TRICO MARINE SERVICES INC
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>3
<FILENAME>ex10_17.htm
<TEXT>
<html>



<body>

<font SIZE="3">
<p ALIGN="right"><b>EXHIBIT 10.17</b></p>
<p ALIGN="right">&nbsp;</p>
<u>
<p ALIGN="CENTER">FIFTH AMENDMENT TO THIRD AMENDED AND RESTATED<br>
REVOLVING CREDIT AGREEMENT</p>
</u></font><font SIZE="3">
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
THIS FIFTH AMENDMENT TO THIRD AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
(hereinafter called this <b><i>&quot;Amendment&quot;</i></b>) is entered into
effective as of July 31, 2001 (the &quot;<b><i>Effective Date</i></b>&quot;),
among (a) TRICO MARINE OPERATORS, INC. (<b><i>&quot;Marine Operators&quot;</i></b>),
a Louisiana corporation, TRICO MARINE ASSETS, INC. (<b><i>&quot;Marine
Assets&quot;</i></b>), a Delaware corporation (each of Marine Operators and
Marine Assets a <b><i>&quot;Borrower&quot;</i></b> and, collectively <b><i>&quot;Borrowers&quot;</i></b>),
(b) TRICO MARINE SERVICES, INC. (<b><i>&quot;Parent&quot;</i></b>), a Delaware
corporation, (c) the financial institutions listed on <b><i>Schedule 1.1</i></b>
of the Agreement (hereinafter described) and such other financial institutions
as may become parties to the Agreement from time to time (individually a <b><i>&quot;Bank&quot;</i></b>
and collectively the <b><i>&quot;Banks&quot;</i></b>), (d) WELLS FARGO BANK, N.A.,
as issuing bank (<b><i>&quot;Issuing Bank&quot;</i></b>), and (e) WELLS FARGO
BANK TEXAS, NATIONAL ASSOCIATION (successor by consolidation to Wells Fargo Bank
(Texas), National Association), as administrative agent for itself, the Issuing
Bank and such financial institutions (<b><i>&quot;Administrative Agent&quot;</i></b>),
CHRISTIANIA BANK OG KREDITKASSE ASA, New York Branch, as documentation agent for
itself and such financial institutions (<b><i>&quot;Documentation Agent&quot;</i></b>)
(collectively<b><i> &quot;Agents&quot;</i></b> and/or <b><i>&quot;Arrangers&quot;</i></b>).</p>
<u>
<p ALIGN="CENTER">W</u> <u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u>
<u>T</u> <u>H</u>:</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, the Borrowers, the Parent, the Banks, the Issuing Bank, the
Documentation Agent and the Administrative Agent entered into a Third Amended
and Restated Revolving Credit Agreement dated as of July 19, 1999 (hereinafter
called the <b><i>&quot; Restated Agreement&quot;</i></b>), whereby, upon the
terms and conditions therein stated, the Banks and the Issuing Bank agreed to
make available to the Borrowers a credit facility upon the terms and conditions
set forth in the Agreement; and</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, the Borrowers, the Parent, the Banks, the Issuing Bank, the
Documentation Agent and the Administrative Agent entered into (i) a First
Amendment to Third Amended and Restated Revolving Credit Agreement dated as of
September 30, 1999 (the <b><i>&quot;First Amendment&quot;</i></b>), (ii) a
Second Amendment to Third Amended and Restated Revolving Credit Agreement dated
as of December 31, 1999 (the &quot;<b><i>Second Amendment</i></b>&quot;),
(iii)&nbsp;a Third Amendment to Third Amended and Restated Revolving Credit
Agreement dated as of March 31, 2000 (the &quot;<b><i>Third Amendment</i></b>&quot;),
and (iv) a Fourth Amendment to Third Amended and Restated Revolving Credit
Agreement dated as of August 11, 2000 (the &quot;<b><i>Fourth Amendment</i></b>&quot;);
and</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS,
the Restated Agreement, as amended by the First Amendment, Second Amendment,
Third Amendment, and Fourth Amendment is hereinafter called the <b><i>&quot;Agreement&quot;</i></b>;
and</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS,
the Company has requested that the Banks, the Issuing Bank and the Agents agree
to certain amendments to the Agreement;</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOW,
THEREFORE, for and in consideration of the mutual covenants and agreements
herein contained, the parties to this Amendment hereby agree as follows:</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.
