Exhibit 99.1

PRESS RELEASE
For immediate release

TRICO REPORTS FAVORABLE SECOND QUARTER RESULTS ON GROWTH OF
SUBSEA SERVICES BUSINESS

THE WOODLANDS, TX, July 29, 2009 /GLOBENEWSWIRE/ — Trico Marine Services, Inc. (NASDAQ: TRMA — News) (the “Company” or “Trico”) today announced its financial results for the second quarter of 2009 of revenues of $180 million, adjusted EBITDA of $31 million and adjusted net income of $0.33 per diluted share. The increases over first quarter of 2009 were due to substantial growth and improvement in the Company’s subsea service businesses.

Chairman and Chief Executive Officer, Joseph S. Compofelice, commented, “The strength of our second quarter results is the result of the transition to a subsea service company and reflect not only our progress but the fundamental growth in the subsea sector. As a result of strong backlogs, each of DeepOcean and CTC Marine delivered substantial revenue, earnings and cash flow improvement in China, Mexico and Brazil with less dependence on their historical home market in the North Sea. Utilization of our subsea fleet in the quarter was very high and we expect similar utilization in the third quarter. Our strengthened results are led by a combination of 80% of our business being in the subsea service segments and all of our consolidated business coming from international markets.”

“At the same time,” Mr. Compofelice continued, “we have liquidity challenges to meet. We will continue to be proactive in reducing our debt and capital expenditure commitments to improve our liquidity for the remainder of 2009 and 2010. We have completed OSV asset sales in the first half of 2009 and expect further sales in the second half, with proceeds used to reduce debt.”

Summary Results Compared to Q1 2009

Total revenues for the second quarter of 2009 were $180 million, compared to $122 million for the first quarter of 2009 and adjusted EBITDA was $31 million on operating income of $15 million. The substantial increase from the first quarter of 2009 was primarily due to increased utilization and rates in both of our subsea segments. In addition, operating costs declined in all segments.

Division Results

In the Company’s Subsea Services segment, principally DeepOcean, revenues increased by $26 million and adjusted EBITDA increased by $17 million over the first quarter due to virtually full utilization of all of its vessels and equipment at rates which, on average, were 16% higher than the previous quarter due to overall increases in the breadth of service offerings.

In the Company’s Subsea Trenching and Protection segment, CTC Marine, revenues increased by $42 million and adjusted EBITDA increased by $11 million over the first quarter due to almost 100% utilization at average rate increases of 40% driven by service mix.

Each of DeepOcean and CTC Marine are virtually booked for the third quarter 2009.

For the Towing and Supply segment, day rates and utilization continue to reflect the weakness in the North Sea and U.S. Gulf of Mexico spot markets. During the quarter, the Company sold one North Sea class PSV and five Gulf class OSVs for approximately $30 million. In addition, the Company has targeted additional vessels for sale, as the Company continues to seek ways to reduce its exposure to the spot market Towing and Supply sector.

Liquidity

Since the end of the prior quarter and through the date of this release, the Company has, through a series of transactions, continued to delever as follows:

•

Completed the exchange of its 6.5% convertible notes in exchange for new 8.125% convertible notes, effectively reducing the face amount of principal by $50 million and eliminating potentially $72 million in “make-whole” exposure payments relating to early conversions;

•

Used $15 million of proceeds from asset sales to pay down debt; and

•

Terminated the obligation to fund the construction of a new vessel, the Deep Cygnus, when financing terms were not favorable to the Company — reducing the Company’s capital expenditure obligation by an additional $42 million.

The Company’s liquidity position has changed from the end of the first quarter due to two main reasons: 1) cash decreased primarily due to the pay down of debt partially offset by asset sales and 2) deteriorating performance by the Company’s towing and supply business. In the short term, the Company has a principal payment of approximately $100 million due in January 2010. As a result of the changes in its liquidity position, the Company needs to refinance the underlying debt in order to satisfy this obligation. The Company is also working with its lead bank to address potential debt covenant issues later in 2009. All options, including further asset sales, refinancings and debt restructurings are being pursued.

At June 30, 2009, the Company had $35 million in cash and $708 million in total debt, a reduction of over $50 million in total debt from the end of the prior quarter.

