<SEC-DOCUMENT>0001193125-15-292855.txt : 20150817
<SEC-HEADER>0001193125-15-292855.hdr.sgml : 20150817
<ACCEPTANCE-DATETIME>20150817114336
ACCESSION NUMBER:		0001193125-15-292855
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20150811
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150817
DATE AS OF CHANGE:		20150817

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TIDEWATER INC
		CENTRAL INDEX KEY:			0000098222
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				720487776
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06311
		FILM NUMBER:		151058211

	BUSINESS ADDRESS:	
		STREET 1:		601 POYDRAS ST.
		STREET 2:		SUITE 1500
		CITY:			NEW ORLEANS
		STATE:			LA
		ZIP:			70130
		BUSINESS PHONE:		5045681010

	MAIL ADDRESS:	
		STREET 1:		601 POYDRAS ST.
		STREET 2:		SUITE 1500
		CITY:			NEW ORLEANS
		STATE:			LA
		ZIP:			70130

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TIDEWATER MARINE SERVICE INC
		DATE OF NAME CHANGE:	19780724
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d48703d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">UNITED STATES </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">SECURITIES AND EXCHANGE COMMISSION </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:14%">&nbsp;</P></center> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">Pursuant to Section&nbsp;13 or 15(d) of the </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">Securities Exchange Act of 1934 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:25%">&nbsp;</P></center> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">Date of Report
<I>(Date of earliest event reported)</I><B> August&nbsp;11, 2015</B> </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>TIDEWATER INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><I>(Exact name of registrant as specified in its charter) </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>Delaware</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman" ALIGN="center"><I>(State of incorporation)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>1-6311</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><I>(Commission File Number)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>72-0487776</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><I>(IRS Employer Identification No.)</I></P></TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>601 Poydras Street, Suite 1500</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>New Orleans, LA</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman" ALIGN="center"><I>(Address of principal executive offices)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70130</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code)</I></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>(504) 568-1010 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><I>(Registrant&#146;s telephone number, including area code) </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">N/A </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><I>(Former name or former
address, if changed since last report) </I></P> <P STYLE="margin-top:48pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrants under any of the following provisions: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17&nbsp;CFR 240.14d-2(b)) </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17&nbsp;CFR 240.13e-4(c)) </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Item&nbsp;7.01.&nbsp;&nbsp;Regulation FD Disclosure. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that
certain statements set forth in this Current Report on Form 8-K provide other than historical information and are forward looking. The actual achievement of any forecasted results, or the unfolding of future economic or business developments in a
way anticipated or projected by the Company, involve numerous risks and uncertainties that may cause the Company&#146;s actual performance to be materially different from that stated or implied in the forward-looking statement. Among those risks and
uncertainties, many of which are beyond the control of the Company, include, without limitation, volatility in worldwide energy demand and oil and gas prices; and the potential long-term effects of a depressed level of oil and gas prices;
consolidation of our customer base: fleet additions by competitors and industry overcapacity; our views with respect to the need for and timing of the replenishment of our asset base, including through acquisitions or vessel construction; changes in
capital spending by customers in the energy industry for offshore exploration, field development and production; loss of a major customer: changing customer demands for vessel specifications, which may make some of our older vessels technologically
obsolete for certain customer projects or in certain markets; delays and other problems associated with vessel construction and maintenance; uncertainty of global financial market conditions and difficulty in accessing credit or capital; acts of
terrorism and piracy; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions,
such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced, or requirements that services provided locally be paid in local currency, in each case especially in higher political risk countries
where we operate; foreign currency fluctuations; labor changes proposed by&nbsp;international conventions;&nbsp;increased regulatory burdens and oversight;&nbsp;changes in laws governing the taxation of foreign source income; retention of skilled
workers; and enforcement of laws related to the environment, labor and foreign corrupt practices. Readers should consider all of these risk factors as well as other information contained in this report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">The following information is being provided under Item&nbsp;7.01 Regulation FD Disclosure in this Current Report on Form 8-K:
a transcript from the company&#146;s August&nbsp;11, 2015 analyst conference call discussing its financial results for the quarter ended June&nbsp;30, 2015. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">The transcript is filed as Exhibit 99.1 to this Current Report and is incorporated herein by reference as if fully set forth.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">The information contained in the transcript, which was prepared by Thomson Reuters, is a textual representation of the
Company&#146;s conference call. There may be material errors, omissions or inaccuracies in the reporting of the contents of the conference call. The Company assumes no responsibility to correct or update the third-party transcript. Users are advised
to review the Company&#146;s conference call itself (which is accessible via the Company&#146;s website) and the Company&#146;s SEC filings before making any investment or other decisions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Item&nbsp;9.01.&nbsp;&nbsp;Financial Statements and Exhibits. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:11pt">Exhibits </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">The following exhibits
are furnished with this Form 8-K: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:10pt">99.1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Transcript from the August&nbsp;11, 2015 analyst conference call.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">SIGNATURE </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">TIDEWATER INC.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top" ALIGN="right">By:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Quinn P. Fanning</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Quinn P. Fanning</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Executive Vice President and Chief Financial Officer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Date: August&nbsp;17, 2015 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">3 </P>

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<TYPE>EX-99.1
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<FILENAME>d48703dex991.htm
<DESCRIPTION>EX-99.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:1%; font-size:11pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g48703snap3.jpg" ALT="LOGO">
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#6b9915"><B>C&nbsp;O&nbsp;R&nbsp;P&nbsp;O&nbsp;R&nbsp;A&nbsp;T&nbsp;E&nbsp;&nbsp;&nbsp;P&nbsp;A&nbsp;R&nbsp;T&nbsp;I&nbsp;C&nbsp;I&nbsp;P&nbsp;A&nbsp;N&nbsp;
T&nbsp;S </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Joe Bennett</B><I> Tidewater, Inc. - EVP &amp; Chief IR Officer</I><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Jeff Platt</B><I> Tidewater, Inc. - President &amp; CEO</I><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Quinn Fanning</B><I> Tidewater, Inc. - EVP &amp; CFO</I><B> </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT
 COLOR="#6b9915"><B>C&nbsp;O&nbsp;N&nbsp;F&nbsp;E&nbsp;R&nbsp;E&nbsp;N&nbsp;C&nbsp;E&nbsp;&nbsp;&nbsp;C&nbsp;A&nbsp;L&nbsp;L&nbsp;&nbsp;&nbsp;P&nbsp;A&nbsp;R&nbsp;T&nbsp;I&nbsp;C&nbsp;I&nbsp;P&nbsp;A&nbsp;N&nbsp;T&nbsp;S </B></FONT></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>George O&#146;Leary</B><I> Tudor, Pickering, Holt &amp; Co. - Analyst</I><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Matthias Detjen</B><I> Morgan Stanley - Analyst</I><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Turner Holm</B><I> Clarksons Platou Securities - Analyst</I><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Greg Lewis</B><I> Credit Suisse - Analyst</I><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Cole