<u>Terms Defined in Agreement</u>. As used in this Amendment, except as may
otherwise be provided herein, all capitalized terms which are defined in the
Agreement shall have the same meaning herein as therein, all of such terms and
their definitions being incorporated herein by reference.</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.
<u>Amendments to Agreement</u>. The Agreement hereby is amended as follows:</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a) <b><i>Section 1.1</i></b> of the Agreement hereby is amended by deleting <b><i>subsection
(ii)</i></b> of the definition of &quot;<b><i>Excluded Capital Expenditures</i></b>&quot;
therefrom and substituting the following <b><i>subsection (ii)</i></b> in lieu
thereof:</p>
<blockquote>
  <blockquote>
    <p ALIGN="JUSTIFY">&quot;(ii) any Capital Expenditure of the Parent or any
    of its Subsidiaries not to exceed $50,000,000 during any fiscal year of the
    Parent, where not less than seventy-five (75%) of the consideration paid or
    payable by the Parent and its Subsidiaries in connection therewith is funded
    with the Proceeds of a Permitted Equity Issuance.&quot;</p>
  </blockquote>
</blockquote>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b) <b><i>Section 1.1</i></b> of the Agreement hereby is amended by deleting the
definition of &quot;<b><i>Maturity Date</i></b>&quot; therefrom and substituting
the following definition in lieu thereof:</p>
<blockquote>
  <blockquote>
    <p ALIGN="JUSTIFY">&quot;<u>Maturity Date</u>. The earlier of (i) June 30,
    2003, or (ii) the date on which the Banks' commitments terminate in
    accordance with the provisions of this Agreement.&quot;</p>
  </blockquote>
</blockquote>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c) <b><i>Section 9.1(f)(ii)</i></b> of the Agreement is hereby deleted and the
following <b><i>Section 9.1(f)(ii)</i></b> is substituted in lieu thereof:</p>
<b><i>
<blockquote>
  <blockquote>
  </i></b>
<p ALIGN="JUSTIFY">&quot;(ii) the principal amount of Indebtedness issued to
refinance or replace such Indebtedness is not increased beyond the amount
outstanding thereunder (and in the case of revolving credit facilities the
maximum amount available for borrowing thereunder is not increased above the
amount in place on the Closing Date hereof), except as otherwise permitted
pursuant to <b><i>Section 9.1(n)</i></b> hereof,&quot;</p>
</blockquote>
</blockquote>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d) <b><i>Section 9.1(l)</i></b> of the Agreement is amended hereby by deleting
the word &quot;and&quot; from the end thereof.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e) <b><i>Section 9.1(m)</i></b> of the Agreement is amended hereby by deleting
the period &quot;(.)&quot;at the end thereof, and substituting &quot;; and&quot;
in lieu thereof.</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(f) <b><i>Section 9.1</i></b> of the Agreement is amended hereby by adding the
following new <b><i>Section 9.1(n)</i></b> thereto:</p>
<b><i>
<blockquote>
  <blockquote>
  </i></b>
<p ALIGN="JUSTIFY">&quot;(n) In addition to the Indebtedness of the Norwegian
Subsidiaries existing on the Closing Date of this Agreement as listed and
described on <u>Schedule 9.1</u> and Indebtedness from time to time issued to
refinance or replace such Indebtedness to the extent permitted under <u>Section
9.1(f) </u>(including, without limitation, any Indebtedness issued to refinance
or replace such Indebtedness that increases the commitment amount of the
Indebtedness thereunder by an amount equal to some portion or all of the
additional Indebtedness permitted under this <u>Section 9.1(n)</u>, <u>provided</u>,