At June 30, 2009, taking into account the cancellation of its funding obligation related to the Deep Cygnus, the Company’s cash and credit availability to fund capital expenditures was $123 million.

Market Outlook

Looking forward, based on recent contract awards and tender activity in its subsea segments, the Company anticipates third quarter results to be consistent with activity levels in the second quarter of 2009. Recent contract awards include:

•

Being awarded a two year contract commencing in August 2009 with Petrobras, totaling over $15 million in anticipated revenues and significantly increasing the Company’s revenues in Brazil;

•

Extending a contract for pipeline ploughing related work in China, raising the value from $12 million to $18 million; and

•

Extending a contract through October 2009 for construction and cable installation in China, an overall $6 million increase.

In addition, the Company secured several cable lay and burial contracts in Europe for wind power projects and was awarded a pipeline trenching contract from Shell utilizing CTC’s newest asset, the world’s largest rock trencher, RT-1, performing its inaugural scope of work.

The Company’s backlog remains healthy at approximately $750 million of termed out or long-term contracts primarily in its subsea segments. In the second quarter of 2009, approximately 90% of its business was with major or national oil companies and 99% of the Company’s business was outside of U.S. waters. On a consolidated basis, revenues for the second quarter had the following geographic mix: 45% in the North Sea, of which approximately half are subject to long-term contracts, 18% in China, where the Company currently has four subsea service spreads in the South China Sea, 12% in Mexico and Brazil and 22% in West Africa, the Mediterranean and Australia.

Conference Call Information

The Company will conduct a conference call at 8:30 a.m. ET on Thursday, July 30, 2009, to discuss the results with analysts, investors and other interested parties. Individuals who wish to participate in the conference call should dial (888) 437-9364, access code 8947026, in the United States or (719) 457-2654, access code 8947026, from outside the country.

A telephonic replay of the conference call will be available until August 13, 2009, starting approximately 1 hour after the completion of the call, and can be accessed by dialing (888) 203-1112 access code 8947026 (international calls should use (719) 457-0820, access code 8947026).

About Trico

Trico Marine is an integrated provider of subsea, trenching and marine support vessels and services. The Company has increased its subsea market presence through its acquisition of DeepOcean and CTC Marine in 2008, a recognized market leader in the provision of high-quality subsea services including IMR, survey and construction support, subsea intervention and decommissioning, marine trenching and the laying and burying of subsea cable. DeepOcean controls a well-equipped fleet of vessels and operates a fleet of modern ROVs and trenching equipment. Trico Marine also continues to provide a broad range of marine support services to the oil and gas industry through use of its diversified fleet of vessels including the transportation of drilling materials, supplies and crews to drilling rigs and other offshore facilities; towing drilling rigs and equipment; and support for the construction, installation, repair and maintenance of offshore facilities. Trico Marine is headquartered in The Woodlands, Texas and has a global presence with operations in the North Sea, West Africa, Mexico, Brazil, the Mediterranean and Southeast Asia as well as the U.S. Gulf of Mexico.

For more information about Trico Marine Services, Inc. visit us on the web at www.tricomarine.com.

Certain statements in this press release that are not historical fact may be “forward looking statements.” Forward-looking statements are projections of events, revenues, income, future economic performance or management’s plans and objectives for the Company’s future operations. Actual events may differ materially from those projected in any forward-looking statement. There are a number of important factors involving risks (known and unknown) and uncertainties beyond the control of the Company that could cause actual events to differ materially from those expressed or implied by such forward-looking statements. These risks, by way of example and not in limitation, include the Company’s objectives, business plans or strategies, and projected or anticipated benefits or other consequences of such plans or strategies; the Company’s ability to obtain adequate financing on a timely basis and on acceptable terms, including with respect to refinancing debt maturing in the next twelve months; the Company’s ability to continue to service, and to comply with our obligations under, our credit facilities and our other indebtedness; projections involving revenues, operating results or cash provided from operations, or the Company’s anticipated capital expenditures or other capital projects; overall demand for and pricing of the Company’s vessels; changes in the level of oil and natural gas exploration and development; the Company’s ability to successfully or timely complete its various vessel construction projects; further reductions in capital spending budgets by customers; further decline in oil and natural gas prices; projected or anticipated benefits from acquisitions; increases in operating costs; the inability to accurately predict vessel utilization levels and day rates; variations in global business and economic conditions; the results, timing, outcome or effect of pending or potential litigation and our intentions or expectations with respect thereto and the availability of insurance coverage in connection therewith; and the Company’s ability to repatriate cash from foreign operations if and when needed. A further description of risks and uncertainties relating to Trico Marine Services, Inc. and its industry and other factors, which could affect the Company’s results of operations or financial condition, are included in the Company’s Securities and Exchange Commission filings. Trico undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this report. These results should be considered preliminary until the Company files its Form 10-Q with the Securities and Exchange Commission.

