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, 2003

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 (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

Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2.) Yes X No

As of May 6, 2003, there were 36,272,335 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

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands, except per share amounts)

		March 31,		December 31,
		2003		2002
	ASSETS

Current assets:
	Cash and cash equivalents	$	7,857	$	10,165
	Restricted cash		526		950
	Accounts receivable, net		34,096		39,137
	Prepaid expenses and other current assets		1,724		1,154

	Total current assets		44,203		51,406

Property and equipment, at cost:
	Land and buildings		6,097		5,337
	Marine vessels		671,514		687,710
	Construction-in-progress		6,015		7,058
	Transportation and other		4,482		4,190
			688,108		704,295

Less accumulated depreciation and amortization			163,135		158,072

	Net property and equipment		524,973		546,223

Goodwill			105,506		110,605
Other assets			43,961		40,877

		$	718,643	$	749,111

	LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
	Current portion of long-term debt	$	8,006	$	8,701
	Accounts payable		8,720		11,135
	Accrued expenses		6,278		5,923
	Accrued insurance reserve		2,934		3,030
	Accrued interest		11,040		4,025
	Income taxes payable		88		94

	Total current liabilities		37,066		32,908

Long-term debt			374,044		377,381
Deferred income taxes, net			38,362		41,392
Other non-current liabilities			2,021		2,104

	Total liabilities		451,493		453,785

Commitments and contingencies

Stockholders' equity:
	Preferred stock, $.01 par value, 5,000,000 shares authorized, no
	shares issued at March 31, 2003 and December 31, 2002		-		-
	Common stock, $.01 par value, 55,000,000 shares authorized,
	36,344,367 issued and 36,272,335 outstanding at March 31, 2003
	and December 31, 2002		363		363
	Additional paid-in capital		337,343		337,343
	Accumulated deficit		(63,918)		(50,447)
	Accumulated other comprehensive income (loss)		(6,637)		8,068
	Treasury stock, at par value, 72,032 shares		(1)		(1)

	Total stockholders' equity		267,150		295,326

		$	718,643	$	749,111

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

TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)


		Three Months Ended
		March 31,
		2003		2002

	Revenues:
	Charter hire	$	28,958	$	32,081
	Other vessel income		53		27

	Total revenues		29,011		32,108

	Operating expenses:
	Direct vessel operating expenses and other		20,529		19,340
	General and administrative		3,805		3,534
	Gain on sale of assets		(483)		(508)
	Amortization of marine inspection costs		2,357		2,690
	Depreciation and amortization expense		8,524		7,396

	Total operating expenses		34,732		32,452

	Operating loss		(5,721)		(344)

	Interest expense		7,858		6,067
	Amortization of deferred financing costs		227		348
	Other expense (income), net		808		488

	Loss before income taxes		(14,614)		(7,247)

	Income tax benefit		(1,143)		(2,454)

	Net loss	$	(13,471)	$	(4,793)





	Basic loss per common share:
	Net loss	$	(0.37)	$	(0.13)

	Average common shares outstanding		36,272,335		36,254,335


	Diluted loss per common share:
	Net loss	$	(0.37)	$	(0.13)

	Average common shares outstanding		36,272,335 </