that, any such increase shall reduce the amount otherwise available under this <u>Section
9.1(n))</u>, Indebtedness of the Norwegian Subsidiaries in an aggregate
principal amount as to all Norwegian Subsidiaries not to exceed $35,000,000 so
long as (A) the ability of such Norwegian Subsidiary to make dividends,
distributions or loans to Parent or Borrowers is not more onerous than that with
respect to the Indebtedness of the Norwegian Subsidiaries set forth on <u>Schedule
9.1</u> and (B) such Indebtedness is not guaranteed by Parent, Borrowers or any
other Subsidiary of Parent (other than the Norwegian Subsidiaries) and none of
Parent, Borrowers or any other Subsidiary of Parent (other than the Norwegian
Subsidiaries) has any liability or obligation with respect thereto.&quot;</p>
</blockquote>
</blockquote>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(g) <b><i>Section 9.15</i></b> of the Agreement hereby is amended by deleting
the proviso therefrom and substituting the following proviso in lieu thereof:</p>
<blockquote>
  <blockquote>
    <p ALIGN="JUSTIFY">&quot;, provided, however, so long as no Default or Event
    of Default shall then exist or will result therefrom, (i) the Parent may
    prepay the Senior Notes with net cash proceeds from the issuance of
    Non-Redeemable Common Stock or the redemption of the Senior Notes in
    exchange for Non-Redeemable Common Stock, and (ii) the Parent and any of its
    Subsidiaries may prepay up to $25,000,000 of the Senior Notes in advance of
    the scheduled maturity date thereof, if after giving effect to such
    Purchase, the unborrowed portion of the Total Commitment is equal to or
    greater than $20,000,000.&quot;</p>
  </blockquote>
</blockquote>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(h) <i><b>Section 10.2</b></i> of the Credit Agreement is hereby deleted and the
following <b><i>Section 10.</i></b>2 is substituted in lieu thereof:
<blockquote>
  <blockquote>
    <p ALIGN="JUSTIFY">&quot;SECTION 10.2. <u>LEVERAGE RATIO</u>. The Parent and
    the Borrowers will not permit the Leverage Ratio, determined as of the end
    of each fiscal quarter of the Parent ending during a period set forth in the
    table below, to be greater than the ratio set forth opposite each period in
    such table:</p>
  </blockquote>
</blockquote>
</font>
<p ALIGN="CENTER"><center>
<table BORDER="1" CELLSPACING="1" CELLPADDING="6" WIDTH="432">
  <tr>
    <td WIDTH="50%" VALIGN="TOP" HEIGHT="26"><b><font SIZE="3">
      <p ALIGN="CENTER">Period Ending</font></b></td>
    <td WIDTH="50%" VALIGN="TOP" HEIGHT="26"><b><font SIZE="3">
      <p ALIGN="CENTER">Maximum Ratio</font></b></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP" HEIGHT="26"><font SIZE="3">
      <p ALIGN="CENTER">6/30/01 through 12/30/02</font></td>
    <td WIDTH="50%" VALIGN="TOP" HEIGHT="26"><font SIZE="3">
      <p ALIGN="CENTER">4.50:1.00</font></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP" HEIGHT="26"><font SIZE="3">
      <p ALIGN="CENTER">12/31/02 through 06/29/03</font></td>
    <td WIDTH="50%" VALIGN="TOP" HEIGHT="26"><font SIZE="3">
      <p ALIGN="CENTER">4.00:1.00</font></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP" HEIGHT="26"><font SIZE="3">
      <p ALIGN="CENTER">6/30/03 and thereafter</font></td>
    <td WIDTH="50%" VALIGN="TOP" HEIGHT="26"><font SIZE="3">
      <p ALIGN="CENTER">3.50:1.00</font></td>
  </tr>
</table>
</center><font SIZE="3">
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i) <b><i>Section 10.5</i></b> of the Agreement is hereby deleted and the
following <b><i>Section 10.5</i></b> is substituted in lieu thereof:</p>
<b><i>
<blockquote>
  <blockquote>
    <p ALIGN="JUSTIFY">&quot;</i></b>SECTION 10.5 <u>CAPITAL EXPENDITURES</u>.
