UNITED STATES
               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, 1998
                                
                               or
                                
         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 8, 1998 there were 20,333,416 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,
                                                           1998         1997
                                  ASSETS

Current assets:
        Cash and cash equivalents                       $  4,769      $ 10,940
        Accounts receivable, net                          33,652        34,519
        Prepaid expenses and other current assets          4,254         3,486

              Total current assets                        42,675        48,945

Property and equipment, at cost:
        Land and buildings                                 2,744         2,429
        Marine vessels                                   497,172       480,920
        Construction-in-progress                          53,865        42,256
        Transportation and other                           3,006         2,433
                                                         556,787       528,038

Less accumulated depreciation and amortization            29,475        22,982

        Net property and equipment                       527,312       505,056

Goodwill, net                                            118,022       118,737
Other assets                                              31,278        26,043

                                                        $719,287      $698,781


                 LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
        Current portion of long term debt               $ 12,294      $ 12,701
        Accounts payable                                  12,659         9,114
        Accrued expenses                                   7,473        10,012
        Accrued interest                                   5,989         5,514
        Income taxes payable                                 258         3,773

             Total current liabilities                    38,673        41,114

Long-term debt                                           373,183       359,385
Deferred income taxes, net                                36,855        32,561
Other non-current liabilities                              2,646         4,221

            Total liabilities                            451,357       437,281

  Commitments and contingencies

Stockholders' equity:
   Common stock, $.01 par value, authorized 40,000,000
     shares, issued 20,385,448 and 20,367,098 shares,
     outstanding 20,313,416 and 20,295,066 shares at
     March 31, 1998 and December 31, 1997                    204           204
        Additional paid-in capital                       218,413       218,528
        Retained earnings                                 55,150        45,306
        Accumulated other comprehensive expense           (5,836)       (2,537)
        Treasury stock, at par value, 72,032 shares           (1)           (1)

            Total stockholders' equity                   267,930       261,500

                                                        $719,287      $698,781

  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,
                                                           1998          1997

Revenues:
     Charter hire                                      $ 48,866      $ 23,488
     Other vessel income                                     21             4

           Total revenues                                48,887        23,492

Operating expenses:
     Direct vessel operating expenses and other          16,819         8,218
     General  and administrative                          2,294         1,418
     Amortization of marine inspection costs              1,448           582

           Total operating expenses                      20,561        10,218

Depreciation and amortization expense                     6,943         2,282

Operating income                                         21,383        10,992

Interest expense                                          6,552           726
Amortization of deferred financing costs                    428            17
Other income, net                                          (321)          (14)

Income before income taxes                               14,724        10,263

Income tax expense                                        4,880         3,592

Net income                                             $  9,844      $  6,671


Basic earnings per common share:
     Net income                                        $   0.48      $   0.43

     Average common shares outstanding               20,298,403    15,533,292 
                                                                            
                                                                            
Diluted earnings per common share:
     Net income                                        $   0.47      $   0.40

     Average common shares outstanding               21,091,922    16,864,730

                             
   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,
                                                               1998        1997


Net income                                                  $  9,844   $  6,671
Adjustments to reconcile net income to net cash provided
        by operating activities:
        Depreciation and amortization                          9,390      2,882
        Deferred income taxes                                  4,705      3,592
        Gain on sales of assets                                    2          7
        Provision for doubtful accounts                           30         30
Changes in operating assets and liabilities:
        Accounts receivable                                      510       (777)
        Prepaid expenses and other current assets               (852)       (74)
        Accounts payable and accrued expenses                 (1,811)       901
        Other, net                                               713       (275)

             Net cash provided by operating activities        22,531     12,957

Cash flows from investing activities:
        Purchases of property and equipment                  (34,726)   (31,911)
        Deferred marine inspection costs                      (7,297)    (1,781)
        Proceeds from sales of assets                              6          5
        Investment in and advances to unconsolidated company    (556)         3
        Other                                                 (1,478)         - 

             Net cash used in investing activities           (44,051)   (33,684)

Cash flows from financing activities:
        Proceeds from issuance of common stock, net of
        registration expenses                                   (115)        19
        Proceeds from issuance of long-term debt              20,840     25,500
        Repayment of long-term debt                           (4,823)    (1,000)
        Deferred financing costs and other                      (343)       (48)

