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 September 30, 2002

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 (State or other jurisdiction of incorporation or organization)		72-1252405 (I.R.S. Employer Identification No.)

	250 North American Court Houma, LA		70363 (Zip Code)
	(Address of principal executive offices)

Registrant's telephone number, including area code (985) 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 November 14, 2002, there were 36,262,335 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

(Dollars in thousands, except share and per share amounts)

September 30,
2002
(Unaudited)

December 31,
2001

ASSETS

Current assets:

   Cash and cash equivalents

$

18,714

$

31,954

   Restricted cash

569

670

   Accounts receivable, net

38,840

37,415

   Prepaid expenses and other current assets

2,148

3,159

   Deferred income taxes

-

706

      Total current assets

60,271

73,904

Property and equipment, at cost:

   Land and buildings

4,625

3,806

   Marine vessels

643,141

555,595

   Transportation and other

3,919

4,429

   Construction-in-progress

14,007

7,154

665,692

570,984

Less accumulated depreciation and amortization

150,802

120,927

      Net property and equipment

514,890

450,057

Goodwill

103,612

85,728

Other assets

38,094

28,926

Deferred income taxes

-

17,097

$

716,867

$

655,712

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

   Current portion of long-term debt

$

31,493

$

4,540

   Accounts payable

9,147

9,302

   Accrued expenses

7,654

5,370

   Accrued insurance reserve

2,709

1,766

   Accrued interest

9,930

9,150

   Income taxes payable

560

601

      Total current liabilities

61,493

30,729

Long-term debt

325,613

300,555

Deferred income taxes

38,326

30,686

Other non-current liabilities

2,065

2,016

      Total liabilities

427,497

363,986

Commitments and contingencies

Stockholders' equity:

   Preferred stock, $.01 par value, 5,000,000 shares authorized, no

      shares issued at September 30, 2002 and December 31, 2001

-

-

   Common stock, $.01 par value, 55,000,000 shares authorized, 36,334,367 and

      36,326,367 shares issued and 36,262,335 and 36,254,335 shares outstanding

      at September 30, 2002 and December 31, 2001, respectively

363

363

Additional paid-in capital

337,334

337,283

Retained earnings (accumulated deficit)

(35,998)

17,531

Accumulated other comprehensive loss

(12,328)

(63,450)

Treasury stock, at par value, 72,032 shares

(1)

(1)

      Total stockholders' equity

289,370

291,726

$

716,867

$

655,712

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 share and per share amounts)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2002

2001

2002

2001

Revenues:

   Charter hire

$
33,962
$
47,635
$
98,636
$
140,851

   Other vessel income

34

26

90

73

      Total revenues

33,996

47,661

98,726

140,924

Operating expenses:

   Direct vessel operating expenses and other

21,630

20,935

61,748

61,467

   Asset write-down

-

24,260

-

24,260

   General and administrative

3,821

3,415

11,035

9,712

   Gain on sale of assets

(22)

(9)

(452)

(958)

   Amortization of marine inspection costs

2,569

3,433

7,890

9,996

   Depreciation and amortization expense

8,187

8,371

23,357

24,901

      Total operating expenses

36,185

60,405

103,578

129,378

Operating income (loss)

(2,189)

(12,744)

(4,852)

11,546

Interest expense

(7,602)

(6,556)

(20,505)

(19,875)

Amortization of deferred financing costs

(217)

(347)

(929)

(1,017)

Other income (expense), net

(18)

(391)

(2,190)

137

Loss before income taxes and extraordinary item

(10,026)

(20,038)

(28,476)

(9,209)

Income tax expense (benefit)

20,133

(6,590)

14,157

(3,170)

Loss before extraordinary item

(30,159)

(13,448)

(42,633)

(6,039)

Extraordinary item

(4,793)

-

(10,896)

-

Net loss

$
(34,952)

$

(13,448)

$
(53,529)

$
(6,039)

Basic earnings per common share:

   Loss before extraordinary item

$
(0.83)

$
(0.37)

$
(1.18)

$
(0.17)

   Extraordinary item

(0.13)

-

(0.30)

-

   Net loss

$
(0.96)

$

(0.37)

$
(1.48)

$
(0.17)

   Average common shares outstanding

36,262,335

36,254,335

36,258,928

36,250,604

Diluted earnings per common share:

