Trico Marine Group Amends Credit Facility;
Provides Preliminary Outlook on Fourth Quarter 2009

December 29, 2009

THE WOODLANDS, Texas, Dec. 29, 2009 (GLOBE NEWSWIRE) -- Trico Marine Services, Inc. (Nasdaq:TRMA) (the "Company" or "Trico") today announced that it has amended the Company's $50 Million U.S. Credit Agreement to, among other things, exclude the effect of impairment charges related to the cancellation of shipbuilding contracts for four multipurpose vessels being constructed in India. The Company expects to take an impairment charge during the fourth quarter in the range of $110 to $130 million principally for the shipbuilding cancellation.

In addition to the impairment charges above, the Company expects its fourth quarter earnings to be negatively impacted by a) one construction vessel undergoing a combined regulatory dry docking and upgrade in vessel capability for 75 days prior to a one year contract in Mexico which has commenced; b) continued softness in the North Sea for all offshore activity; c) termination of a time charter of a consistently under-utilized vessel within its fleet; and d) the decision to keep vessels in certain emerging subsea markets for existing contracts commencing in 2010 rather than mobilize them for spot contracts, which resulted in low utilization during the fourth quarter.

About Trico Marine Group

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 Subsea Protection divisions control a well equipped fleet of vessels and operate a fleet of modern ROVs and trenching and other subsea protection equipment. Trico Marine Services, Inc. is headquartered in The Woodlands, Texas and has a global presence with operations in the North Sea, West Africa, Mexico, Brazil and Southeast Asia.

Trico Marine Group