Sullivan</B><I> Wells Fargo Securities - Analyst</I><B> </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#6b9915"><B>P&nbsp;R&nbsp;E&nbsp;S&nbsp;E&nbsp;N&nbsp;T&nbsp;A&nbsp;T&nbsp;I&nbsp;O&nbsp;N
</B></FONT></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Welcome to the fiscal 2016
first-quarter earnings conference call. My name is Christine and I will be your operator for today&#146;s call. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">At this time, all
participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Please note that this conference is being recorded. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">I will now turn the call over to Joe Bennett. You may begin. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Joe Bennett </B><B><I>- Tidewater, Inc. - EVP &amp;
Chief IR Officer</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Thank you, Christine. Good morning everyone and welcome to Tidewater&#146;s first quarter fiscal 2016
earnings results conference call for the period ended June 30, 2015. I am Joe Bennett, Tidewater&#146;s Executive Vice President and Chief Investor Relations Officer, and I want to thank you for your interest in Tidewater. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">With me this morning on the call are our President and CEO, Jeff Platt; Jeff Gorski, our Executive Vice President and Chief Operating Officer;
Quinn Fanning, our Executive Vice President and CFO, and Bruce Lundstrom, our Executive Vice President, General Counsel and Secretary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">We
will follow our usual conference call format. Following these formalities, I will turn the call over to Jeff for his initial comments, to be followed by Quinn&#146;s financial review. Jeff will then provide some final wrap-up comments and we will
then open the call for your questions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">During today&#146;s conference call, we may make certain comments that are forward-looking and not
statements of historical fact. I know that you understand that there are risks, uncertainties and other factors that may cause the Company&#146;s actual future performance to be materially different from that stated or implied by any comment that we
may make during today&#146;s conference call. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Additional information concerning the factors that could cause actual results to differ
materially from those stated or implied by the forward-looking statements may be found in the Risk Factors section of Tidewater&#146;s most recent Form 10-K. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">With that, I will turn the call over to Jeff. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Jeff Platt </B><B><I>- Tidewater, Inc. - President
&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Thank you, Joe, and good morning to everyone. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Yesterday, after the markets close, we reported a net loss for our first quarter of fiscal 2016,
ended June 30, 2015, of $15.1 million, or $0.32 per share, inclusive of several &#147;below the line&#148; items outlined in our press release, which Quinn will explain further in a few minutes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">In our preceding March quarter, we reported a net loss of $9.1 million, or $0.19 per share that was also inclusive of several items that were
outlined in our press release and discussed in full detail during our last quarterly earnings call. These &#147;special items&#148; certainly add to the &#147;noise&#148; in the quarter and can mask the underlying operating results of the company.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Let me focus on the key takeaway from the quarter&#146;s results, which is that our operating results in almost every category were on the
positive side of our previously provided guidance. That is a solid achievement in such a difficult market, but last quarter&#146;s performance doesn&#146;t allow us to relax as the market remains extremely challenging. The $298 million of vessel
revenues generated in the quarter was at the upper end of our previous guidance, while vessel operating expenses and G&amp;A costs were below the low end of guidance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">When you examine the line items that comprise our vessel operating costs, you will see that sequentially each component was lower in this
current quarter. This performance demonstrates that our focus on managing the things that are within our control, including prompt and proactive reductions in costs, can help mitigate the effects of falling revenue and produce reasonable financial
results. We are working to ensure that cost reductions are both meaningful and sustainable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">To reiterate the point, cost control is an
increasingly important discipline as we are operating in an even more challenging offshore market than existed earlier this year. Moreover, the indications from our customers, in response to the sharp decline in oil prices, are that they are
assuming this environment will persist for an extended period, and, as a result, they continue to reduce their near to intermediate-term capital spending. No one knows how long the current difficult market will last, but our feeling is that it will
extend through calendar year 2015 and 2016 as well. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Historically our business has been cyclical and the good news is that the current
market should, at some point, turnaround. Until then, we will remain committed to focusing on the things within our control and executing operationally in order to preserve our earnings and strong balance sheet, and importantly, our future earnings
power. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Quinn will go into more detail in just a moment, but let me briefly comment on some of the &#147;noise&#148; in the quarter. Our
bottom line was impacted by knock-on effects from several of our cost-cutting actions initiated during the March quarter and completed in the June quarter, including asset impairment charges associated with stacking additional vessels, and, to a
lesser extent, taking a charge in the quarter for potentially unrecoverable costs associated with our cancelled new vessel construction contracts, primarily shipyard supervision and capitalized interest associated with the canceled vessels. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">We were also hurt by foreign exchange losses, a risk that we try to minimize. However, we operate with the largest global footprint in the
industry and foreign exchange impacts, whether gains or losses, are something that cannot be totally eliminated. These items are normally not as significant to our bottom line performance as they were this quarter, and, unfortunately, they cloud the
solid operating results and the cost-control performance we achieved during the quarter. If adjusted for these two items, our net earnings would have been a positive $8.4 million, or a positive $0.18 per common share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Our safety performance during the quarter continued our historically solid record with no lost time accidents and a total reportable incident
rate, TRIR, of 0.09 per 200,000 man-hours work. That is an improvement from the solid 0.14 TRIR we reported for all of fiscal 2015. Our outstanding safety record represents not just our dedication to a strong safety culture, but it reflects well on
all our employees worldwide who operate daily in extremely challenging conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Safety is something we will not compromise despite
today&#146;s difficult market conditions as we understand that a moment&#146;s lapse in attention to the task at hand could become catastrophic. Once again, I want to thank our 8,000 employees around the world for their dedication to making
Tidewater the safest company operating offshore. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">We also will not compromise the robust compliance program we have developed in recent
years, as we believe these initiatives are an important competitive advantage as our customers, along with their partners and local governments, are very focused on how their service providers conduct their business. Compliance has become an
increasingly important consideration for the international energy service industry, and we believe Tidewater&#146;s program is an industry leader. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">To appreciate how challenging the offshore market is, you need only compare our vessel revenue decline between the March and June quarters. The
revenue decline of 6% is the result of a roughly 3% sequential decline in our average vessel day rate combined with a utilization decline of 2.6 percentage points. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">A portion of the utilization decline was attributable to our market-based decision to stack an additional 23 vessels in the quarter. After
selling six vessels from our stacked fleet during the quarter, we ended June with a total of 38 stacked vessels globally. The decision to stack additional vessels was followed by our ordinary course, quarter-end review of the stacked fleet for