             Net cash provided by financing activities        15,559     24,471

Effect of exchange rate changes on cash and cash equivalents    (210)         - 

Net increase (decrease) in cash and cash equivalents          (6,171)     3,744

Cash and cash equivalents at beginning of period              10,940      1,047

Cash and cash equivalents at end of period                  $ 4,769    $  4,791


Supplemental information:
     Income taxes paid                                      $ 3,700    $    450

     Income taxes refunded                                  $     3    $      - 

     Interest paid                                          $ 7,973    $    419



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


                  TRICO MARINE SERVICES, INC. AND SUBSIDIARIES

                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

                                  (Unaudited)

                              (Dollars in thousands)



                                                             Three Months Ended
                                                                  March 31,
                                                              1998        1997


Net income                                                   9,844       6,671

Other comprehensive income (expense), net of tax:
     Foreign currency translation adjustments               (3,299)          - 


Comprehensive income                                         6,545       6,671


                         
        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,  1998
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, 1997.

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 March 13, 1998, the Company amended its agreement  with
its  bank  lenders  (the "Amended Facility")  to  remove  certain
subsidiaries  as  participants in the  agreement,  to  release  a
portion  of  the  assets  pledged as collateral,  to  reduce  the
interest  rate  and to reduce the commitment fee  on  the  unused
portion of the Amended Facility.

3.   Separate Financial Statements for Subsidiary Guarantors:

During  1997,  the Company issued three Series of 8  1/2%  Senior
Notes due 2005, Series A/B Notes--$110,000,000, Series C/D Notes-
-$100,000,000  and  Series  E/F Notes--$70,000,000  (the  "Senior
Notes"). The Senior Notes are uncollateralized and guaranteed  by
Trico  Marine Assets, Inc., Trico Marine Operators,  Inc.,  Trico
Marine International Holdings, B.V., Saevik Supply ASA and Saevik
Shipping  AS  (the "Subsidiary Guarantors").  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 constitute all of the
Company's   direct   and   indirect  subsidiaries   (other   than
insignificant   subsidiaries),   (c)   the   aggregate    assets,
liabilities, earnings and equity of the Subsidiary Guarantors are
substantially equivalent to the assets, liabilities, earnings and
equity of the Company on a consolidated basis, (d) the Subsidiary
Guarantors  have jointly and severally guaranteed  the  Company's
obligations  under  the Notes on a full and  unconditional  basis
and  (e)   management  has  determined  that  separate  financial
statements and disclosures  concerning the Subsidiary  Guarantors
are not material to investors.

4.   Subsequent Events:

On  April 8, 1998 the Company issued $10,000,000 principal amount
of  8  year  United States Government Guaranteed  Ship  Financing
Bonds,  SWATH  Series  I,  at  an interest  rate  of  6.08%  (The
"Bonds").   The  Bonds are due in 16 semi-annual installments  of
principal  and  interest.   The Bonds  are  secured  by  a  first
preferred  ship  mortgage  on  the  Stillwater  River,  a   Small
Waterplane Area Twin Hull (SWATH) vessel, and by an assignment of
the  charter  contract  that the vessel will  commence  upon  its
completion.  The proceeds from the Bonds were placed in escrow at
the   closing  and  will  be  distributed  to  the  Company  upon
completion and delivery of the vessel.


5.   Authorized Shares and Stock Split:

On May 22, 1997, the Company's stockholders approved an amendment
to  the  Company's Certificate of Incorporation to  increase  the
number  of shares of Common Stock which the Company is authorized
to issue from 15 million to 40 million (the "Amendment").  A two-
for-one split of the Company's common stock in the form of a 100%
stock  dividend  that was previously declared  by  the  Company's
Board  of Directors subject to approval of the Amendment  by  the
Company's  stockholders, was paid on June 9, 1997.  The financial
statements  have  been restated to reflect all  effects  of  this
stock split, including all share amounts and per share data.

6.   New Accounting Standards:

During  the  year,  the  Company adopted Statement  of  Financial
Accounting  Standards, No. 130, "Reporting Comprehensive  Income"
(FASB  No.  130).   FASB  No.  130  requires  the  reporting   of
comprehensive  income in addition to net income from  operations.
Comprehensive  income  is  a more inclusive  financial  reporting
methodology   that  includes  disclosure  of  certain   financial
information  that  historically has not been  recognized  in  the
calculation  of net income.  Prior periods presented herein  have
been reclassified in accordance with FASB No. 130.