   Loss before extraordinary item

$
(0.83)

$

(0.37)

$
(1.18)

$
(0.17)

   Extraordinary item

(0.13)

-

(0.30)

-

   Net loss

$
(0.96)

$
(0.37)

$
(1.48)

$
(0.17)

   Average common shares outstanding

36,262,335

36,254,335

36,258,928

36,250,604

    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)

Nine Months Ended
September 30,

2002

2001

Net loss

$

(53,529)

$

(6,039)

Adjustments to reconcile net loss to net cash provided

    by (used in) operating activities:

    Depreciation and amortization

32,185

35,860

    Deferred marine inspection costs

(7,357)

(9,060)

    Deferred income taxes

13,940

3,520

    Asset write-down

-

24,260

    Gain on sales of assets

(452)

(958)

    Provision for doubtful accounts

90

90

    Extraordinary item

10,896

-

Changes in operating assets and liabilities:

    Restricted cash

232

133

    Accounts receivable

5,382

(5,279)

    Prepaid expenses and other current assets

1,632

(430)

    Accounts payable and accrued expenses

2,426

(1,120)

    Other, net

(5,763)

(6,686)

       Net cash provided by (used in) operating activities

(318)

34,291

Cash flows from investing activities:

    Purchases of property and equipment

(40,762)

(10,280)

    Proceeds from sales of assets

1,967

1,796

    Other

(1,796)

(1,486)

       Net cash used in investing activities

(40,591)

(9,970)

Cash flows from financing activities:

    Proceeds from issuance of common stock, net of expenses

51

55

    Proceeds from issuance of long-term debt

300,051

1,075

    Repayment of long-term debt

(268,393)

(12,563)

    Deferred financing costs and other

(5,988)

(141)

       Net cash provided by (used in) financing activities

25,721

(11,574)

Effect of exchange rate changes on cash and cash equivalents

1,948

(193)

Net increase (decrease) in cash and cash equivalents

(13,240)

12,554

Cash and cash equivalents at beginning of period

31,954

18,094

Cash and cash equivalents at end of period

$

18,714

$

30,648

Supplemental information:

    Income taxes paid

$

345

$

113

    Interest paid

$

21,992

$

24,770

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

TRICO MARINE SERVICES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

(Dollars in thousands)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2002

2001

2002

2001

Net loss

$

(34,952)

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share and per share amounts)
	September 30, 2002 (Unaudited)			December 31, 2001
	September 30, 2002 (Unaudited)			December 31, 2001

ASSETS
Current assets:
Cash and cash equivalents		$	18,714	$	31,954
Restricted cash			569		670
Accounts receivable, net			38,840		37,415
Prepaid expenses and other current assets			2,148		3,159
Deferred income taxes			-		706

Total current assets			60,271		73,904

Property and equipment, at cost:
Land and buildings			4,625		3,806
Marine vessels			643,141		555,595
Transportation and other			3,919		4,429
Construction-in-progress			14,007		7,154

			665,692		570,984

Less accumulated depreciation and amortization			150,802		120,927

Net property and equipment			514,890		450,057

Goodwill			103,612		85,728
Other assets			38,094		28,926
Deferred income taxes			-		17,097

		$	716,867	$	655,712

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt		$	31,493	$	4,540
Accounts payable			9,147		9,302
Accrued expenses			7,654		5,370
Accrued insurance reserve			2,709		1,766
Accrued interest			9,930		9,150
Income taxes payable			560		601

Total current liabilities			61,493		30,729

Long-term debt			325,613		300,555
Deferred income taxes			38,326		30,686
Other non-current liabilities			2,065		2,016

Total liabilities			427,497		363,986

Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par value, 5,000,000 shares authorized, no
shares issued at September 30, 2002 and December 31, 2001			-		-
Common stock, $.01 par value, 55,000,000 shares authorized, 36,334,367 and
36,326,367 shares issued and 36,262,335 and 36,254,335 shares outstanding
at September 30, 2002 and December 31, 2001, respectively			363		363
Additional paid-in capital			337,334		337,283
Retained earnings (accumulated deficit)			(35,998)		17,531
Accumulated other comprehensive loss			(12,328)		(63,450)
Treasury stock, at par value, 72,032 shares			(1)		(1)