possible asset impairments. The result of the stacked vessel review contributed about $12 million of the $14 million after-tax asset impairment charge taken in the quarter. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Cost-cutting initiatives, inclusive of the impact of stacking of vessels, resulted in a 7.6%
decline from the previous quarter in our vessel operating costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">The 38 stacked vessels include vessels from essentially all asset classes
in our fleet. The age of our stacked vessels at June 30 range from less than one year old to more than 30 years old. 26 of the 38 vessel stacked at June 30th are considered &#147;new&#148; vessels, meaning that they entered service since fiscal
2000. The fact that we and other OSV operators are stacking relatively new equipment highlights the difficult market conditions the industry is currently facing, but this is what is needed to be done. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">For reference, our new vessel fleet averaged 250 vessels in the June quarter, so we&#146;ve stacked about 10% of the new fleet. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">With regard to the current over-capacity in the OSV industry that is resulting in industry-wide vessel stackings, we are seeing more tangible
evidence of vessel construction cancellations globally, as you would expect during these difficult times. As we have mentioned in prior calls, we have our own doubts that the entire estimated OSV construction backlog of 400-plus vessels will be
built and delivered, although quantifying an exact number of vessel cancellations remains very difficult. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Let me remind you that when we
are deciding to stack a vessel or agreeing to alter contractual terms, our guiding principle remains to balance profitability, cash flow and revenue market share objectives, something that is a challenging juggling act. Our global operating
footprint, however, provides us with the flexibility to shift vessels from relatively weaker markets to relatively stronger markets and, thereby, optimize vessel utilization and day rates. This juggling act, as difficult as it is, will continue
until our customers gain sufficient confidence that market trends have stabilized and global activity growth resumes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Lastly, before I
turn the call over to Quinn, I think it&#146;s important that you also focus on our progress for improving our cash flow and liquidity. The quarter&#146;s results demonstrate that as we wind down our over decade-long investment in our fleet, in a
reasonable operating environment, we should be able to generate meaningful free cash flow. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">As a result of the newbuild vessel
cancellations we announced during the last earnings call, we reduced this quarter&#146;s net capital investment to $62.5 million. We continue working on further steps to reduce our capital investment needs without sacrificing the ability to deliver
our trademark quality service to our customers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">In the quarter we also made solid progress in reducing the working capital in Sonatide,
our joint venture company in Angola. Tidewater collected over $100 million in cash, which was about $33 million above the quarter&#146;s revenues in Angola. Overall, our networking capital position in Angola was reduced by $41 million during the
June quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">As a result of these various steps, we built our cash balance at quarter&#146;s end to $103 million. We also have our $600
million revolver fully available, so we believe we have a strong liquidity position to withstand this difficult market and to be able to capitalize on any investment opportunities that might emerge. Also, note that at the end of July we declared a
$0.25 per share dividend payable in September. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Now, let me turn the call over to Quinn to review the details of the quarter and expand on
some of my earlier points. He will also address our near-term outlook. Quinn? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Quinn Fanning </B><B><I>- Tidewater, Inc. - EVP
&amp; CFO</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Thank you, Jeff. Good morning, everyone. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">As Jeff mentioned, we issued our earnings press release after the market closed yesterday. We filed our quarterly report on Form 10-Q through
the EDGAR filing service yesterday as well. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Turning to financial results, as Jeff noted, we reported a loss per diluted common share of
$0.32 for the June quarter. Results for the June quarter included non-cash asset impairments totaling $0.30 per share after tax and foreign exchange losses totaling $0.20 per share after-tax. Adjusting for these two items, earnings per share was
$0.18 for the June quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">And while adjusted EPS was positive in the June quarter, it was off +60% quarter over quarter and was off
approximately 80% relative to the June quarter of fiscal 2015. In addition to the referenced asset impairment charges and foreign exchange losses, our press release also highlighted approximately $10 million of tax expense in the June quarter,
despite the quarter&#146;s pretax losses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">While I wouldn&#146;t characterize tax expense as an &#147;unusual&#148; or a
&#147;special&#148; item, the unusual relationship between pre-tax earnings and tax expense contributed to a &#147;noisy&#148; quarter and was driven as much by non-operating items as it was by operating items. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Reported tax expense in the June quarter highlights the potential impact, both positive and
negative, that revenue-based taxation that is common to a number of the foreign jurisdictions in which we operate can have on our effective tax rate and net earnings. In past quarters, when pre-tax margins were expanding, taxation in so called
deemed profit regimes had the impact of reducing our effective tax rate and improving net earnings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">In the just completed June quarter,
the opposite was true. Revenue based taxes are obviously impacted by lower revenue, but they are otherwise generally insensitive to lower pre-tax margins, inclusive of the effect of non-cash asset impairment charges and our foreign exchange losses.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Turning to the key drivers of operating results, I think the story of the June quarter is more positive. As Jeff noted, vessel revenue for
the June quarter, at approximately $298 million, was down approximately 6% quarter over quarter, but came in at the high end of the guidance that I provided in May. Relative to the June quarter of fiscal 2015, vessel revenue is down approximately
22%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">The average active vessel count, at 245 vessels, was down 13 vessels quarter over quarter, reflecting the delivery of two new build
deepwater PSVs and our stacking of 23 previously active vessels during the June quarter. Active vessel utilization, at 76.5%, was essentially flat quarter over quarter and average day rates, at approximately $17,400, were off approximately 3%
quarter over quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Vessel operating costs at approximately $179 million, were down approximately 8% quarter over quarter and came in
below the low end of the guidance range that was provided in May. Vessel operating costs were down approximately 17% relative to the June quarter of fiscal 2015. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">As Jeff mentioned in his opening remarks, given the current operating environment, we remain very focused on reducing costs. As appropriate, we
have reduced staff and, where possible, we have instituted wage reductions. As I mentioned on our last call, we are also selectively deferring regulatory dry docking and major repairs, and again we are generally choosing to stack underutilized
vessels. Nonetheless, repair and maintenance expense will likely remain volatile quarter-to-quarter, based on the timing and nature of the dry docks that are undertaken during any particular quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Vessel-level cash operating margin, at approximately 40%, was at the high end of the range of 36% to 40% that I provided in May, again with
cost cutting efforts to date somewhat mitigating the fall in vessel revenue. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Total general and administrative expense in the June quarter
of approximately $44 million was down a bit more than $1 million quarter over quarter. As we have discussed on previous calls, G&amp;A continues to benefit from cost reduction efforts, including lower professional services fees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Below the operating income line, Jeff and I have already highlighted non-cash asset impairment charges and foreign exchange losses that were
recognized in the quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">The majority of the impairment charges that were recognized in the quarter related to stacked vessels. Further