In  June  1997, the Financial Accounting Standards  Board  issued
Statement   of   Financial   Accounting   Standards,   No.   131,
"Disclosures  about  Segments  of  an  Enterprise   and   Related
Information," effective for fiscal years beginning after December
15,  1997.   In February 1998, the Financial Accounting Standards
Board  issued  Statement of Financial Accounting  Standards,  No.
132,  "Employer's Disclosures about Pensions and Other Retirement
Benefits,"  effective for fiscal years beginning  after  December
15,  1997.  Management believes adoption of these statements will
have  a  financial statement disclosure impact only and will  not
have  a  material  effect  on the Company's  financial  position,
operations or cash flows.






  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,  1998  were
$48.9 million, an increase of 108.1% compared to $23.5 million in
revenues  for  the  first  quarter of 1997.   This  increase  was
principally  due to the growth in the Company's fleet  of  marine
vessels  in  the Gulf of Mexico ("Gulf"),   the  commencement  of
operations  in  the  North  Sea  as a  result  of  the  Company's
acquisition  of  Saevik  Supply ASA in  December  1997   and  the
improved average vessel day rates for all of the Company's vessel
classes. The first quarter of 1998 was the first full quarter  to
include  the  operations of the Saevik Supply fleet  of  vessels.
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,
                         
                                              1998        1997
        Average Day Rates:
        Supply                             $ 8,159     $ 6,582
        Supply/Anchor  Handling  (N.  Sea)  13,421         -
        Lift                                 6,717       5,536
        Crew/Line Handling                   2,082       1,771
        
        Utilization(1):
        Supply                                 70%         88%
        Supply/Anchor Handling (N. Sea)        92%          -
        Lift                                   69%         66%
        Crew/Line Handling                     98%         94%
        
        Average Number of Vessels:
        Supply                                48.5        35.8
        Supply/Anchor Handling (N. Sea)       16.1         -
        Lift                                   6.0         6.0
        Crew/Line Handling                    23.0        24.7
__________________
(1)   Average utilization rates are average rates for all vessels
based  on  a 365 day year.  Vessels are considered utilized  when
they  are being operated or mobilized/demobilized under contracts
with customers.

      Supply boat day rates in the Gulf for the first quarter  of
1998  rose  24.0% to $8,159 compared to $6,582 for the comparable
1997  period,  due to the strong market conditions in  the  Gulf.
While  the Company's Gulf supply boats experienced strong  demand
and  effectively  full  utilization  levels  during  the  period,
utilization for the Company's supply boats in the Gulf  decreased
for the first quarter due to the large number of scheduled vessel
drydockings  compared to the year-ago period  and  the  Company's
fleet   enhancement  program.  Vessel  downtime  associated  with
scheduled  drydockings  and upgrades is expected to be similar in
the second quarter of 1998, but  decrease  during  the  last half
of the year.

      Day  rates  for  the Company's North Sea  vessels  averaged
$13,421  and  utilization  was 92%.  The  day  rate  average  and
utilization  was impacted by the drydocking, for a  total  of  53
days,  of  two  of  the  Company's largest anchor handling towing
and  supply ("AHTS")  vessels.   These  vessels   have  typically
been  working  in  the  spot  market   at  day  rates   that  are
significantly above the fleet average.  In  mid-March  1998,  the
Company took delivery of a new  276-foot  platform  supply vessel
("PSV"), which commenced a three-year contract in the U.K. sector
of  the North Sea.

      Lift  boat  day rates averaged $6,717 for the  quarter,  an
increase  of  21.3%, compared to $5,536 for the  comparable  1997
period. Utilization for the Company's lift boats was 69% for  the
first quarter, compared to 66% for the year-ago period.

     Day rates for crew boats and line handling vessels increased
17.6%  to $2,082 for the first quarter, from $1,771 for the first
quarter of 1997, due to the increase in day rates for crew  boats
in  the  Gulf.  Utilization for the crew boats and line  handling
vessels  increased to 98% for the first quarter of 1998, compared
to  94% for the comparable 1997 period, due to strong demand  for
crew  boats  in  the  Gulf and the long term  contracts  for  the
Company's line handling vessels operating in Brazil.

      During  the first quarter of 1998, direct vessel  operating
expenses  increased to $16.8 million (34.4% of revenues) compared
to  $8.2  million (35.0% of revenues), for the first  quarter  of
1997, due to the expanded vessel fleet.

