Trico Marine Services, Inc. announced the issuance of a notice of default and guarantee demand by Bear Stearns Corporate Lending Inc. ("Bear Stearns"). Bear Stearns is an administrative agent under the $55 million term loan (the "Term Loan") issued by a group of bank lenders to Trico's two primary domestic subsidiaries in February 2004. The Company is a guarantor of its subsidiaries' obligations under certain provisions of the Term Loan. Bear Stearns' notice of default and guarantee demand was issued on the basis of an earlier default arising from the Company's non-payment of interest due on its $250 million 8.875% Senior Notes
due 2012 in June 2004.