note that the review process that we utilized to evaluate the recoverability of carrying values is more likely to result in the impairment of individual stacked vessels than it is for vessels in the overall active fleet. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">In general terms, the review of the stacked fleet is a vessel-by-vessel fair value analysis that is frequently supported by third party
appraisals or broker&#146;s estimates, whereas the review of the active fleet is driven by projected cash flows of asset groups based on various assumptions, including average day rates, expected utilization, and the underlying vessels&#146;
estimated remaining useful lives. As a result, we are more exposed to asset impairments when we are stacking previously active vessels. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">In
regards to the foreign exchange losses, I will just call your attention to the press release and the 10-Q, both of which highlight that a portion of the losses are tied to our Angolan operations and are included in the &#147;equity in net losses of
unconsolidated companies&#148; line of our income statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">In regards to fleet profile and performance, as I mentioned earlier,
Tidewater&#146;s active fleet averaged 245 vessels in the June quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Active deepwater vessels averaged 94 vessels in the June quarter
and were up two vessels quarter over quarter. Active towing supply vessels averaged 104 vessels in the June quarter and were down seven vessels quarter over quarter. Active &#147;other&#148; vessels, which includes crew boats and offshore tugs, were
down six vessels quarter over quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Utilization of the active fleet, at 76%, was flat quarter over quarter and average day rates, at
approximately $17,400, were down approximately $500, or about 3%, quarter over quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Utilization of active deepwater vessels in the
June quarter was approximately 75%, or down approximately seven percentage points quarter over quarter. Utilization of active towing supply vessels was approximately 79%, or up approximately six percentage points quarter over quarter. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Average day rates for deepwater vessels, at approximately $27,100, were down approximately $800,
or approximately 3% quarter over quarter. Average day rates for towing supply vessels, at approximately $14,200, were down approximately $300, or approximately 2% quarter over quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Looking at our four geographic reporting segments: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">For the Sub-Saharan Africa and Europe segment, which accounted for approximately 37% of consolidated first-quarter vessel revenue, vessel
revenue was off approximately 13% quarter over quarter. Average active vessel count in the Sub-Saharan Africa and Europe segment, at 111 vessels, was off five vessels quarter over quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">The average active Sub-Saharan Africa fleet, at 104, vessels, was off five vessels quarter over quarter. The average active North Sea fleet, at
seven vessels, was flat quarter over quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Active vessel utilization across the Sub-Saharan Africa and Europe segment, at 74%, was off
approximately two percentage points quarter over quarter, and average day rates, at approximately $14,600, were off approximately $1,300, or about 8%, quarter over quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Within the Sub-Saharan Africa and Europe segment, active utilization in Sub-Saharan Africa was off approximately two percentage points quarter
over quarter to approximately 74%. Active utilization of the North Sea fleet was down approximately 2.5 percentage points quarter over quarter to 68%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Average day rates in Sub-Saharan Africa at approximately $14,700, were off approximately 8% and average day rates in the North Sea, at
approximately $14,600 were off more than 10%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">For the Americas segment, which accounted for approximately 38% of consolidated first
quarter vessel revenue, vessel revenue was down approximately 2.5% quarter over quarter. The average active fleet in the Americas segment, at 66 vessels, was down five vessels quarter over quarter. Utilization of active vessels in the Americas
segment, at approximately 83%, was down approximately one percentage point quarter over quarter, but remained relatively strong and stable in the June quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Average day rates within the Americas segment, at approximately $22,700 in the June quarter, were up approximately 4% quarter over quarter and
largely reflects a mix benefit resulting from a combination of higher specification vessels returning to work following regulatory dry docks in the March quarter and the recent stacking and/or sale of a couple of smaller, lower spec vessels. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">In the MENA segment, which accounted for approximately 16% of first quarter consolidated vessel revenue, vessel revenue was up approximately 4%
quarter over quarter. The active fleet in MENA, at 45 vessels, was flat quarter over quarter. Utilization of active vessels in MENA at approximately 80% was up approximately six percentage points quarter over quarter, reflecting an uptick in
activity levels during the traditional construction season. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Average day rates in MENA, at approximately $14,600 in the June quarter, were
down approximately $500 quarter over quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">In the Asia/Pac region, which accounted for approximately 9% of first quarter consolidated
vessel revenue, vessel revenue was down approximately 5.5% quarter over quarter. The active vessel count in Asia/Pac at 23 vessels, was down three vessels quarter over quarter. Utilization of active vessels in Asia/Pac, at approximately 67%,
however, was up approximately 3.5 percentage points quarter over quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Average day rates in Asia/Pac at approximately $19,000, were
down 6% quarter over quarter. Like the MENA segment, the Asia/Pac segment also benefited from an uptick in construction work in the region. Recent awards in Southeast Asia also give us some confidence that utilization will continue to at least
modestly improve over the next couple of quarters, even if average day rates in the region will likely continue to fall given our reduced operating footprint in Australia. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Looking at relative profitability, vessel-level cash operating margin in the June quarter was 46% for the Americas region and was 43% for the
MENA region. Vessel-level cash operating margin was 37% for the Asia/Pac region and was 33% for Sub-Saharan Africa and Europe. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Within the
Sub-Saharan Africa and Europe region, gross margin in the Sub-Saharan Africa area were approximately 36%, with the overall reporting segment&#146;s lower margins reflecting a particularly challenging North Sea market. As most on the call appreciate,
Tidewater&#146;s exposure to the North Sea market remains relatively modest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Turning to our outlook, as Jeff has discussed, we expect that
the offshore market, in general, and the OSV market, in particular, will continue to be challenging in the near- to intermediate-term. In the current environment, our quarter-to-quarter visibility, in regards to average active vessel count and
utilization of active vessels is also more limited given the seemingly daily trade-offs that we are evaluating in regards to what vessels we stack and what vessels that we continue to operate. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Whether or not we dry dock a relatively new vessel that may have more uncertain commercial
prospects over the next couple of quarters than it did 12 months ago may also result in a choice between current period operating expense and future period vessel revenue. That is just the market that we are currently in today. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">In any event, despite the fact that overall end user demand and industry-wide available revenue has been difficult to accurately forecast, our
current expectation is that Tidewater&#146;s vessel revenue, average active vessel count and average day rates will likely continue to drift lower, but not precipitously fall, over the next couple of quarters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Internal estimates currently peg average quarterly revenue in fiscal 2016 around $275 million per quarter, which obviously implies that, based
on our currently operated fleet, projected average quarterly vessel revenue for the remaining quarters of fiscal 2016 will be lower than actual revenue reported in the June quarter. Appreciate, however, that this is a best estimate based on many
moving pieces. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">On a more positive note, thus far we have been able to keep the utilization of our active fleet in high 70%s or low 80%s.
