EXHIBIT 12.1

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|-------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------ | - | ------ |  | - | ------ | ------------------------ | ---- | -------- | ------ | ---- | -------- | -------- | -------- | -------- | -------- | - | ------ | -------- |  | 
|TRICO MARINE SERVICES,
      INC.                                                                                                      |                                                 
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|EXHIBIT 12.1                                                                                                                           |                                                 
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|COMPUTATION OF RATIOS OF
      EARNINGS                                                                                                |                                                 
|TO FIXED CHARGES                                                                                                                       |                                                 
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|(In thousands, except
      ratios)                                                                                                    |                                                 
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|                                                                                                                                       |                                                  |   |        |  |   |        | Years ended December 31, |     
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|                                                                                                                                       |                                                  |   |        |  |   |        |                          | 1997 |          |        | 1998 |          |          | 1999 (1) |          | 2000 (2) |   |        | 2001 (3) | 
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|                                                                                                                                       | Net income (loss)                                |   |        |  |   | $      | 35,299                   |      | $        | 25,280 |      | $        | (33,410) |          | $        | (12,722) |   | $      | (6,923)  | 
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|                                                                                                                                       | Amortization of capitalized
      interest       |   | 8      |  |   | 40     |                          |      | 174      |        |      | 216      |          |          | 215      |         
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|                                                                                                                                       | Extraordinary item, net of
      taxes           |   | -      |  |   | -      |                          |      | 1,830    |        |      | (715)    |          |          | -        |         
|                                                                                                                                       |                                                  |   |        |  |   |        |                          |      |          |        |      |          |          |          |          |          |   |        |          |  | 
|                                                                                                                                       | Income tax expense
      (benefit)               |   | 18,982 |  |   | 11,804 |                          |      | (15,785) |        |      | (5,332)  |          |          | (3,317)  |         
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|                                                                                                                                       | Earnings (loss) from
      continuing            |   |        |  |   |        |                          |      |          |        |      |          |          |          |          |         
|                                                                                                                                       | operations
      before income taxes             | $ | 54,289 |  | $ | 37,124 |                          | $    | (47,191) |        | $    | (18,553) |          | $        | (10,025) |         
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|                                                                                                                                       | Fixed charges                                    |   |        |  |   |        |                          |      |          |        |      |          |          |          |          |          |   |        |          | 
|                                                                                                                                       |                                                  |   |        |  |   |        |                          |      |          |        |      |          |          |          |          |          |   |        |          |  | 
|                                                                                                                                       | Interest on
      long-term debt expensed        | $ | 7,994  |  | $ | 27,696 |                          | $    | 31,987   |        | $    | 29,883   |          | $        | 26,232   |         
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|                                                                                                                                       | Interest on
      long-term debt capitalized     |   | 421    |  |   | 4,060  |                          |      | 1,206    |        |      | -        |          |          | 156      |         
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|                                                                                                                                       | Amortization
      of deferred                   |   |        |  |   |        |                          |      |          |        |      |          |          |          |          |         
|                                                                                                                                       | financing costs                                  |   |        |  |   |        | 372                      |      |          | 1,784  |      |          | 1,632    |          |          | 1,388    |   |        | 1,366    | 
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|                                                                                                                                       | Estimated
      portion of rental expense        |   |        |  |   |        |                          |      |          |        |      |          |          |          |          |         
|                                                                                                                                       | attributable to interest                         |   | 15     |  |   | 60     |                          |      | 72       |        |      | 65       |          |          | 69       |         
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|                                                                                                                                       | Total fixed charges                              |   |        |  | $ | 8,802  |                          | $    | 33,600   |        | $    | 34,897   |          | $        | 31,336   |          | $ | 27,823 |         
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|                                                                                                                                       | Earnings (loss) from
      continuing            |   |        |  |   |        |                          |      |          |        |      |          |          |          |          |         
|                                                                                                                                       | operations
      before income taxes and         |   |        |  |   |        |                          |      |          |        |      |          |          |          |          |         
|                                                                                                                                       | fixed charges,
      except capitalized interest | $ | 62,670 |  | $ | 66,664 |                          | $    | (13,500) |        | $    | 12,783   |          | $        | 17,642   |         
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|                                                                                                                                       | Ratio of earnings to fixed
      charges         |   | 7.1    |  |   | 2.0    |                          |      | -        |        |      | -        |          |          | -        |         
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|(1) Earnings were
      insufficient to cover fixed charges, and fixed charges exceeded earnings
      by approximately $48.6 million. |                                                 
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|(2) Earnings were
      insufficient to cover fixed charges, and fixed charges exceeded earnings
      by approximately $18.8 million. |                                                 
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|(3) Earnings were
      insufficient to cover fixed charges, and fixed charges exceeded earnings
      by approximately $10.4 million. |