  The Parent will not, and will not permit any of its Subsidiaries to, make
  Capital Expenditures, other than Excluded Capital Expenditures and Maintenance
  Capital Expenditures, in an aggregate amount in excess of $20,000,000 during
  the 2001 fiscal year of the Parent, in excess of $55,000,000 during the 2002
  fiscal year of the Parent, and in excess of $20,000,000 in any fiscal year of
  the Parent thereafter. In addition, and as a further limitation, the Borrowers
  will not make any Capital Expenditures other than (i) Maintenance Capital
  Expenditures, (ii) Excluded Capital Expenditures, and (iii) additional Capital
  Expenditures; <u>provided</u>, that the aggregate amount of such additional
  Capital Expenditures made by the Borrowers pursuant to this clause (iii) shall
  not exceed $10,000,000 during the 2001 fiscal year of the Parent, and
  $15,000,000 in any fiscal year of the Parent thereafter.&quot;</p>
</blockquote>
</blockquote>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.
<u>Conditions of Effectiveness</u>.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a) The Administrative Agent, the Issuing Bank and the Banks have relied upon
the representations and warranties in this Amendment in agreeing to the
amendments to the Agreement set forth herein and the amendments to the Agreement
set forth herein are conditioned upon and subject to the accuracy of each and
every representation and warranty of each of the Borrowers and the Parent made
or referred to herein, and performance by each of the Borrowers and the Parent
of its obligations to be performed under the Agreement on or before the date of
this Amendment (except to the extent amended herein).</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b) The amendments to the Agreement set forth herein are further conditioned
upon the Borrowers having paid all amendment fees and expenses, and all accrued
and unpaid legal fees and expenses referred to in <b><i>Section 16</i></b> of
the Agreement and <b><i>Section 7</i></b> hereof.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c) This Agreement shall be effective as of the date first written above when
the conditions in this <b><i>Section 4</i></b> have been satisfied and when the
Administrative Agent shall have received this Amendment, executed by the
Borrowers, the Parent and the Banks.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 4. <u>Representations and Warranties of the Borrowers and Parent</u>.
The Borrowers and Parent jointly and severally represent and warrant to the
Administrative Agent, the Issuing Bank and each Bank, with full knowledge that
the Administrative Agent, the Issuing Bank and each Bank is relying on the
following representations and warranties in executing this Amendment, as
follows:</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a) Each of the Borrowers and the Parent has corporate power and authority to
execute, deliver and perform this Amendment, and all corporate action on the
part of each of the Borrowers and the Parent requisite for the due execution,
delivery and performance of this Amendment has been duly and effectively taken.
Each of the undersigned officers of the Borrowers and the Parent executing this
Amendment represent and warrant that he has full power and authority to execute
and deliver this Amendment on behalf of the Borrowers and the Parent
respectively, that such execution and delivery has been duly authorized by each
respective Board of Directors and that the resolutions previously delivered to
the Administrative Agent on February&nbsp;15, 2000, in connection with the
execution and delivery of the Second Amendment are and remain in full force and
effect and have not been altered, amended, or repealed in anywise.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b) The Agreement as amended by this Amendment and the Loan Documents and each
and every other document executed and delivered in connection with this
Amendment to which any of the Borrowers or the Parent, or any Subsidiary
thereof, is a party constitute the legal, valid and binding obligations of such
Person to the extent it is a party thereto, enforceable against such Person in
accordance with its respective terms.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c) This Amendment does not and will not violate any provisions of the articles
or certificate of incorporation or bylaws of any of the Borrowers or the Parent,
or any contract, agreement, instrument or requirement of any Governmental
Authority to which any such Person is subject. The execution of this Amendment
by each of the Borrowers and the Parent will not result in the creation or
imposition of any lien upon any properties of any of the Borrowers or the
Parent, other than those permitted by the Agreement and this Amendment.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d) The execution, delivery and performance by each of the Borrowers and the