Contact info:

Geoff Jones
Vice President and Chief Financial Officer
(713) 780-9926

The following table reconciles adjusted EBITDA to operating income (loss):

		Three Months Ended June 30, 2009
		Towing and								Subsea Trenching				Corporate &
		Supply				Subsea Services				and Protection				Eliminations				Total
		(In thousands)
Adjusted EBITDA (1)		$	4,690			$	19,854			$	12,090			$	(5,597	)		$	31,037
Depreciation and amortization			(4,769	)			(9,181	)			(4,518	)			(79	)			(18,547	)
Amortization of non-cash deferred revenues			147				—				—				—				147
Stock-based compensation			—				—				—				(1,063	)			(1,063	)
Gain on sales of assets			17,667				—				9				8				17,684
Impairment (2)			—				(14,023	)			—				—				(14,023	)
Operating income (loss)		$	17,735			$	(3,350	)		$	7,581			$	(6,731	)		$	15,235

		Three Months Ended March 31, 2009
		Towing and								Subsea Trenching				Corporate &
		Supply				Subsea Services				and Protection				Eliminations				Total
		(In thousands)
Adjusted EBITDA (1)		$	4,648			$	3,072			$	951			$	(6,195	)		$	2,476
Depreciation and amortization			(5,249	)			(8,550	)			(4,194	)			(79	)			(18,072	)
Amortization of non-cash deferred revenues			140				—				—				—				140
Stock-based compensation			—				—				—				(724	)			(724	)
Gain on sales of assets			2				—				7				—				9
Operating income (loss)		$	(459	)		$	(5,478	)		$	(3,236	)		$	(6,998	)		$	(16,171	)

The following table sets forth the Company’s reconciliation of non-GAAP adjusted net income for the second quarter of 2009 as compared to reported net income (loss):

		Three Months Ended
		June 30, 2009
						Earnings (loss)
		Results				per share
		(In thousands, except per share amounts)
Net income (loss), as reported		$	4,147			$	0.22
Adjustments:
Impact of impairments			14,023				0.52
Impact of financial derivatives (1)			470				0.02
Refinancing costs			6,224				0.23
Gain on sales of assets			(17,684	)			(0.66	)
Gains on conversions of debt			(551	)			(0.02	)
Amortization of 3% convertible debt discount			1,445				0.06
Amortization of 8.125% convertible debt discount			566				0.02
Tax effect			(1,617	)			(0.06	)
Non-GAAP adjusted net income (loss) (2)		$	7,023			$	0.33

TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
(In thousands, except per share amounts)

		Three Months Ended
		June 30, 2009				March 31, 2009
Revenues		$	179,732			$	121,819
Operating expenses:
Direct operating expenses			130,221				98,488
General and administrative			19,390				21,439
Depreciation and amortization expense			18,547				18,072
Impairments			14,023				—
Gain sales of assets			(17,684	)			(9	)
Total operating expenses			164,497				137,990
Operating income (loss)			15,235				(16,171	)
Interest income			790				1,072
Interest expense, net of amounts capitalized			(11,665	)			(10,914	)
Change in fair value of embedded derivative			476				939
Gain on conversion of debt			551				10,779
Refinancing costs			(6,224	)			—
Other (expense) income, net			1,857				(730	)
Income (loss) before income taxes			1,020				(15,025	)
Income tax benefit			(3,641	)			(15,028	)
Net income			4,661				3
Less: Net income attributable to the noncontrolling interest			(514	)			(750	)
Net income (loss) attributable to Trico Marine Services, Inc.		$	4,147			$	(747	)
Earnings (loss) per common share:
Basic		$	0.22			$	(0.04	)
Diluted		$	0.22			$	(0.04	)
Weighted average shares outstanding:
Basic			18,601				16,711
Diluted			26,712				16,711
Cash Flow Data:
Cash provided by (used in) operating activities		$	44,093			$	(15,418	)
Cash provided by (used in) investing activities			134				(18,743	)
Cash used in financing activities			(73,066	)			(1,307	)
Capital expenditures			(29,291	)			(19,557	)