We have also been reasonably successful in reducing costs in order to mitigate the effects of lower revenue. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Going forward, our focus will
continue to be on keeping the active fleet&#146;s utilization at levels that support reasonable economics, mid-70%s or better in our view and continuing to reduce operating costs, at least in part, by stacking vessels that we believe will be
underutilized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Our current expectation is that we can sustain vessel-level cash operating margins for the remaining quarters of the fiscal
year in the 36% to 40% area. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">General and administrative expenses, inclusive of $1 million to $1.5 million of G&amp;A related to our subsea
services operation, should be in the range of $43 million to $44 million in the September quarter and in each of the remaining quarters of fiscal 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Combined vessel lease and interest expense should remain in the plus or minus $20 million area in the September quarter, or basically flat
relative to the June quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">As to an effective tax rate assumption, as highlighted in my comments regarding the June quarter, our
effective tax rate and tax expense is very difficult to forecast due to lower projected pre-tax margins and our exposure to jurisdictions that tax on the basis of deemed profits. Nonetheless, based on our current internal operating forecasts, we
estimate tax expense in the remaining quarters of fiscal 2016 will be in the range of $5 million to $10 million per quarter. Like our operating forecasts, this number is obviously subject to change. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Turning to financing and investment issues, cash flow from operations for the three months ended June 30 was approximately $93 million as
compared to $81 million in the March quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">At June 30, our net due from affiliate related to our Angolan operations was approximately
$193 million, or down approximately $41 million quarter over quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">As Jeff mentioned, Tidewater&#146;s Angola-related cash collections
during the June quarter were approximately $101 million, or approximately $33 million higher than the revenue recognized in regards to our Angolan operations for the June quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">As to non-operating uses of cash, CapEx in the June quarter was approximately $93 million, $24 million of which was funded by the return by
shipyards of milestone payments previously paid by Tidewater pursuant to vessel construction contracts that were recently cancelled. I will also note that we have an on-going dialogue with the shipyards in which we still have vessels under
construction, which may result in changes to our vessel construction program and future CapEx. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">As of June 30, 2015, we had 16 ships under
construction with a total estimated cost of approximately $490 million, $267 million of which has been invested as of June 30 and approximately $223 million of which was unfunded as of June 30. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Based on commitments at June 30, CapEx for the remainder of fiscal 2016 is estimated at approximately $155 million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Total debt at June 30 was approximately $1.5 billion. Cash at June 30 was approximately $103 million and net debt to net book capital at 6/30
was approximately 37%. As Jeff mentioned, total liquidity is substantial at 6/30 at $703 million, including approximately $600 million availability on our bank credit facility, which is available to Tidewater until fiscal 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">With that, I will turn the call back over to Jeff. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">7 </P>


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 <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Jeff
Platt </B><B><I>- Tidewater, Inc. - President &amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Thanks, Quinn. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">At the time of our last earnings call, we were experiencing rising crude oil prices that had led some to speculate openly that the industry may
have seen the bottom in oil prices for this cycle. We cautioned at that time this view might prove to be too optimistic. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">More recently,
crude oil prices pulled back, experiencing the greatest monthly decline since the financial crisis of 2008, and the optimism expressed by market observers in March has somewhat faded. In our view, the optimism expressed in March was premature. Once
again, we would caution about becoming too pessimistic regarding the near-term direction for oil prices. Nonetheless, the current pessimism has the potential to magnify and/or extend the current challenging market. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Our industry outlook remains that we are in for an extended period of low commodity prices, reduced offshore activity and continued downward
pressure on our vessel day rates. This view is consistent with that expressed by other offshore companies. This outlook, unfortunately, has been reinforced by the statements of the major international oil and gas companies in their recent earnings
calls. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Almost across the board, their results demonstrated the substantial impact low commodity prices have had, and continue to have, on
their upstream earnings. Many of these oil companies have also announced additional capital spending reductions and further layoffs of employees and contractors. Those actions reflect the mindsets of their management that they must preserve cash and
they need to take further steps in order to become more cost efficient, meaning they need to work harder and smarter and that translates into continued downward pressure on our revenues. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Their mindset is captured in the phrase &#147;lower for longer&#148; and it is guiding their actions. In response, we will continue to tighten
our belt and look for ways to increase our efficiency and prove our value to our clients. Our cost-cutting initiatives have already impacted our vessel operating costs and G&amp;A costs, down 17.5% and 13.9%, respectively, from the same quarter last
year. Tidewater&#146;s global headcount is down approximately 1,000 employees, or 11%, from last year&#146;s June level. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Our ability to
generate a 40% vessel operating margin in the June quarter speaks to our successful efforts so far at controlling those costs that we can control. We will not become complacent about our cost structure or our operating philosophy. We continue to
work closely with our clients and respond to their requests for day rate reductions and improved efficiencies, but as we have said before, we are inclined to make concessions if we are rewarded with tangible benefits, trading &#147;things for
things&#148; and not &#147;things for promises.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">When we refer to &#147;things for things&#148; in the context of reducing day rates
on existing contracts, we value putting additional vessels to work and we value extending the term of existing vessel charters, provided the agreed rates result in reasonable vessel-level cash operating margin. Improving payment terms and reducing
our investment in working capital is also something we have sought to accomplish in day rate re-negotiations. As I mentioned earlier, in the current operating environment our goal is to balance profitability, cash flow and revenue market share
objectives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Whatever the operating environment, we will continue to make sure that we deliver the highest level of service quality
possible. That means we will not alter our focus on safety and compliance. Those two qualities are core values at Tidewater and we believe our performance in these areas provides us with a competitive advantage. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Staying close to our customers also remains vitally important. We need to make sure that while we are providing outstanding service to our
clients, we are working with them in ways that will increase efficiencies and reduce overall operating costs in a sustainable way. Our high-quality, diverse fleet, subsea services and our global &#147;boots on the ground&#148; operating structure
provide Tidewater the ability to offer a wide range of capabilities and options to help our clients meet their needs in whatever water depths or geographic locations their activities may take them. We want and need our customers to be successful, as
customer success leads to success for Tidewater. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">This offshore industry downturn is shaping up to be perhaps one of the toughest
we&#146;ve experienced in our history. Our management team has experienced the ups and downs of the offshore industry and we have substantial institutional knowledge of how to best manage through difficult times. One thing we have learned over the