      Depreciation  and  amortization expense increased  to  $6.9
million  for the first quarter of 1998, up from $2.3 million  for
the  year-ago  period due to the expanded vessel  fleet  and  the
amortization of goodwill associated with the purchase  of  Saevik
Supply.   Amortization of marine inspection  costs  increased  to
$1.4  million  for  the  first  quarter,  from  $582,000  in  the
comparable  1997  period,  due to the amortization  of  increased
drydocking and marine inspection costs associated with the larger
fleet of vessels.

      General  and  administrative  expenses  increased  to  $2.3
million  (4.7% of revenues) in the 1998 first quarter  from  $1.4
million  (6.0% of revenues) for the 1997 period due to  additions
of  personnel  in  connection with the growth  in  the  Company's
vessel fleet and the Saevik Supply acquisition in the North  Sea.
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 increased to $6.6 million for  the  first
quarter  of  1998  from $726,000 for the first quarter  of  1997.
This  increase was due to increased borrowings in 1997 that  were
used  to  fund the Company's acquisition of supply boats  in  the
Gulf  in  1997,  the  Company's various vessel  construction  and
upgrade  projects and the acquisition of Saevik Supply.  In  July
1997,  the Company issued $110.0 million principal amount  of  8-
1/2%  Senior Notes due 2005 (the "Notes"), the proceeds of  which
were  used to purchase 11 supply boats in the Gulf and  to  repay
outstanding   amounts  under  the  Company's   revolving   credit
facility.   In November and December 1997, the Company issued  an
additional  $170  million  principal amount  of  the  Notes,  the
proceeds  of which were used to fund a portion of the acquisition
of Saevik Supply.  Interest expense was low for the first quarter
of  1997 because the Company had reduced its borrowings under its
credit  facility with proceeds from the Company's equity offering
that was completed in November 1996.

      In  the  first quarter of 1998, the Company had income  tax
expenses of $4.9 million compared to income tax expense  of  $3.6
million in the 1997 period.

LIQUIDITY AND CAPITAL RESOURCES

      Since  its initial public offering in May 1996, the Company
has focused on growth through acquisitions. In December 1997, the
Company  significantly expanded its international  operations  by
acquiring  Saevik  Supply  for approximately  $289.0  million  in
cash.   Since  its  initial  public offering,  the  Company  also
acquired 37 supply boats for use in the Gulf at an aggregate cost
of  $177.0 million.  As a result of this growth, Trico is now the
second largest owner and operator of supply boats in the Gulf and
a  leading  operator in the North Sea.  This strategy  of  growth
through  acquisitions, together with increased vessel day  rates,
has  enabled the Company to significantly increase total revenues
and achieve strong operating results.

     Funds during the first three months of 1998 were provided by
$20.8  million  in  borrowings under the  Company's  Bank  Credit
Facility  (as  defined below), and $22.5 million  in  funds  from
operating activities.  During the period, the Company repaid $4.8
million of debt and made capital expenditures, including deferred
marine inspection costs, totaling $42.0 million.

      Capital  expenditures for the first three  months  of  1998
consisted  principally  of $34.7 million  of  vessel  upgrade  or
construction projects on eight vessels, four of which are for the
Gulf  market, two for the Brazilian market, and two for the North
Sea  market.   To expand its North Sea operations, in  the  first
quarter the Company completed construction of a 276-foot PSV that
was delivered in March 1998 and began a three-year charter for  a
U.K.   oil   and  gas  operator.   The  Company  also   continued
construction  in  Norway of a 275-foot, technologically  advanced
AHTS with 23,800 horsepower that is scheduled to be delivered  no
later  than  May 1999.  The Company also has two 230-foot  supply
vessels  currently under construction at a shipyard on  the  U.S.
Gulf  Coast.   The  first vessel is expected to be  completed  by
August 1998 and has been committed to a three-year charter to  an
oil  and  gas company active in the Gulf.  The second  vessel  is
expected  to  be  delivered at the end of  1998.   Other  capital
expenditures  during the quarter included: (i) costs to  lengthen
and  upgrade two supply boats for the Gulf, the Elkhorn River and
Kings  River,  which were placed in service in March  1998;  (ii)
costs for the construction of the SWATH vessel and a supply  boat
for  use  in  the  Brazilian market; and (iii)  U.S. Coast  Guard
drydocking costs.

