Exhibit 99.1

For immediate release

TRICO REPORTS 2008 THIRD QUARTER RESULTS – INTERNATIONAL REVENUES HIGHLIGHT QUARTERLY EARNINGS

HOUSTON, November 5, 2008 /GLOBENEWSWIRE/ — Trico Marine Services, Inc. (NASDAQ: TRMA — News) (the “Company” or “Trico”) today announced its financial results for the third quarter of 2008, reporting net income of $31.0 million on revenues of $214.8 million, or $1.86 per diluted share. Without the effect of a non-cash gain totaling $18.4 million, net of taxes, or $1.11 per diluted share, related to the accounting treatment for the derivative component of the Company’s 6.5% convertible senior notes, adjusted net income, a non-GAAP measure, would have been $12.6 million, or $0.75 per diluted share, for the third quarter of 2008 (see reconciliation of adjusted non-GAAP net income in the attached table).

Summary Results

Total revenues and operating income for the third quarter of 2008 were $214.8 million and $19.2 million, respectively, more than double the second quarter of 2008 primarily resulting from a full quarter of operations from DeepOcean and CTC Marine, which were acquired in the second quarter of 2008. Also contributing to the improvement in revenues and operating income over the second quarter were increased rates and utilization for all classes of towing and supply vessels.

“This is the first full quarter that includes the acquisitions of DeepOcean and CTC Marine. Earnings per share exceeded expectations despite the strengthening of the dollar against European currencies. The results for our trenching and towing and supply divisions each improved over the second quarter,” commented Chairman, President and Chief Executive Officer, Joe Compofelice. “The subsea and trenching businesses substantially changed the makeup and future prospects for Trico Marine.

“At the end of the third quarter, we had approximately $1.0 billion of termed out, long term contracts spread principally across the subsea and towing and supply businesses. With this backlog of contracts, as well as 75% of our business being with major or national oil companies and 95% of our business in international deep waters, I feel we are in a very good operational position in a changing energy landscape. However, we are very aware of the lack of clarity regarding the oil price outlook and the macro economic environment and we will revisit our plans for 2009 as necessary.”

In the Company’s subsea services division, principally DeepOcean, operating results were slightly below the Company’s expectations due to a late vessel delivery for a contract with Petrobras, which commenced operations in November 2008 and also as a result of downtime on a second quarter newbuild for equipment modifications. DeepOcean had a new vessel delivered in August 2008, the Edda Flora, which immediately commenced a three year contract with Statoil. Additionally, the Company won a two year subsea vessel contract for a multi-purpose

3200 SOUTHWEST FWY — SUITE 2950 — HOUSTON, TEXAS 77027 — (713)780-9926 — FAX (713)780-0062

platform supply vessel, under construction in India, which will be delivered later this quarter. The day rate on this contract is significantly higher than was expected when the Company acquired it as part of Active Subsea in 2007. The Company also completed a decommissioning contract in the North Sea in the third quarter which included a package of both CTC Marine and DeepOcean services.

In the Company’s trenching division, principally CTC Marine, results met Company expectations including completion during the quarter of previously deferred projects. During the third quarter, CTC was also awarded a new frame agreement with Statoil, furthering opportunities to market subsea and trenching services as a package. The trenching division experienced 100% utilization in the third quarter with projects including cable lay and burial work in China and increased services to telecommunications providers, Alcatel and Tyco.

For the towing and supply division, day rates and utilization improved across all vessel classes in the third quarter 2008 compared to the second quarter, but were especially strong for North Sea class vessels and for vessels operating in the Gulf of Mexico. During the quarter, both dry docking costs and operating costs were in line with Company expectations. In the two most recent quarters, the towing and supply division has renewed five long term contracts in international markets with an average day rate increase of over 30%. These new day rates will become effective principally in the first quarter of 2009. Day rates showed further improvement, on a local currency basis, during October.

During the third quarter of 2008, the Company took delivery of two newbuild vessels, the Edda Flora referenced above and one new SPSV, the Mystic. The Mystic will start work on a two year contract in Mexico in 2009; at present the vessel is currently 100% utilized in the Gulf of Mexico.

In the fourth quarter of 2008, the Company will take delivery of two additional newbuilds: one SPSV, the Moon, which has a two year contract in Mexico; and the first delivery of eight multi-purpose subsea service vessels acquired as part of Active Subsea.