years is that a conservative financial posture is a requirement if you are long-term player and wish to survive the inevitable down cycles in the energy services business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Downturns also have the potential to create opportunities, to expand operations and enhance future growth dynamics, provided you operate with
low leverage, maintain adequate liquidity and remain prudent in regards to capital commitments. Although we cannot cite any specific opportunities that may develop for Tidewater, our strong balance sheet and solid liquidity position should allow us
to seize whatever opportunities do emerge. Our response to any opportunity, however, will be dictated by our commitment to creating shareholder value, which remains management&#146;s key objectives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">With that, we are ready for your questions. Christine? </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">8 </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#6b9915"><B>Q&nbsp;U&nbsp;E&nbsp;S&nbsp;T&nbsp;I&nbsp;O&nbsp;N&nbsp;&nbsp;&nbsp;A&nbsp;N&nbsp;D&nbsp;&nbsp;&nbsp;A&nbsp;N&nbsp;S&nbsp;W&nbsp;E&nbsp;R
</B></FONT></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">(Operator Instructions) George
O&#146;Leary, TPH &amp; Company. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>George O&#146;Leary </B><B><I>- Tudor, Pickering, Holt &amp; Co. - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Morning, guys. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Jeff Platt </B><B><I>- Tidewater, Inc. - President
&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Morning, George. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>George O&#146;Leary </B><B><I>- Tudor, Pickering,
Holt &amp; Co. - Analyst</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">So far in this downturn we haven&#146;t really seen anyone push to scrap vessels and,
historically, you guys have actually been a good behavior on that front and been proactively scrap vessels as you have not seen an opportunity for them to continue to work. What do you think it takes to get some players with older assets to start
scrapping and helping this market heal? </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Jeff Platt </B><B><I>- Tidewater, Inc. - President &amp; CEO</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">George, a couple things. First we have kind of gone through that and our fleet, for the most part, is all newer vessels. We have a handful of
older vessels left, but -- so that really doesn&#146;t apply much to us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Secondly, in the past, I have talked about this that in the total
OSV space there&#146;s probably 600, 700 older vessels that are greater than 25 years old. Quite frankly, I think a lot of those have already left, so I think additional scrapping, while it may occur, is not going to be really the answer to bring
the supply/demand dynamics back in place. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">And people that are still operating older vessels, quite frankly, in this environment when they
come upon regulatory drydockings, making that business case I can just tell you that becomes increasingly difficult. That&#146;s about all I can say. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>George O&#146;Leary </B><B><I>- Tudor, Pickering,
Holt &amp; Co. - Analyst</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">That&#146;s helpful color. Then you mentioned in your commentary that you are seeing some vessel
construction cancellations. Just curious if there&#146;s any color on the types of vessels that are being -- vessel construction that is being canceled. And maybe any regional breakdown, if that&#146;s predominantly a lot of these vessels that are
coming out of the Asian market, so if it&#146;s Brazilian vessels, Gulf of Mexico? Just any more color you can provide on those cancellations. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Jeff Platt </B><B><I>- Tidewater, Inc. - President
&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">I think it&#146;s a little bit everywhere, but just remember that a majority of the newbuilds are coming out of
the Far East, so I think we are seeing again and hearing things about cancellations at shipyards. Trying to get some numbers on that. I am hesitant to really say a whole lot more than that. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">I can just tell you that there&#146;s a lot of projects, I believe, in China that will not end up in delivery to an operating company. Some of
that was speculative builds, newbuilds and again I think it kind of runs the gamut of all vessel classes at the end of the day. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">9 </P>


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 <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>George
O&#146;Leary </B><B><I>- Tudor, Pickering, Holt &amp; Co. - Analyst</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">That&#146;s helpful color. Maybe if I could sneak just
one more in. You mentioned potentially some opportunities emerging on the back of this downturn. Would those necessarily have to be in the OSV space, or are there some ancillary markets that you guys are potentially looking at, something akin to the
move into ROVs that happened a few years back? </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Jeff Platt </B><B><I>- Tidewater, Inc. - President &amp; CEO</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Yes and yes. And maybe no and no at the end of the day. How does that sound? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">I can&#146;t tell you what the game plans are for Tidewater, but we are certainly looking at the business we are in, because I think there will
be some opportunities there, and some other businesses that we are stepping out into, along with some other things. So, one can never say what will present itself and I really think the magnitude of this downturn there&#146;s going to be some
potential out there across the board. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>George O&#146;Leary </B><B><I>- Tudor, Pickering, Holt &amp; Co. - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Sounds realistic. Thanks for that color, guys. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Matthias Detjen, Morgan Stanley. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Matthias Detjen </B><B><I>- Morgan Stanley -
Analyst</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Thank you very much for taking my question. I had a question on the stacked vessel sales, if you could give us a
few more details there, whether they are some of the newer vessels or the older vessels. And maybe if you could sort of tell us who the buyers might be for these kind of vessels. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Quinn Fanning </B><B><I>- Tidewater, Inc. - EVP &amp; CFO</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">I guess a number of things I would clarify is we have stacked both older and newer previously-active vessels, as Jeff mentioned. The range in
age of vessels that we have stacked has been from less than a year, so essentially brand-new equipment that has been delivered, to something over 30 years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">We have not sold any vessels that are recent vintage. At least nothing that comes to mind, from my perspective. When we do sell vessels, back
to the last question, there&#146;s been, I&#146;d say over the years, 15% to 20%, maybe even 25% at times, that we have scrapped. The vast majority of everything else has been sold into non-classed markets. Again, Nigerian security support,
Caribbean cargo trade, fishing, shrimping, anything you can imagine, we have sold vessels into it. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Jeff Platt </B><B><I>- Tidewater, Inc. - President
&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">But it really doesn&#146;t come back to compete against us at the end of the day. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Quinn Fanning </B><B><I>- Tidewater, Inc. - EVP &amp; CFO</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">No. And if it is in the oil and gas market it&#146;s at the very low end that we are really not competing for. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">I guess the only thing that if you go back to kind of our historical definition of new versus old vessels, with 2000 being a convenient
breakpoint for us, I don&#146;t recall if we&#146;ve done anything in the last quarter, but we have sold, &#147;new&#148; vessels when it has been crew boats or other small vessels that typically didn&#146;t have the 25-year estimated useful life
that a typical OSV would have. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">10 </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Matthias Detjen </B><B><I>- Morgan Stanley - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Okay, that&#146;s interesting. (multiple speakers) </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Quinn Fanning </B><B><I>- Tidewater, Inc. - EVP
&amp; CFO</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">(multiple speakers) So we&#146;ve stacked new and old vessels, but at least thus far most of what we have sold
has been the older stuff that was really never expected to come back into the operated fleet again. But the brand-new stuff that we have stacked is more considered kind of available for work, marketed, but we have de-manned in order to reduce costs.
