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|------------------------------------- | ---------------------------------------------------------------------------------------------------------------------- | -------------------------------------- | ------------------------ | ------ | -------- | -------- | -------- | --------- | -------- | -------- | -------- | ------- | -------- | ------ | -------- | ------------ | ------ | -------- | --------
|TRICO MARINE SERVICES, INC.           |                                                                                                                        |                                        |                          |        |          |         
|                                      |                                                                                                                        |                                        |                          |        |          |         
|EXHIBIT 12.1                          |                                                                                                                        |                                        |                          |        |          |         
|                                      |                                                                                                                        |                                        |                          |        |          |         
|COMPUTATION OF RATIOS OF EARNINGS     |                                                                                                                        |                                        |                          |        |          |         
|TO FIXED CHARGES                      |                                                                                                                        |                                        |                          |        |          |         
|                                      |                                                                                                                        |                                        |                          |        |          |         
|(Dollars in thousands, except ratios) |                                                                                                                        |                                        |                          |        |          |         
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          | Three months
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              | ended 
|                                      |                                                                                                                        |                                        |                          |        |          |          |          | March 31,
|                                      |                                                                                                                        |                                        | 1998                     |        | 1999 (1) |          | 2000 (2) |           | 2001 (3) |          | 2002
(4) |         | 2003 (5)
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      | Net income (loss)                                                                                                      | $                                      | 25,280                   |        | $        | (33,410) |          | $         | (12,722) |          | $        | (6,923) |          | $      | (67,978) |              | $      | (13,471)
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      | Amortization of capitalized interest                                                                                   |                                        | 40                       |        |          | 174      |          |           | 216      |          |          | 215     |          |        | 242      |              |        | 72      
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      | Extraordinary item, net of taxes                                                                                       |                                        | -                        |        |          | 1,830    |          |           | (715)    |          |          | -       |          |        | 10,998   |              |        | -       
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      | Income tax expense (benefit)                                                                                           |                                        | 11,804                   |        |          | (15,785) |          |           | (5,332)  |          |          | (3,317) |          |        | 14,550   |              |        | (1,143) 
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      | Earnings (loss) from continuing operations                                                                             |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |         
|                                      |                                                                                                                        | before income taxes                    | $                        | 37,124 |          | $        | (47,191) |           | $        | (18,553) |          | $       | (10,025) |        | $        | (42,188)     |        | $        | (14,542)
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      | Fixed charges                                                                                                          |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |         
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      |                                                                                                                        | Interest on long-term debt expensed    | $                        | 27,696 |          | $        | 31,987   |           | $        | 29,883   |          | $       | 26,232   |        | $        | 28,432       |        | $        | 7,858   
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      |                                                                                                                        | Interest on long-term debt capitalized |                          | 4,060  |          |          | 1,206    |           |          | -        |          |         | 156      |        |          | 737          |        |          | 96      
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      |                                                                                                                        | Amortization of deferred               |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      |                                                                                                                        |                                        | financing costs          |        | 1,784    |          |          | 1,632     |          |          | 1,388    |         |          | 1,366  |          |              | 1,127  |          |         
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      |                                                                                                                        | Estimated portion of rental expense    |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      |                                                                                                                        |                                        | attributable to interest |        | 60       |          |          | 72        |          |          | 65       |         |          | 69     |          |              | 125    |          |         
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      |                                                                                                                        |                                        | Total fixed charges      | $      | 33,600   |          | $        | 34,897    |          | $        | 31,336   |         | $        | 27,823 |          | $            | 30,421 |          | $       
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      | Earnings (loss) from continuing operations                                                                             |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |         
|                                      |                                                                                                                        | before income taxes and fixed charges, |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      |                                                                                                                        | except capitalized interest            | $                        | 66,664 |          | $        | (13,500) |           | $        | 12,783   |          | $       | 17,642   |        | $        | (12,504)     |        | $        | (6,353) 
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      | Ratio of earnings to fixed charges                                                                                     |                                        | 2.0                      |        |          | -        |          |           | -        |          |          | -       |          |        | -        |              |        | -       
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |          |         
|(1)                                   | Earnings
were insufficient to cover fixed charges, and fixed charges exceeded earnings by
approximately $48.4 million.
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |         
|(2)                                   | Earnings
were insufficient to cover fixed charges, and fixed charges exceeded earnings by
approximately $18.6 million.
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |         
|(3)                                   | Earnings
were insufficient to cover fixed charges, and fixed charges exceeded earnings by
approximately $10.2 million.
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |         
|(4)                                   | Earnings
were insufficient to cover fixed charges, and fixed charges exceeded earnings by
approximately $42.9 million.
|                                      |                                                                                                                        |                                        |                          |        |          |          |          |           |          |          |          |         |          |        |          |              |        |         
|(5)                                   | Earnings were insufficient
to cover fixed charges, and fixed charges exceeded earnings by approximately
$14.6 million.