Operating income in the third quarter was negatively affected by the strengthening of the US dollar against the Norwegian Kroner, Euro and British Pound as well as severance costs associated with the acquisitions consummated in the second quarter 2008, which amount in the aggregate totaled approximately $3 million.

At the end of the quarter, the Company had $95 million in cash and $763 million in net debt. During the third quarter of 2008, the Company spent $76 million to complete the purchase of DeepOcean and $40 million to retire certain DeepOcean debt.

The Company’s current cash and credit availability to fund capital expenditures is $330 million. Committed capital expenditures through the end of 2010 are $240 million.

Conference Call Information

The Company will conduct a conference call at 8:30 a.m. EST on Thursday, November 6, 2008, to discuss the results with analysts, investors and other interested parties. Individuals who wish to participate in the conference call should dial (877) 856-1965, access code 7142803, in the United States or (719) 325-4749, access code 7142803, from outside the country.

A telephonic replay of the conference call will be available until November 20, 2008, starting approximately 1 hour after the completion of the call, and can be accessed by dialing (888) 203-1112 access code 7142803 (international calls should use (719) 457-0820, access code 7142803).

About Trico

The Trico Group is an integrated provider of subsea, trenching and marine support vessels and services. Trico’s towing and supply division provides 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’s subsea services and trenching divisions control a well equipped fleet of vessels and operate a fleet of modern ROVs and trenching equipment. The Trico Group is headquartered in Houston, Texas and has a global presence with operations in the North Sea, West Africa, Mexico, Brazil and Southeast Asia as well as the 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.” Actual events may differ materially from those projected in any forward-looking statement. There are a number of important factors involving risks 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. A 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.

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

The following table sets forth the Company’s net income (loss) for the second and third quarters of 2008, excluding the effect of the net gain discussed above for the third quarter of 2008 and the charge discussed in the table below for the second quarter of 2008, and provides a reconciliation of adjusted net income to net income (loss) recorded under U.S. GAAP:

		Three Months Ended
		September 30, 2008								June 30, 2008
						Diluted earnings								Diluted earnings
		Results				(loss) per share				Results				(loss) per share
Net income (loss), as reported		$	30,970			$	1.86			$	(3,005	)		$	(0.20	)
Adjustments:
Impact of financial derivatives			(29,449	)			(1.77	)			5,877	(a)			0.40
Tax effect			11,043				0.66				(1,879	)			(0.13	)
Non-GAAP adjusted net income		$	12,564			$	0.75			$	993			$	0.07

The following table reconciles Adjusted EBITDA to operating income:

		Three Months				Three Months
		Ended				Ended
		September 30, 2008				June 30, 2008
Adjusted EBITDA		$	41,518			$	19,952
Amortization of non-cash deferred revenues			93				97
Gain (loss) on sale of assets			(10	)			(91	)
Stock-based compensation			(735	)			(1,543	)
Depreciation and amortization			(21,673	)			(12,895	)
Operating income		$	19,193			$	5,520

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

		Three Months				Three Months				Nine Months				Nine Months
		Ended				Ended				Ended				Ended
		September 30, 2008				June 30, 2008				September 30, 2008				September 30, 2007
Revenues		$	214,793			$	104,292			$	378,260			$	191,125
Operating expenses:
Direct operating expenses			155,113				70,846				258,952				97,751
General and administrative			18,804				14,940				44,511				30,059
Depreciation and amortization expense			21,673				12,895				41,315				17,789
(Gain) loss on sales of assets			10				91				(2,736	)			(2,858	)
Total operating expenses			195,600				98,772				342,042				142,741
Operating income			19,193				5,520				36,218				48,384
Interest income			2,529				3,271				7,378				(3,036	)
Interest expense, net of amounts capitalized			(11,694	)			(6,176	)			(18,093	)			(3,493	)
Foreign exchange gain (loss)			(25	)			309				1,548				10,827
Change in fair value of embedded derivative			31,515				(2,310	)			29,205				—
Other expense, net			(25	)			(2,937	)			(3,063	)			(365	)
Income before income taxes and noncontrolling interest of consolidated subsidiary			41,493				(2,323	)			53,193				52,317
Income tax expense (benefit)			7,670				(859	)			9,095				22,322
Income before noncontrolling interest of consolidated subsidiary			33,823				(1,464	)			44,098				29,995
Noncontrolling interest of consolidated subsidiary			(2,853	)			1,541				(5,235	)			2,200
Net income (loss)		$	30,970			$	(3,005	)		$	38,863			$	32,195
Earnings (Loss) per Common Share:
Basic		$	2.09			$	(0.20	)		$	2.65			$	2.19
Diluted		$	1.86			$	(0.20	)		$	2.45			$	2.10
Weighted Average Shares Outstanding:
Basic			14,827				14,815				14,684				14,719
Diluted			16,680				14,815				15,865				15,347
Cash Flow Data (Unaudited):
Cash provided by operating activities		$	26,643			$	38,502			$	70,753			$	70,329
Cash used in investing activities			(94,138	)			(449,428	)			(566,674	)			(53,157	)
Cash provided by financing activities			11,953				433,638				469,219				130,773
Capital expenditures (a)			15,914				29,666				77,472				18,573