</P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Matthias Detjen </B><B><I>- Morgan Stanley - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Okay, that&#146;s very thorough. Thank you. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">And with regards to the Brazil market, I was wondering if you had experienced any difficulties there due to Petrobras internal issues and the
stricter enforcement of cabotage laws. We&#146;ve heard some stuff like that in the market here. Have you, with Tidewater, experienced any issues there? </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Jeff Platt </B><B><I>- Tidewater, Inc. - President
&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Matthias, we&#146;ve been in Brazil a long time, so our experience with Brazil goes back a long time. And there
are always issues, regardless of how the market is. Even in a very up market Brazil can be a difficult place to operate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">But, yes, there
have been some issues that we have had in getting new vessels on some contracts, but we have a team on the ground that works that. And, again, I can&#146;t say that it&#146;s a whole lot worse than it has been recently, but Brazil is and will be a
tough place to operate. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Matthias Detjen </B><B><I>- Morgan Stanley - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Okay, that&#146;s very clear. Thank you very much. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Jeff Platt </B><B><I>- Tidewater, Inc. - President
&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Thank you. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Turner Holm, Clarksons Platou. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Turner Holm </B><B><I>- Clarksons Platou Securities
- Analyst</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Thanks for taking my call. Just a quick follow-up on Brazil. One of your competitors mentioned in an SEC filing
last week that they see Petrobras moving towards an all-Brazilian flagged fleet. Do you agree with that statement or do you guys see it differently? </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Jeff Platt </B><B><I>- Tidewater, Inc. - President
&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Turner, Brazil has been moving to an all-Brazil fleet for 20-some years. Again, I am not going to take an
opposition with any public statements that are out there. I think at the end of the day an all-Brazilian fleet doesn&#146;t necessarily meet the market&#146;s needs or Petrobras&#146; needs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">11 </P>


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 <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Turner
Holm </B><B><I>- Clarksons Platou Securities - Analyst</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Okay, I appreciate that. And then just on the newbuild program, you
talked about taking a closer look at some of those vessels. Just curious how you think about maybe which vessels that you go forward with and which vessels maybe you look at canceling if that seems appropriate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">And any color you can provide in terms of, of your newbuild vessels, maybe how many you might be able to cancel if you chose to do so. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Jeff Platt </B><B><I>- Tidewater, Inc. - President &amp; CEO</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Turner, I don&#146;t think we&#146;re going to go down that path. We are looking at all of our construction projects and I&#146;ve stated in
the past that when we placed orders at yards we like that equipment; that&#146;s the reason we placed the orders that they have. We like their functionality and they do have a place in our fleet on a go-forward basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">When other people don&#146;t live up to their side of the contract -- certainly in this environment we have to look at every contract and we
will continue to do so. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Turner Holm </B><B><I>- Clarksons Platou Securities - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Okay, thank you, gentlemen. I appreciate it. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Jeff Platt </B><B><I>- Tidewater, Inc. - President
&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Thank you. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Greg Lewis, Credit Suisse. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Greg Lewis </B><B><I>- Credit Suisse -
Analyst</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Thank you and good morning. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Jeff Platt </B><B><I>- Tidewater, Inc. - President
&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Good morning, Greg. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Greg Lewis </B><B><I>- Credit Suisse -
Analyst</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Jeff, in your prepared remarks you mentioned &#147;things for things&#148; and you walked through some scenarios. I
guess this is like a two-part question. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Are we starting to see contract re-negotiations where there are actually &#147;things for things
happening?&#148; Or is it still sort of in the initial phases? And then just following up on that, you mentioned the potential of taking new equipment as well as part of lower day rate price for the contract. Is that also something that&#146;s
happening? Because I would think that would seem pretty encouraging. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Jeff Platt </B><B><I>- Tidewater, Inc. - President &amp; CEO</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Greg, I will answer the first part. I think we are fairly well along in our opinion of reviewing contract positions with the majority of our
clients. That has been ongoing, gosh, since the first of the year. So I think we are fairly well along with that. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Not to say that there
won&#146;t be more coming down the path, but trading some &#147;things for things&#148; we think we&#146;ve worked our way through quite a bit of that. And I didn&#146;t quite understand the second part of your question. Could you reiterate that
again, please? </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">12 </P>


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 <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Greg
Lewis </B><B><I>- Credit Suisse - Analyst</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Sure, yes. There&#146;s obviously the &#147;things for things&#148;; part of that
is blend and extend. And then also you mentioned potentially we are going to lower the contract on this -- we are going to lower the rate on this existing contract, but as a result of that we&#146;re going to actually take another boat from --
you&#146;re going to be able to put another boat on to that customer. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Jeff Platt </B><B><I>- Tidewater, Inc. - President &amp; CEO</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Yes. Yes, we have seen that and it may be with that customer in a very different geography around the world. Again, our global footprint I
think gives us the ability to have that discussion, where most of our regional players are talking about one specific area. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">The entire
world for us is at play here, so if the client in one market wants to renegotiate an existing contract and they have another contract starting around the world, we try, if we can, to tie that together for any concession. So we try to do that and
have been, I say, moderately successful. There hasn&#146;t been a lot of the incremental, but certainly trading things for things additional term on a given contract, we have had success with that. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Greg Lewis </B><B><I>- Credit Suisse - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Okay, great. Then just one more for me. Jeff, clearly it&#146;s not news to anybody that this is a tough market. You guys mentioned one of the
toughest in the industry. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">As we go back and look historically at Tidewater&#146;s dividend, it has been -- just pulling up charts,
it&#146;s been around for decades. It is always kind of gradually risen from time to time. Right now, as we think about it or as you think about the potential where the market is going, opportunities that could emerge; clearly there&#146;s a lot of
liquidity in the Company today, but clearly cash for an opportunity would be good. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">At a certain point in this market should we be thinking
