The normal‐mode solution to the problem of acoustic wave propagation in an isovelocity ocean with a wavy surface is considered. The surface wave amplitude is assumed to be small compared to the acoustic wavelength, and the method of multiple scales is employed to study the interaction between normal‐mode acoustic waves and the surface waves. A nonresonant interaction causes small fluctuations of the amplitude and phase of the acoustic wave at a rate dependent on the frequency of the surface wave. Backscatter occurs if the wavenumber of the surface wave is larger than that of the acoustic wave. The interaction becomes resonant if appropriate phase‐matching conditions are satisfied. In this case, two acoustic normal modes get coupled, resulting in a large‐scale periodic exchange of energy from one mode to another.