Exhibit 12.1



Trico Marine Services, Inc.

Computation of
Ratios of Earnings to Fixed Charges

(Dollars in thousands, except ratios)



|                                                                                                              |  |         |         |   |         |   |         |         |  |   |         |   |  |         |         |   |  |   |          |  
|------------------------------------------------------------------------------------------------------------- |  | ------- | ------- | - | ------- | - | ------- | ------- |  | - | ------- | - |  | ------- | ------- | - |  | - | -------- | -
|                                                                                                              |  | 1999(1) |         |   | 2000(2) |   |         | 2001(3) |  |   | 2002(4) |   |  | 2003(5) |        
|Net income (loss)                                                                                             |  | $       | (33,410 | ) |         | $ | (12,722 | )       |  | $ | (6,923  | ) |  | $       | (67,978 | ) |  | $ | (164,398 | )
|Amortization of capitalized interest                                                                          |  |         | 174     |   |         |   | 216     |         |  |   | 215     |   |  |         | 242     |   |  |   | 262      |  
|Income tax expense (benefit)                                                                                  |  |         | (16,770 | ) |         |   | (4,946  | )       |  |   | (3,317  | ) |  |         | 14,550  |   |  |   | (2,888   | )
|                                                                                                              |  |         |         |   |         |   |         |         |  |   |         |   |  |         |         |   |  |   |          |  
|Loss from operations before income taxes                                                                      |  | $       | (50,006 | ) |         | $ | (17,452 | )       |  | $ | (10,025 | ) |  | $       | (53,186 | ) |  | $ | (167,024 | )
|                                                                                                              |  |         |         |   |         |   |         |         |  |   |         |   |  |         |         |   |  |   |          |  
|Interest on long-term debt expensed                                                                           |  | $       | 31,987  |   |         | $ | 29,883  |         |  | $ | 26,232  |   |  | $       | 28,432  |   |  | $ | 30,159   |  
|Interest on long-term debt capitalized                                                                        |  |         | 1,206   |   |         |   |        |         |  |   | 156     |   |  |         | 737     |   |  |   | 236      |  
|Amortization of deferred financing costs                                                                      |  |         | 1,632   |   |         |   | 1,388   |         |  |   | 1,366   |   |  |         | 1,127   |   |  |   | 977      |  
|Estimated portion of rental expense attributable to interest                                                  |  |         | 72      |   |         |   | 65      |         |  |   | 69      |   |  |         | 125     |   |  |   | 450      |  
|                                                                                                              |  |         |         |   |         |   |         |         |  |   |         |   |  |         |         |   |  |   |          |  
|Total Fixed Charges                                                                                           |  | $       | 34,897  |   |         | $ | 31,336  |         |  | $ | 27,823  |   |  | $       | 30,421  |   |  | $ | 31,822   |  
|                                                                                                              |  |         |         |   |         |   |         |         |  |   |         |   |  |         |         |   |  |   |          |  
|Earnings (loss) from continuing operations before income taxes and fixed charges, except capitalized interest |  | $       | (16,315 | ) |         | $ | 13,884  |         |  | $ | 17,642  |   |  | $       | (23,502 | ) |  | $ | (135,438 | )
|                                                                                                              |  |         |         |   |         |   |         |         |  |   |         |   |  |         |         |   |  |   |          |  
|Ratio of earnings to fixed charges                                                                            |  |         |        |   |         |   |        |         |  |   |        |   |  |         |        |   |  |   |         |  
|                                                                                                              |  |         |         |   |         |   |         |         |  |   |         |   |  |         |         |   |  |   |          |  

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|(1) | Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $51.2 million
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|(2) | Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $17.5 million
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|(3) | Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $10.2 million
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|(4) | Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $53.9 million
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|(5) | Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $167.3 million
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