      In  1997,  the Company issued $280.0 million  in  aggregate
principal  amount of the Notes, which were used to  fund  certain
acquisitions  of  supply boats in the Gulf, to repay  outstanding
borrowings under the Company's revolving credit facility and fund
a  portion  of the acquisition of Saevik Supply.  The  Notes  are
unsecured  and  are  required to be  guaranteed  by  all  of  the
Company's  Significant Subsidiaries (as such term is  defined  in
the Indentures governing the Notes, the "Subsidiary Guarantors").
Except  in  certain circumstances, the Notes may not  be  prepaid
until August 1, 2001, at which time they may be redeemed, at  the
option of the Company, 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 indentures  governing  the  Notes
contain  certain  covenants that, among other things,  limit  the
ability  of  the  Company to incur additional  indebtedness,  pay
dividends or make other distributions, create certain liens, sell
assets, or enter into certain mergers or acquisitions.

      To  provide  funding for the acquisition of Saevik  Supply,
effective December 1, 1997, the Company amended and restated  its
existing  bank  credit facility to provide for a  $150.0  million
revolving  credit  facility  and $200.0  million  in  term  loans
(collectively, the "Bank Credit Facility").  The term loans  were
repaid  with  the  net  proceeds of  the  Company's  issuance  of
4,600,000  shares of Common Stock (approximately $123.7 million),
which   was  completed  in  December  1997  (the  "Common   Stock
Offering").  Proceeds  from  the $70 million  issuance  of  Notes
completed in December 1997 were used to repay outstanding amounts
under the revolving portion of the Bank Credit Facility.

      As  a  result of the repayment of substantially all of  its
borrowings under the Bank Credit Facility with proceeds from  the
December  issuance  of Notes and the Common Stock  Offering,  the
Company  renegotiated and amended the terms of  the  Bank  Credit
Facility  (the  "Amended Facility") in March 1998.   The  Amended
Facility provides a $150.0 million revolving line of credit  that
can be used for acquisitions and general corporate purposes.  The
Amended  Facility is collateralized by a mortgage on  certain  of
the  Company's  vessels.   Amounts  borrowed  under  the  Amended
Facility  mature on December 1, 2002 and bear interest  at  LIBOR
plus  a  margin  that  depends on the  Company's  leverage  ratio
(currently  approximately 7.15%).  The Amended Facility  requires
the  Company to maintain certain financial ratios and limits  the
ability  of  the  Company to incur additional  indebtedness,  pay
dividends  or  make certain other distributions,  create  certain
liens, sell assets or enter into certain mergers or acquisitions.
Although the Amended Facility does impose some limitations on the
ability  of  the Company's subsidiaries to make distributions  to
the Company, it expressly permits distributions to the Company by
the  Subsidiary Guarantors for scheduled principal  and  interest
payments on the Notes.

      In  addition  to the Notes and the Amended Facility,  as  a
result of the acquisition of Saevik Supply, the Company has  debt
under  several bank credit facilities (collectively, the  "Saevik
Bank  Facilities"),  which were used by  Saevik  Supply  to  fund
vessel  acquisitions.   As of March 31,  1998,  the  Company  had
approximately   $84.5  million  (NOK  643.5  million)   of   debt
outstanding  under the Saevik Bank Facilities.  The  Saevik  Bank
Facilities   are  collateralized  by  a  security   interest   in
substantially all of the assets of Saevik Supply, require  Saevik
Supply to maintain certain financial ratios and limit the ability
of  Saevik  Supply to create liens, or merge or consolidate  with
other   entities.   Amounts  borrowed  under  the   Saevik   Bank
Facilities  bear  interest at NIBOR (Norwegian Interbank  Offered
Rate)  plus  a  margin  which varies among the  different  credit
facilities.   The weighted average interest rate for  the  Saevik
Bank   Facilities  was  5.6%  as  of  March  31,  1998.   Amounts
outstanding  are  due in annual installments of  various  amounts
through  2006.   The Company is in the process  of  amending  the
Saevik  Bank  Facilities.   Based  on  proposals  received,  such
amendment  is  expected  to  result in  a  consolidation  of  all
facilities, a reduction in the interest margin above NIBOR and  a
reduction in collateral securing the facility.

      In connection with the construction of the SWATH vessel, in
April  1998,  the Company issued $10,000,000 aggregate  principal
amount  of 8 year, 6.08% Ship Financing Bonds guaranteed  by  the
United  States  Government.  The Bonds are due in 16  semi-annual
installments of principal and interest and are secured by a first
preferred  ship mortgage on the SWATH vessel and by an assignment
of the vessel's charter.  The proceeds from the Bonds were placed
in escrow at the indenture closing and will be distributed to the
Company upon completion and delivery of the vessel.  The proceeds
will  be  used  to  reduce  the  amounts  outstanding  under  the
Company's Amended Facility.