		June 30, 2009				March 31, 2009
Balance Sheet Data:
Cash and cash equivalents		$	35,069			$	60,504
Total assets			1,182,684				1,158,050
Total short-term debt			187,533				210,942
Total long-term debt (including derivative liability)			521,036				552,477
Total liabilities			936,205				941,842
Total equity			246,479				216,208

TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
Consolidating Statements of Income
(Unaudited)
(In thousands)

		Three Months Ended June 30, 2009
		Towing and								Subsea Trenching				Corporate &
		Supply				Subsea Services				and Protection				Eliminations				Total
Revenues		$	32,548			$	85,454			$	68,353			$	(6,623	)		$	179,732
Operating expenses:
Direct operating expenses			22,705				61,793				52,346				(6,623	)			130,221
General and administrative			5,006				3,807				3,917				6,660				19,390
Depreciation and amortization			4,769				9,181				4,518				79				18,547
Impairment			—				14,023				—				—				14,023
Gain on sales of assets			(17,667	)			—				(9	)			(8	)			(17,684	)
Total operating expenses			14,813				88,804				60,772				108				164,497
Operating income (loss)		$	17,735			$	(3,350	)		$	7,581			$	(6,731	)		$	15,235
Adjusted EBITDA		$	4,690			$	19,854			$	12,090			$	(5,597	)		$	31,037

		Three Months Ended March 31, 2009
		Towing and								Subsea Trenching				Corporate &
		Supply				Subsea Services				and Protection				Eliminations				Total
Revenues		$	37,122			$	59,332			$	26,050			$	(685	)		$	121,819
Operating expenses:
Direct operating expenses			26,812				51,925				20,436				(685	)			98,488
General and administrative			5,522				4,335				4,663				6,919				21,439
Depreciation and amortization			5,249				8,550				4,194				79				18,072
Gain on sales of assets			(2	)			—				(7	)			—				(9	)
Total operating expenses			37,581				64,810				29,286				6,313				137,990
Operating income		$	(459	)		$	(5,478	)		$	(3,236	)		$	(6,998	)		$	(16,171	)
Adjusted EBITDA		$	4,648			$	3,072			$	951			$	(6,195	)		$	2,476

TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
Vessel Metrics
(Dollars in thousands, except utilization and number of vessel amounts)

		Period From				Three Months Ended
		July 1 to July 26, 2009				June 30, 2009				March 31, 2009				June 30, 2008
Average Day Rates:
Subsea Services
SPSVs (1)		$	27,439			$	27,638			$	21,104			$	21,941
MSVs (2)			85,029				79,164				68,051				N/A
Subsea Trenching and Protection		$	108,102			$	127,991			$	91,120				N/A
Towing and Supply
AHTSs (3)		$	19,799			$	17,110			$	25,012			$	32,983
PSVs (4)			16,812				16,943				15,364				17,486
OSVs (5)			5,873				6,645				7,168				7,252
Utilization:
Subsea Services
SPSVs			73	%			80	%			68	%			77	%
MSVs			92	%			92	%			73	%			N/A
Subsea Trenching and Protection			100	%			98	%			90	%			N/A
Towing and Supply
AHTSs			79	%			64	%			70	%			78	%
PSVs			94	%			87	%			90	%			92	%
OSVs			65	%			66	%			67	%			82	%
Average Number of Vessels:
Subsea Services
SPSVs			7.0				7.0				7.0				5.0
MSVs			10.0				9.7				9.1				N/A
Subsea Trenching and Protection			4.3				4.8				3.5				N/A
Towing and Supply
AHTSs			6.0				6.0				6.0				6.0
PSVs			6.0				6.3				7.0				7.0
OSVs			33.0				37.4				38.0				38.0