Parent of this Amendment do not require the consent or approval of any other
Person, including, without limitation, any regulatory authority or governmental
body of the United States of America or any state thereof or any political
subdivision of the United States of America or any state thereof.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e) The annual audited consolidated balance sheet of the Parent and the
Borrowers as of December&nbsp;31, 2000, the related consolidated statements of
earnings, capital accounts, and cash flows for the quarter then ended which have
been furnished to the Administrative Agent, the Issuing Bank and the Banks,
fairly present the financial condition of the Parent and the Borrowers as at
such date and the results of the operations of the Parent and the Borrowers for
the periods ended on such date, all in accordance with generally accepted
accounting principles applied on a consistent basis, and since December&nbsp;31,
2000 there has been no material adverse change in such condition or operations.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(f) Each of the Borrowers and the Parent has performed and complied with all
agreements and conditions contained in the Agreement required to be performed or
complied with by each such Person prior to or at the time of delivery of this
Amendment.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(g) No Default or Event of Default exists and, after giving effect to this
Amendment, no Default or Event of Default will exist and all of the
representations and warranties contained in the Agreement and all instruments
and documents executed pursuant thereto or contemplated thereby are true and
correct in all material respects on and as of this date.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(h) Nothing in this <b><i>Section&nbsp;5</i></b> of this Amendment is intended
to amend any of the representations or warranties contained in the Agreement or
of the Loan Documents to which any of the Borrowers or the Parent or any
Subsidiary thereof is a party.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 5. <u>Reference to and Effect on the Agreement</u>.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a) Upon the effectiveness of <b><i>Sections 1, 2</i></b> and <b><i>3</i></b>
hereof, on and after the date hereof, each reference in the Agreement to
&quot;this Agreement&quot;, &quot;hereunder&quot;, &quot;hereof&quot;,
&quot;herein&quot;, or words of like import, shall mean and be a reference to
the Agreement as amended hereby.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b) Except as specifically amended by this Amendment, the Agreement shall remain
in full force and effect and is hereby ratified and confirmed.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 6. <u>No Waiver</u>. Each of the Borrowers and the Parent agrees that no
Event of Default and no Default has been waived or remedied by the execution of
this Amendment by the Administrative Agent, the Issuing Bank and the Banks and
any such Default or Event or Default heretofore arising and currently continuing
shall continue after the execution and delivery hereof.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 7. <u>Cost, Expenses and Taxes</u>. Each of the Borrowers and the Parent
agrees to pay on demand all reasonable costs and expenses of the Administrative
Agent, the Issuing Bank and the Banks in connection with the preparation,
reproduction, execution and delivery of this Amendment and the other instruments
and documents to be delivered hereunder, including reasonable attorneys' fees
and out-of-pocket expenses of the Administrative Agent, the Issuing Bank and the
Banks. In addition, each of the Borrowers and the Parent shall pay any and all
stamp and other taxes and fees payable or determined to be payable in connection
with the execution and delivery, filing or recording of this Amendment and the
other instruments and documents to be delivered hereunder, and agrees to save
each of the Administrative Agent, the Issuing Bank and the Banks harmless from
and against any and all liabilities with respect to or resulting from any delay
in paying or omission to pay such taxes or fees.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 8. <u>Extent of Amendments</u>. Except as otherwise expressly provided
herein, the Agreement and the other Loan Documents are not amended, modified or
affected by this Amendment. Each of the Borrowers and the Parent ratifies and
confirms that (a) except as expressly amended hereby, all of the terms,
conditions, covenants, representations, warranties and all other provisions of
the Agreement remain in full force and effect, (b) each of the other Loan
Documents are and remain in full force and effect in accordance with their
respective terms, and (c) the Collateral is unimpaired by this Amendment.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 9. <u>Waivers and Release of Claims</u>. As additional consideration for