      Capital expenditures planned for the remainder of 1998  are
expected to  total  $28.0 million, consisting  primarily  of  the
existing  vessel  construction  projects  and  scheduled   vessel
drydockings.  Existing vessel construction projects include:  (i)
completion  of  the  SWATH  vessel  and  supply  vessel  for  the
Brazilian  market;  (ii) completion of the  two  230-foot  supply
vessels; and (iii) continuation of the construction of  the  275-
foot AHTS in Norway to be completed no later than May 1999.

      The  Company  believes that cash generated from  operations
together  with  available borrowings under the  Amended  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   and   to
selectively construct new special-purpose vessels as part  of  an
effort  to  expand  its worldwide presence.  To  the  extent  the
Company is successful in identifying such opportunities, it  most
likely will require additional debt or equity financing depending
on the size of the investments required.

      During 1997 the Company began an evaluation of its existing
software systems to determine which computer programs need to  be
upgraded or modified to become year 2000 compliant.  The  Company
has  determined that the cost to upgrade or modify those software
systems which are not already year 2000 compliant will not have a
material  effect on the Company's financial position,  operations
or cash flows.

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 risks involved
with   the  Company's  acquisition  of  Saevik  Supply   and  the
integration thereof, the Company's dependence on the oil and  has
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.

Not applicable.

                  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. 1
       4.1    Specimen Common Stock Certificate 2
       4.2    Indenture dated July 21, 1997 by and among  the
              Company, Trico Marine Operators, Inc.,
              Trico Marine Assets, Inc. and Texas Commerce Bank National
              Association, as Trustee ("July Indenture") 1
       4.3    Form of Note and Subsidiary Guarantee under  the
              July Indenture 1
       4.4    First Supplemental Indenture to the July Indenture 3
       4.5    Indenture dated November 14, 1997 by and among the
              Company, Trico Marine Operators, Inc., Trico Marine Assets,
              Inc. and Texas Commerce Bank National Association, as Trustee,
              including  form  of  Note and Subsidiary  Guarantee  (the
              "November Indenture") 4
       4.6    First  Supplemental Indenture  to  the  November Indenture 3
       4.7    Indenture dated December 24, 1997 by and among the Company,
              Trico Marine Operators, Inc., Trico Marine Assets, Inc. and
              Texas Commerce Bank National Association, as Trustee
              (the "December Indenture") 5
       4.8    Form of Note and Subsidiary Guarantee under the December
              Indenture 5
       4.9    First  Supplemental Indenture to the December Indenture 3
       4.10   Certificate of Designations for  the  Company's Series AA
              Participating Cumulative Preference Stock 6
       4.11   Rights Agreement dated as of February 19, 1998, by and between the
              Company and ChaseMellon Shareholder Services, L.L.C. 6
       11.1   Computation of Earnings Per Share.
       27.1   Financial Data Schedule.
___________________________

        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).

        3 Incorporated by reference to the Company's Annual Report on Form
          10-K for the year ended December 31, 1997.

        4 Incorporated by reference to the Company's Current Report on Form 
          8-K dated November 14, 1997 and filed with the Commission on November
          21, 1997.

        5 Incorporated by reference to the Company's Currrent Report on Form
          8-K dated December 24, 1997 and filed with the Commission on January
          14, 1998.

        6 Incorporated by reference to the Company's Registration Statement
          on Form 8-A dated March 3, 1998.

(b) Reports on Form 8-K:

       (i)  Current  Report on Form 8-K/A dated January  5,  1998
       reporting "Item 7 - Financial Statements and Exhibits."

        This report contains the  following amended unaudited pro
forma  consolidated  financial  statement  with  respect  to  the
Company's acquisition of Saevik Supply:

     Unaudited Balance Sheet as of September 30, 1997
     Unaudited Pro Forma consolidated Statement of Operations for
the nine months ended September 30, 1997.
     Unaudited Pro Forma Consolidated Statement of operations for
the year ended December 31, 1996.
       Notes   to  Unaudited  Pro  Forma  Consolidated  Financial
Statement.

       
       (ii)  Current  Report  on Form 8-K dated  March  23,  1998
       reporting "Item 5 - Other Events."



                            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, 1998          /s/ KENNETH W. BOURGEOIS
                                  Kenneth W. Bourgeois
                            Chief Accounting Officer and duly
                                 authorized officer