TRICO MARINE SERVICES, INC.
EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands, except ratios)
		Years ended December 31,										Nine months ended September 30,
		1997		1998		1999 (1)		2000 (2)		2001 (3)		2002 (4)
	Net income (loss)	$	35,299	$	25,280	$	(33,410)	$	(12,722)	$	(6,923)	$	(53,529)
	Amortization of capitalized interest		8		40		174		216		215		173
	Extraordinary item, net of taxes		-		-		1,830		(715)		-		10,896
	Income tax expense (benefit)		18,982		11,804		(15,785)		(5,332)		(3,317)		14,157
	Earnings (loss) from continuing operations
	before income taxes	$	54,289	$	37,124	$	(47,191)	$	(18,553)	$	(10,025)	$	(28,303)
	Fixed charges
	Interest on long-term debt expensed	$	7,994	$	27,696	$	31,987	$	29,883	$	26,232	$	20,505
	Interest on long-term debt capitalized		421		4,060		1,206		-		156		625
	Amortization of deferred
	financing costs		372		1,784		1,632		1,388		1,366		929
	Estimated portion of rental expense
	attributable to interest		15		60		72		65		69		60
	Total fixed charges	$	8,802	$	33,600	$	34,897	$	31,336	$	27,823	$	22,119
	Earnings (loss) from continuing operations
	before income taxes and fixed charges,
	except capitalized interest	$	62,670	$	66,664	$	(13,500)	$	12,783	$	17,642	$	(6,809)
	Ratio of earnings to fixed charges		7.1		2.0		-		-		-		-
(1) Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $48.6 million.
(2) Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $18.8 million.
(3) Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $10.4 million.
(4) Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $29.1 million.