Trico Marine Announces Closing of Exchange of 6.5% Convertible Debentures

THE WOODLANDS, Texas, May 14, 2009 (GLOBE NEWSWIRE) -- Trico Marine Services,
Inc. (Nasdaq:TRMA) (the "Company" or "Trico") today announced that the Company
has completed the previously announced exchange of its 6.5% senior convertible
debentures (the "6.5% Debentures") for, in the aggregate, $12.7 million in
cash, 3,042,180 shares of the Company's common stock (or warrants exercisable
for $0.01 per share in lieu thereof) and $202,812,000 in aggregate principal
amount of the Company's new 8.125% secured convertible debentures due 2013 (the
"8.125% Debentures"). All existing holders 
of the 6.5% Debentures participated in the exchange. 

Trico's charter grants the Company the authority to deny voting rights to, and
to redeem, any "Excess Shares" held by Aliens (meaning non-U.S. citizens,
including permanent residents who are not U.S. citizens) so that Trico may
remain eligible under U.S. laws (commonly referred collectively to as the
"Jones Act"). Excess Shares consist of shares of Trico common stock held by
Aliens to the extent (but only to the extent) such shares exceed 24.99% of the
total number of outstanding shares of Trico common stock. If Excess Shares
exist, the shares that will be deemed to be Excess Shares will be those
Alien-owned shares that the Board determines became so owned most recently. As
a result of the shares issued in connection with the exchange, the Company
believes its non-U.S. ownership is approximately 24%. 

Trico also announced that, because the common shares issued in the exchange
were issued after the record date for its 2009 Annual Meeting of Stockholders,
such shares are not entitled to vote at the Annual Meeting. 

About Trico Marine Group

The Trico Marine 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/installation divisions control a well
equipped fleet of vessels and operate a fleet of modern ROVs and trenching and
other subsea protection equipment. The Trico Marine Group is headquartered in
The Woodlands, 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. 

The Trico Marine Services, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5229 

Important Information

While the Company does not believe that this communication constitutes
solicitation material in respect of the Company's solicitation of proxies in
connection with its 2009 Annual Meeting of Stockholders, this communication may
be deemed to be solicitation material. In connection with the solicitation of
proxies, on May 13, 2009, Trico filed with the Securities and Exchange
Commission (the "SEC") and mailed to stockholders a definitive proxy statement
and a WHITE proxy card for its 2009 annual meeting of stockholders. Trico
stockholders are strongly advised to read these documents as they contain
important information. Stockholders may obtain Trico's proxy statement, a form
of WHITE proxy card and any amendments or supplements and other documents for
free at the SEC's website at www.sec.gov. Copies of Trico's proxy materials
will also be available for free at Trico's website at www.tricomarine.com or by
directing a request to Trico Marine Services, Inc., 10001 Woodloch Forest
Drive, Suite 610, The Woodlands, Texas 77380, Attn: Corporate Secretary, or
calling (713) 780-9926. In addition, copies may be requested by contacting,
MacKenzie Partners, Inc. at (800) 322-2885 toll-free or by email at
proxy@mackenziepartners.com. Trico and its directors and executive officers may
be deemed to be participants in the solicitation of proxies from stockholders
in connection with its 2009 annual meeting. Detailed information regarding the
names, affiliations and interests of these persons in the solicitation of
proxies is available in Trico's definitive proxy statement. The contents of the
websites referenced above are not deemed to be incorporated by reference into
Trico's definitive proxy statement. 

Forward Looking Language

Certain statements in this letter that are not historical fact may be
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include statements
about the Company's beliefs and expectations and information concerning
possible or assumed future performance or results of operations, and are not
guarantees. 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:  Trico Marine Services, Inc.
          Geoff Jones, VP & Chief Financial Officer
          (713) 780-9926