Balance Sheet Data:		September 30, 2008				December 31, 2007
		(Unaudited)
Cash and cash equivalents		$	95,468			$	131,463
Total assets			1,538,862				681,744
Total short-term debt			80,772				3,258
Total long-term debt (including derivative liability)			777,885				157,287
Total liabilities			1,107,481				278,644
Stockholders’ equity			414,086				390,222

Trico Marine Services, Inc.
Consolidating Statements of Income
(Unaudited)
(Dollars in thousands)

		Towing and												Corporate &
		Supply				Subsea Services				Trenching				Eliminations				Total
Three Months Ended September 30, 2008
Revenues		$	58,989			$	105,276			$	59,550			$	(9,022	)		$	214,793
Operating expenses:
Direct operating expenses			31,530				87,633				44,972				(9,022	)			155,113
General and administrative			6,223				3,740				2,679				6,162				18,804
Depreciation and amortization			5,825				9,787				6,013				48				21,673
Loss on sale of assets			10				—				—				—				10
Total operating expenses			43,588				101,160				53,664				(2,812	)			195,600
Operating income (loss)		$	15,401			$	4,116			$	5,886			$	(6,210	)		$	19,193

		Towing and												Corporate &
		Supply				Subsea Services				Trenching				Eliminations				Total
Three Months Ended June 30, 2008
Revenues		$	47,605			$	41,223			$	15,464			$	—			$	104,292
Operating expenses:
Direct operating expenses			27,542				30,034				13,270				—				70,846
General and administrative			4,946				1,349				2,269				6,376				14,940
Depreciation and amortization			5,917				4,502				2,427				49				12,895
Loss on sale of assets			91				—				—				—				91
Total operating expenses			38,496				35,885				17,966				6,425				98,772
Operating income (loss)		$	9,109			$	5,338			$	(2,502	)		$	(6,425	)		$	5,520

TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
Vessel Metrics
(Unaudited)

		Month of				Three Months Ended
		October 2008				September 30, 2008				June 30, 2008				March 31, 2008
Average Day Rates:
Towing and Supply
AHTSs (1)		$	34,432			$	37,476			$	32,983			$	39,373
PSVs (2)			19,958				18,991				17,486				17,959
OSVs (3)			8,530				7,856				7,252				7,163
Subsea
SPSVs (4)		$	24,433			$	22,422			$	21,941			$	18,709
MSVs (5)			69,988				84,973				88,384	(6)			64,411	(6)
Trenching		$	155,055			$	163,254			$	177,165	(6)		$	167,902	(6)
Utilization:
Towing and Supply
AHTSs (1)			96	%			97	%			78	%			87	%
PSVs (2)			95	%			96	%			92	%			91	%
OSVs (3)			88	%			87	%			82	%			77	%
Subsea
SPSVs (4)			85	%			78	%			81	%			94	%
MSVs (5)			80	%			80	%			77	%(6)			78	%(6)
Trenching			88	%			100	%			90	%(6)			84	%(6)
Average Number of Vessels:
Towing and Supply
AHTSs (1)			6.0				6.0				6.0				6.0
PSVs (2)			7.0				7.0				7.0				7.0
OSVs (3)			38.0				38.0				38.0				38.2
Subsea
SPSVs (4)			6.0				5.4				5.0				5.0
MSVs (5)			9.0				9.4				9.0	(6)			9.3	(6)
Trenching			4.2				3.7				3.0	(6)			2.7	(6)