the execution, delivery, and performance of this Amendment by the parties hereto
and to induce each of the Administrative Agent, the Issuing Bank and the Banks
to enter into this Amendment, each of the Borrowers and the Parent represents
and warrants that none of the Borrowers and the Parent know of any facts,
events, statuses or conditions which, either now or with the passage of time or
the giving of notice, or both, constitute or will constitute a basis for any
claim or cause of action against any of the Administrative Agent, the Issuing
Bank and the Banks or any defense, counterclaim or right of setoff to the
payment or performance of any obligations or indebtedness of any of the
Borrowers or the Parent to any of the Administrative Agent, the Issuing Bank or
the Banks, and in the event any such facts, events, statuses or conditions exist
or have existed, whether known or unknown, WHETHER DUE TO THE ADMINISTRATIVE
AGENT'S, THE ISSUING BANK'S OR ANY BANK'S, ANY OF THEIR REPRESENTATIVE'S,
AGENT'S, OFFICER'S, DIRECTOR'S, EMPLOYEE'S, SHAREHOLDER'S, OR
SUCCESSOR'S OR ASSIGN'S OWN NEGLIGENCE, each of the Borrowers and the Parent
for each of themselves, their respective Subsidiaries, their respective
representatives, agents, officers, directors, employees, shareholders, and
successors and assigns (collectively called the &quot;<b><i>Indemnifying Parties</i></b>&quot;),
hereby fully, finally, completely, generally and forever releases, discharges,
acquits, and relinquishes the Administrative Agent, the Issuing Bank and each
Bank and each of their respective representatives, agents, officers, directors,
employees, shareholders, and successors and assigns (collectively called the
&quot;<b><i>Indemnified Parties</i></b>&quot;), from any and all claims,
actions, demands, and causes of action of whatever kind or character, whether
joint or several, whether known or unknown, WHETHER DUE TO ANY OF THE
INDEMNIFIED PARTIES' OWN NEGLIGENCE, which may have arisen or accrued prior to
the date of execution of this Amendment, for any and all injuries, harm,
damages, penalties, costs, losses, expenses, attorneys' fees, and/or liabilities
whatsoever and whenever incurred or suffered by any of them, including, without
limitation, any claim, demand, action, damage, liability, loss, cost, expense,
and/or detriment, of any kind or character, growing out of or in any way
connected with or in any way resulting from any breach of any duty of loyalty,
fair dealing, care, fiduciary duty, or any other duty, confidence, or
commitment, undue influence, duress, economic coercion, conflict of interest,
negligence, bad faith, violations of the racketeer influence and corrupt
organizations act, intentional or negligent infliction of distress or harm,
tortious interference with contractual relations, tortious interference with
corporate governance or prospective business advantage, breach of contract,
failure to perform any obligation under any of the Loan Documents, deceptive
trade practices, libel, slander, conspiracy, interference with business, usury,
strict liability, lender liability, breach of warranty or representation, fraud,
or any other claim or cause of action (herein being collectively referred to as
&quot;<b><i>Claims</i></b>&quot;). IT IS EXPRESSLY AGREED THAT THE CLAIMS
RELEASED HEREBY INCLUDE THOSE ARISING FROM OR IN ANY MANNER ATTRIBUTABLE TO THE
NEGLIGENCE (SOLE, CONCURRENT, ORDINARY, OR OTHERWISE), OR OTHER TORTIOUS CONDUCT
OF ANY OF THE INDEMNIFIED PARTIES (other than any claims arising solely out of
an Indemnified Party's willful misconduct or gross negligence).
Notwithstanding any provision of this Amendment or any other Loan Document, this
Section shall remain in full force and effect and shall survive the delivery and
payment of the Notes, this Amendment and the other Loan Documents and the
making, extension, renewal, modification, amendment or restatement of any
thereof.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 10. <u>Indemnification</u>. As additional consideration to the
execution, delivery, and performance of this Amendment by the parties hereto and
to induce the Administrative Agent, the Issuing Bank and each Bank to enter into
this Amendment, the Indemnifying Parties hereby agree to indemnify, hold
harmless, and defend each of the Indemnified Parties from and against any and
all Claims of any nature or character, at law or in equity, known or unknown,
which may have arisen prior to the date hereof, or accrued to, or could be
claimed or asserted by, any third party prior to the date hereof, INCLUDING
WITHOUT LIMITATION, ANY CLAIMS ARISING OUT OF OR IN ANY MANNER ATTRIBUTABLE TO
THE NEGLIGENCE (SOLE, CONCURRENT, ORDINARY OR OTHERWISE), OR OTHER TORTIOUS
CONDUCT OF ANY OF THE INDEMNIFIED PARTIES (other than any claims arising solely
out of an Indemnified Party's willful misconduct or gross negligence).
