Win-Win Swap

Trico Marine Services, Inc. announced on Monday that the company, with the assistance of Lazard Freres, had agreed to exchange the remaining $253 million of its 6.5% Debentures due 2028 for, in the aggregate, $12.6 million in cash, 3.03 million shares of the Company’s common stock and $202 million in aggregate principal amount of the Company’s new 8.125% secured convertible debentures due 2013.

The new Debentures will be secured by a second priority lien on substantially all of the collateral that is pledged under the company’s U.S. credit facility, and will be subject to quarterly principal amortizing payments, payable

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