about -- or I guess is the Board or is management thinking about potentially revisiting what the dividend looks like just for the future? </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Jeff Platt </B><B><I>- Tidewater, Inc. - President
&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Greg, obviously we&#146;re thinking about lots of things and certainly the dividend and the capital structure of
the Company is part and parcel with that. If we weren&#146;t doing that, believe me, the Board would be saying management is not doing its job. And I think everybody out there in the space, whether they currently pay dividend or don&#146;t, needs to
be and everyone is looking at that. So, yes, we are looking at it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">I would remind that the dividend that we do pay is -- we have about 47
million shares. It&#146;s about $47 million on an annual basis and that is not trivial money by any extent, but at the end of the day that&#146;s not going to be the make or break on a big -- if you look at some sort of acquisition or investment in
some industry. Will we continue it? It&#146;s certainly a discussion that we and the Board will have and we will continue to do so. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Greg Lewis </B><B><I>- Credit Suisse -
Analyst</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Okay, guys. Thank you very much for the time. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Quinn Fanning </B><B><I>- Tidewater, Inc. - EVP &amp; CFO</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">The other thing I would say is, as you point out, we are not new to the dividend-paying game. Obviously we meet with our Board on a regular
basis and we have announced just this month that we are paying a dividend in September. And obviously a couple weeks ago, whenever that press release came out, the market wasn&#146;t materially better than it is today or materially worse for that
matter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">So I would point to our track record, point to the fact that in the grand scheme of things that that $11 million or $11.5 million
a quarter is not what&#146;s driving our capital structure and liquidity issues. And more than anything, I would look at what we do, rather than what we or others say. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">13 </P>


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 <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Greg
Lewis </B><B><I>- Credit Suisse - Analyst</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Okay, guys. Thank you very much. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Cole Sullivan, Wells Fargo. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Cole Sullivan </B><B><I>- Wells Fargo Securities - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Good morning. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Jeff Platt </B><B><I>- Tidewater, Inc. - President
&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Good morning, Cole. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Cole Sullivan </B><B><I>- Wells Fargo Securities -
Analyst</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">The question I had was on the guidance for Quinn. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">On the revenue guidance, if I recall correctly I think it was $275 million average over the next three quarters and it sounded like there was
-- it implied lower obviously from the June quarter. But how would that cadence progress through the year? It sounded like it would maybe start on the higher end and end on the lower end. Is that the right way to think about that? </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Quinn Fanning </B><B><I>- Tidewater, Inc. - EVP &amp; CFO</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">I think what, number one, I would clarify is we do our forecasts on a quarterly basis and we update it regularly. The $275 million number that
I referenced is what, based on our current forecast for the remainder of the fiscal year, obviously that would be a one plus three quarters, one quarter actual/three quarters projected, would imply, if our forecast proves to be correct, an average
of $275 million in vessel revenue per quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Obviously, we&#146;ve just printed a quarter at $298 million that would imply that the
remaining three quarters would be something less than what we&#146;ve already reported in order to get down to that $275 million current expectation when we look at the year in retrospect - sometime in April or May of next year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">I think trying to get into how we see the pattern developing is really the reason -- and how difficult that is today is the reason that we have
tried to frame this as a multi-quarter expectation based on a current forecast. What vessels are ultimately going to be drydocked, when they are going to be drydocked, and how the customer projects move forward, stall, don&#146;t move forward, and
so on and so forth is really what we&#146;re trying to give you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">We&#146;re giving you the best estimate we have. Others have chosen not
to provide guidance. Ours may prove to be incorrect, but we are giving it the old college try. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">The other thing that I would emphasize is
that we have developed a degree of confidence internally that if revenue comes in slightly worse than expected we will respond appropriately with reduction in costs. So if I was to rank where I feel better about our guidance than worse, the specific
number of vessel revenue, the timing of that vessel revenue is very difficult to get comfortable with today. However, I feel relatively good that if revenue comes in lower than expected, we will do the appropriate and necessary and that we will be
able to sustain that 36% to 40% gross margin number that I used. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Again, how utilization and the stacking process plays out, really tough
to call because it&#146;s job-by-job, quarter-by-quarter deal, but we are comfortable that we will do the necessary if revenue comes up short. Again, if we beat these numbers at the end of the day because there&#146;s more work, fewer vessels go to
stack. It&#146;s obviously going to come with additional operating costs because we&#146;re not going to be putting boats to work without crews. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Again, tough to forecast in the current environment. Others have chosen not to. We are pretty &#147;open kimono&#148; in our approach and if we
have an update we will provide it, but this is as we see it today. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Cole
Sullivan </B><B><I>- Wells Fargo Securities - Analyst</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Okay, thanks for clarifying. Just real quick on that, did you say
that that average included the first quarter? </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Quinn Fanning </B><B><I>- Tidewater, Inc. - EVP &amp; CFO</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Yes. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Cole Sullivan </B><B><I>- Wells Fargo Securities -
Analyst</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Then secondly, on the operating margin, you guys gave 36% to 40%. Is that the annual average or is that sort of a
quarterly expectation over the next three quarters? </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Quinn Fanning </B><B><I>- Tidewater, Inc. - EVP &amp; CFO</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">It&#146;s a quarterly expectation, but the annual average would likewise fall in that range. I think we reported 39.9% in the quarter just
completed. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Cole Sullivan </B><B><I>- Wells Fargo Securities - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Okay. All right, I appreciate it and I will turn it back. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Thank you. We have no further questions at this time. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Joe Bennett </B><B><I>- Tidewater, Inc. - EVP &amp;
Chief IR Officer</I></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Well, I think we will wrap it up then. Christine, thanks for hosting the call today for us and I
appreciate everyone&#146;s interest in Tidewater. Have a great day. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #4068b3">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Thank you. And thank you, ladies
and gentlemen, this concludes today&#146;s conference. Thank you for participating. You may now disconnect. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