Notwithstanding any provision of this Amendment or any other Loan Document, this
<b><i>Section</i></b> shall remain in full force and effect and shall survive
the delivery and payment of the Notes, this Agreement and the other Loan
Documents and the making, extension, renewal, modification, amendment or
restatement of any thereof.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 11. <u>Grant and Affirmation of Security Interest</u>. Each of the
Borrowers and the Parent hereby grants a security interest in and lien on the
Collateral to secure payment and performance of the Notes and the obligations
described in the Agreement and all documents and instruments executed in
connection therewith and, each of the Borrowers and the Parent hereby confirms
and agrees that any and all liens, security interests and other security or
Collateral now or hereafter held by the Administrative Agent for the benefit of,
and as representative of, the Issuing Bank and the Banks as security for payment
and performance of the Obligations hereby are renewed and carried forth to
secure payment and performance of all of the Obligations. The Security Documents
are and remain legal, valid and binding obligations of the parties thereto,
enforceable in accordance with their respective terms.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 12. <u>Guaranties</u>. The Parent hereby consents to and accepts the
terms and conditions of this Amendment, agrees to be bound by the terms and
conditions hereof and ratifies and confirms that its Guaranty, executed and
delivered to the Administrative Agent for the benefit of and as representative
of each of the Issuing Bank and the Banks on July 19, 1999, guaranteeing payment
of the Obligations, is and remains in full force and effect and secures payment
of the Obligations, including, among other things, the Notes.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 13. <u>Execution and Counterparts</u>. This Amendment may be executed in
any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to be
an original and all of which taken together shall constitute but one and the
same instrument. Delivery of an executed counterpart of the signature page of
this Amendment by facsimile shall be equally as effective as delivery of a
manually executed counterpart of this Amendment.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 14. <u>Governing Law</u>. This Amendment shall be governed by and
construed in accordance with the laws of the State of Texas.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 15. <u>Headings</u>. Section headings in this Amendment are included
herein for convenience and reference only and shall not constitute a part of
this Amendment for any other purpose.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 16. <u>Loan Documents</u>. This Amendment is a Loan Document.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 17. <u>Arbitration</u>. The parties agree to be bound by the terms and
provisions of the arbitration provisions set forth in <b><i>Section 33</i></b>
of the Agreement.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 18. <u>NO ORAL AGREEMENTS</u>. THE AGREEMENT (AS AMENDED BY THIS
AMENDMENT) AND THE OTHER LOAN DOCUMENTS, REPRESENT THE FINAL AGREEMENT BETWEEN
THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
<b><i>
<p ALIGN="CENTER">&nbsp;</p>
</i></b>
<p>&nbsp;</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS
WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized.</p>
<p>&nbsp;</p>
</font>
<table CELLSPACING="0" BORDER="0" CELLPADDING="2" WIDTH="100%">
  <tr>
    <td WIDTH="51%" VALIGN="TOP" HEIGHT="26">
      <p></p>
    </td>
    <td WIDTH="49%" VALIGN="TOP" HEIGHT="26"><font SIZE="3">
      <p ALIGN="JUSTIFY">TRICO MARINE OPERATORS, INC, a Louisiana corporation<br>
      &nbsp;</p>
      <p ALIGN="JUSTIFY">By&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; /S VICTOR M.
      PEREZ&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
      </u>Name:&nbsp; Victor M. Perez<br>
      Title:&nbsp; Vice President, Chief Financial Officer<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Treasurer</p>
      </font>
    </td>
  </tr>
  <tr>
    <td WIDTH="51%" VALIGN="TOP"></td>
    <td WIDTH="49%" VALIGN="TOP"><font size="3">&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="49%" VALIGN="TOP"><font SIZE="3">
      <p ALIGN="JUSTIFY">TRICO MARINE ASSETS, INC., a Delaware corporation<br>
      &nbsp;</p>
      </font>
      <p ALIGN="JUSTIFY"><font SIZE="3">
      By&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; /S VICTOR M.
      PEREZ&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
      </u>Name:&nbsp; Victor M. Perez<br>
      Title:&nbsp; Vice President, Chief Financial Officer<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Treasurer
      </font>
    </td>
  </tr>
  <tr>
    <td WIDTH="51%" VALIGN="TOP"></td>
    <td WIDTH="49%" VALIGN="TOP"><font size="3">&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="49%" VALIGN="TOP"><font SIZE="3">
      <p ALIGN="JUSTIFY">TRICO MARINE SERVICES, INC, a Delaware corporation<br>
      &nbsp;</p>
      </font>
      <p ALIGN="JUSTIFY"><font SIZE="3">
      By&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; /S VICTOR M.