Total stockholders' equity			289,370		291,726

		$	716,867	$	655,712


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 share and per share amounts)

	Three Months Ended September 30,					Nine Months Ended September 30,

		2002		2001		2002			2001
Revenues:
Charter hire		$	33,962	$	47,635	$	98,636	$	140,851
Other vessel income			34		26		90		73

Total revenues			33,996		47,661		98,726		140,924

Operating expenses:
Direct vessel operating expenses and other			21,630		20,935		61,748		61,467
Asset write-down			-		24,260		-		24,260
General and administrative			3,821		3,415		11,035		9,712
Gain on sale of assets			(22)		(9)		(452)		(958)
Amortization of marine inspection costs			2,569		3,433		7,890		9,996
Depreciation and amortization expense			8,187		8,371		23,357		24,901

Total operating expenses			36,185		60,405		103,578		129,378

Operating income (loss)			(2,189)		(12,744)		(4,852)		11,546

Interest expense			(7,602)		(6,556)		(20,505)		(19,875)
Amortization of deferred financing costs			(217)		(347)		(929)		(1,017)
Other income (expense), net			(18)		(391)		(2,190)		137

Loss before income taxes and extraordinary item			(10,026)		(20,038)		(28,476)		(9,209)

Income tax expense (benefit)			20,133		(6,590)		14,157		(3,170)

Loss before extraordinary item			(30,159)		(13,448)		(42,633)		(6,039)

Extraordinary item			(4,793)		-		(10,896)		-

Net loss		$	(34,952)	$	(13,448)	$	(53,529)	$	(6,039)

Basic earnings per common share:
Loss before extraordinary item		$	(0.83)	$	(0.37)	$	(1.18)	$	(0.17)
Extraordinary item			(0.13)		-		(0.30)		-

Net loss		$	(0.96)	$	(0.37)	$	(1.48)	$	(0.17)
Average common shares outstanding			36,262,335		36,254,335		36,258,928		36,250,604

Diluted earnings per common share:
Loss before extraordinary item		$	(0.83)	$	(0.37)	$	(1.18)	$	(0.17)
Extraordinary item			(0.13)		-		(0.30)		-

Net loss		$	(0.96)	$	(0.37)	$	(1.48)	$	(0.17)

Average common shares outstanding			36,262,335		36,254,335		36,258,928		36,250,604


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)

		Nine Months Ended September 30,

		2002		2001

Net loss	$	(53,529)	$	(6,039)
Adjustments to reconcile net loss to net cash provided
by (used in) operating activities:
Depreciation and amortization		32,185		35,860
Deferred marine inspection costs		(7,357)		(9,060)
Deferred income taxes		13,940		3,520
Asset write-down		-		24,260
Gain on sales of assets		(452)		(958)
Provision for doubtful accounts		90		90
Extraordinary item		10,896		-
Changes in operating assets and liabilities:
Restricted cash		232		133
Accounts receivable		5,382		(5,279)
Prepaid expenses and other current assets		1,632		(430)
Accounts payable and accrued expenses		2,426		(1,120)
Other, net		(5,763)		(6,686)

Net cash provided by (used in) operating activities		(318)		34,291

Cash flows from investing activities:
Purchases of property and equipment		(40,762)		(10,280)
Proceeds from sales of assets		1,967		1,796
Other		(1,796)		(1,486)

Net cash used in investing activities		(40,591)		(9,970)

Cash flows from financing activities:
Proceeds from issuance of common stock, net of expenses		51		55
Proceeds from issuance of long-term debt		300,051		1,075
Repayment of long-term debt		(268,393)		(12,563)
Deferred financing costs and other		(5,988)		(141)

Net cash provided by (used in) financing activities		25,721		(11,574)

Effect of exchange rate changes on cash and cash equivalents		1,948		(193)

Net increase (decrease) in cash and cash equivalents		(13,240)		12,554

Cash and cash equivalents at beginning of period		31,954		18,094

Cash and cash equivalents at end of period	$	18,714	$	30,648

Supplemental information:
Income taxes paid	$	345	$	113

Interest paid	$	21,992	$	24,770


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

TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
(Dollars in thousands)

	Three Months Ended September 30,			Nine Months Ended September 30,

	2002		2001	2002	2001


Net loss	$	(34,952)