Tidewater Reports First Quarter Results for Fiscal 2009

Business Wire, August 1, 2008

NEW ORLEANS -- Tidewater Inc. (NYSE:TDW) announced today first quarter net earnings for the period ended June 30, 2008, of $84.8 million, or $1.64 per common share, on revenues of $340.1 million.

For the same quarter last year, net earnings were $87.5 million, or $1.55 per common share, on revenues of $305.5 million. Included in the June 30, 2007, quarter's net earnings are after-tax charges totaling $3.5 million, or $.06 per common share, related to the settlement of a class action in California related to certain wage and hour claims of certain former and current employees, retirement costs of a senior executive and legal costs associated with the Company's previously disclosed investigation of its Nigerian operations. The immediately preceding quarter ended March 31, 2008, had net earnings of $85.4 million, or $1.63 per common share, on revenues of $331.4 million.

As previously announced, Tidewater will hold a conference call to discuss June quarterly earnings on Friday, August 1, 2008, at 9:00 a.m. CDT, following the Company's release of quarterly earnings. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-388-7493 if calling from the U.S. or Canada (1-706-679-8348 if calling from outside the U.S.) and ask for the "Tidewater" call just prior to the scheduled start. A replay of the conference call will be available beginning at 11:00 a.m. CDT on August 2, 2008, and will continue until 11:59 p.m. CDT on August 3, 2008. To hear the replay, call 1-800-642-1687 (1-706-645-9291 if calling from outside the U.S.). The conference call ID number is 54793654.

A simultaneous webcast of the conference call will be accessible online at the Tidewater Inc. website, www.tdw.com, and at the CCBN website, www.streetevents.com. The online replay will be available until September 1, 2008.

Tidewater Inc. owns 453 vessels, the world's largest fleet of vessels serving the global offshore energy industry.

Note: all per-share amounts are stated on a diluted basis.

Financial information is displayed on the next page.

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