      PEREZ&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
      </u>Name:&nbsp; Victor M. Perez<br>
      Title:&nbsp; Vice President, Chief Financial Officer<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Treasurer
      </font>
    </td>
  </tr>
</table>
<font SIZE="3">
<p ALIGN="JUSTIFY">&nbsp;</p>
</font>
<table CELLSPACING="0" BORDER="0" CELLPADDING="2" WIDTH="100%">
  <tr>
    <td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="50%" VALIGN="TOP"><font SIZE="3">
      <p ALIGN="JUSTIFY">WELLS FARGO BANK TEXAS, NATIONAL ASSOCIATION (successor
      by consolidation to Wells Fargo Bank (Texas), National Association),
      individually and as Administrative Agent<br>
      &nbsp;</p>
      <p ALIGN="JUSTIFY">By&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp; /S/ PHILIP C.
      LAUINGER III<br>
      </u>Name:&nbsp; Philip C. Lauinger III<br>
      Title:&nbsp; Vice President</p>
      </font>
    </td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP"></td>
    <td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="50%" VALIGN="TOP"><font SIZE="3">
      <p ALIGN="JUSTIFY">WELLS FARGO BANK, N.A., as Issuing Bank<br>
      &nbsp;</p>
      </font>
      <p ALIGN="JUSTIFY"><font SIZE="3">By&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp; /S/
      PHILIP C. LAUINGER III<br>
      </u>Name:&nbsp; Philip C. Lauinger III<br>
      Title:&nbsp; Vice President
      </font>
    </td>
  </tr>
</table>
<font SIZE="3">
<p ALIGN="JUSTIFY">&nbsp;</p>
</font>
<table CELLSPACING="0" BORDER="0" CELLPADDING="2" WIDTH="100%" height="290">
  <tr>
    <td WIDTH="50%" VALIGN="TOP" height="286">
      <p ALIGN="JUSTIFY">&nbsp;</p>
      <p ALIGN="JUSTIFY">&nbsp;</td>
    <td WIDTH="50%" VALIGN="TOP" height="286"><font SIZE="3">
      <p ALIGN="JUSTIFY">CHRISTIANIA BANK OG KREDITKASSE ASA, NEW YORK BRANCH,
      individually and as Documentation Agent<br>
      &nbsp;</p>
      <p ALIGN="JUSTIFY">By&nbsp;&nbsp;<u>&nbsp;&nbsp; /S/ HANS CHR. KJELSRUD&nbsp;&nbsp;&nbsp;<br>
      </u>Name:&nbsp; Hans Chr. Kjelsrud<br>
      Title:&nbsp; Senior Vice President<br>
      &nbsp;</p>
      <p ALIGN="JUSTIFY">By&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp; /S/ MARTIN LUNDER&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
      </u>Name:&nbsp; Martin Lunder<br>
      Title:&nbsp; Senior Vice President</p>
      </font>
    </td>
  </tr>
</table>
<div align="center">
  <center>
<table CELLSPACING="0" BORDER="0" CELLPADDING="2" WIDTH="100%">
  <tr>
    <td WIDTH="50%" VALIGN="TOP"></td>
    <td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="50%" VALIGN="TOP"><font SIZE="3">
      <p ALIGN="JUSTIFY">BANK ONE, NA,<br>
      (main office Chicago),<br>
      successor by merger to<br>
      Bank One, Louisiana, N.A., individually and as
      Syndication Agent<br>
      &nbsp;</p>
      <p ALIGN="JUSTIFY">By&nbsp;&nbsp;<u>&nbsp;&nbsp; /S/ J. CHARLES FREEL,
      JR.&nbsp;&nbsp;<br>
      </u>Name:&nbsp; J. Charles Freel, Jr.<br>
      Title:&nbsp; First Vice President</p>
      </font>
    </td>
  </tr>
</table>
  </center>
</div>
<font SIZE="3">
</font>

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