 million
compared  to  an income tax benefit of $3.7 million in the 1999 period. Our
effective income  tax  rate for the three-month period ended March 31, 2000
was 30%.  The variance from our statutory rate is due to income contributed
by our Norwegian operations,  which  is deferred at the Norwegian statutory
rate  of  28%,  due to our intent to permanently  reinvest  the  unremitted
earnings and postpone their repatriation indefinitely.

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.  Over the past several  years  we have also enhanced our
position  as  a  leading supplier of marine support services  by  acquiring
vessel   fleets   and   by   diversifying   into   international   markets.
Historically, internally  generated funds and equity and debt financing had
provided funding for these  activities.   However,  due to the reduction in
industry activity and the resulting decreases in day  rates and utilization
rates, we experienced a net loss during 1999 and the first quarter of 2000.
As  a result, our capital requirements have been 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 will significantly reduce required capital expenditures in 2000
and beyond.  Capital expenditures for the first quarter  of  2000 consisted
of  $2.0  million  for vessel improvements, and $1.1 million of U.S.  Coast
Guard drydocking costs.

Funds during the first  three months of 2000 were provided by $12.0 million
in borrowings under our bank credit facilities.  During the period, we used
$6.7 million in funds for operating activities, repaid $2.2 million of debt
and made capital expenditures  totaling  $3.1  million, which included $1.1
million  of deferred marine inspection costs.  Other  capital  expenditures
during the period consisted of vessel improvements.

We have outstanding  $280.0  million  in  aggregate  principal  amount of 8
1/2  %  Senior  Notes  due  2005.   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.
As a result of our 1999 and first  quarter  2000  operating results, we can
now only incur additional debt of approximately $37.6  million  beyond that
presently outstanding.

We maintain a $52.5 million bank credit facility that provides a  revolving
line  of  credit  that  can  be used for acquisitions and general corporate
purposes.  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 May  11,  2000,  we had approximately
$36.3 million of debt outstanding under the bank credit  facility  and  the
weighted  average interest rate for the bank credit facility was 9.72%. 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.
Due to our 1999 operating results, the financial covenants contained in the
bank  credit  facility  have  been amended  twice  within  the  past  year.
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 maintain a Norwegian revolving credit facility in the amount  of NOK 550
million  ($65.2  million).   The commitment amount for this Norwegian  bank
facility reduces by NOK 50 million  ($5.9  million)  every six months, with
the balance of the commitment to expire in June 2003.   As of May 11, 2000,
we  had  approximately NOK 475 million ($56.3 million) of debt  outstanding
under the  facility.   The weighted average interest rate for the Norwegian
bank facility was 6.45% as of March 31, 2000.  In April 2000, we executed a
new loan agreement for an  additional Norwegian bank facility in the amount
of NOK  125  million  ($14.8 million).  The   commitment  amount  for  this
additional facility reduces by NOK  12.5 million ($1.5 million)  every  six
months, beginning  June 2001,  with the balance of the commitment to expire
June 2003.  As of May 11, 2000,  we  had  no  debt  outstanding  under  the
additional  facility. 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 the Norwegian bank facility bear interest  at  NIBOR
(Norwegian Interbank Offered Rate) plus a margin.

As a result of the reduction in industry activity and resulting decrease in
day  rates  and  utilization  rates,  and the completion, during  1999,  of
significant  capital  expenditures  relating  to  vessel  construction  and
upgrade projects, capital expenditures  for  the  remainder of 2000 will be
limited to regulatory-mandated vessel dry-docking costs.

In April 2000 we entered into an agreement to sell  our  six  liftboats for
$14.0 million in cash.  As a result of the sale, we will recognize  a gain,
after  taxes,  of approximately  $2.6 million.  As of May 10, 2000, we have
closed on the sale of  four of the liftboats  and received proceeds of $8.7
million which were applied to our bank credit facility.   Upon the  closing
of  the  remaining  two  liftboats,  expected to occur by June 1, 2000, the
remaining  $5.3 million  in  proceeds  will  also  be  applied  to  amounts
outstanding under our bank credit facility.

We believe that cash generated from our operations, together with available
borrowings  under  our  bank  credit  facility  and  additional  borrowings
permitted  under   the  indenture  governing  the  senior  notes,  will  be
sufficient to fund our  working  capital requirements and currently planned
capital expenditures.  While we position  ourselves for industry conditions
to improve, we also intend to position ourselves  to pursue any acquisition
opportunities  that  we  believe  may be presented in our  selected  market
areas. In order to improve our financial  flexibility, during 2000, subject
to  market  conditions,  we  will  consider  raising   additional   equity.
However, we can give no assurances regarding the availability or  terms  of
any  of  the  possible  transactions  under  consideration, and we could be
adversely affected if we are unable to consummate  such  transactions or if
the terms are not favorable to us.

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,
demoninated 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 March 31,  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  By Laws of the Company.{1}

         4.1  Specimen Common Stock Certificate.{2}

         4.2  Third Amendment effective as of March 31, 2000 to  the  Third
              Amended and Restated Revolving Credit  Agreement dated  as of
              May 10, 2000 by and among the Company, Trico Marine Operators,
              Inc.,  Trico Marine Assets,  Inc. and  Wells Fargo Bank, N.A.
              as agent for itself and  the  other lending institutions that
              may become party  thereto  from  time  to time in  accordance
              with the terms thereof.

        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.






Date: May 12, 2000         By:   /S/ KENNETH W. BOURGEOIS
                              ----------------------------------
                              Kenneth W. Bourgeois
                              Chief Accounting Officer and duly authorized
                                officer