<SEC-DOCUMENT>0001193125-17-167900.txt : 20170512
<SEC-HEADER>0001193125-17-167900.hdr.sgml : 20170512
<ACCEPTANCE-DATETIME>20170512070132
ACCESSION NUMBER:		0001193125-17-167900
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170511
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170512
DATE AS OF CHANGE:		20170512

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:		17836383

	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>d399546d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></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:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></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:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></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:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of
Report (Date of earliest event reported) May&nbsp;11, 2017 </B></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:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>TIDEWATER
INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></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:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">1-6311</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">72-0487776</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(State of incorporation)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>601 Poydras Street, Suite 1500</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New Orleans, Louisiana</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>70130</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(504) <FONT STYLE="white-space:nowrap">568-1010</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>N/A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or
former address, if changed since last report) </B></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:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<I>see</I> General Instruction A.2. below): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;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%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </TD></TR></TABLE>
<P STYLE="font-size:6pt;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%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </TD></TR></TABLE> <P STYLE="font-size:6pt;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%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 (17&nbsp;CFR &#167;230.405) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(17&nbsp;CFR&nbsp;&#167;240.12b-2.</FONT>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Entry into a Material Definitive Agreement. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Restructuring Support Agreement </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On May&nbsp;11, 2017, Tidewater Inc. (&#147;Tidewater&#148; or the &#147;Company&#148;) and certain of its subsidiaries (collectively with Tidewater, the
&#147;Debtors&#148;) entered into a Restructuring Support Agreement (the &#147;RSA&#148;) with certain of its creditors (collectively, the &#147;Consenting Creditors&#148;), specifically: (i)&nbsp;lenders holding 60% of the outstanding principal
amount of the loans under Tidewater&#146;s Fourth Amended and Restated Revolving Credit Agreement, dated as of June&nbsp;21, 2013 (the &#147;Credit Agreement&#148;), between the Company as borrower, each of the guarantors named therein, Bank of
America, N.A., as administrative agent and the lenders party thereto (the &#147;Consenting Tidewater Lenders&#148;) and (ii)&nbsp;holders of 99% of the aggregate outstanding principal amount of Tidewater&#146;s (a) 3.90% Senior Notes, 2010-Series B
due December&nbsp;30, 2017, 3.95% Senior Notes, 2010-Series C due December&nbsp;30, 2017, 4.12% Senior Notes, 2010-Series D due December&nbsp;30, 2018, 4.17% Senior Notes, 2010-Series E due December&nbsp;30, 2018, 4.33% Senior Notes, 2010-Series F
due December&nbsp;30, 2019, 4.51% Senior Notes, 2010-Series G due December&nbsp;30, 2020, 4.56% Senior Notes, 2010-Series H due December&nbsp;30, 2020, and 4.61% Senior Notes, 2010-Series I due December&nbsp;30, 2022 (collectively, the &#147;2010
Notes&#148;), (b) 4.06% Senior Notes, Series <FONT STYLE="white-space:nowrap">2011-A</FONT> due March&nbsp;31, 2019, 4.64% Senior Notes, Series <FONT STYLE="white-space:nowrap">2011-B</FONT> due June&nbsp;30, 2021, and 4.54% Senior Notes, Series <FONT
STYLE="white-space:nowrap">2011-C</FONT> due June&nbsp;30, 2021 (collectively, the &#147;2011 Notes&#148;), and (c) 4.26% Senior Notes, Series <FONT STYLE="white-space:nowrap">2013-A</FONT> due November&nbsp;16, 2020, 5.01% Senior Notes, Series <FONT
STYLE="white-space:nowrap">2013-B</FONT> due November&nbsp;15, 2023, and 5.16% Senior Notes, Series <FONT STYLE="white-space:nowrap">2013-C</FONT> due November&nbsp;17, 2025 (collectively, the &#147;2013 Notes,&#148; and together with the 2010 Notes
and the 2011 Notes, the &#147;Notes&#148;) (such holders, the &#147;Consenting Noteholders&#148;). The RSA contemplates that the Company will file a petition for voluntary relief under chapter 11 of title 11 of the United States Bankruptcy Code (the
&#147;Bankruptcy Code&#148;) in the United States Bankruptcy Court in the District of Delaware (the &#147;Bankruptcy Court&#148;) on or before May&nbsp;17, 2017, seeking confirmation of the proposed Joint Prepackaged Chapter 11 Plan of
Reorganization of Tidewater Inc. and its Affiliated Debtors annexed to the RSA (as proposed, the &#147;Prepackaged Plan&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The RSA includes certain
covenants on the part of each of the Company and the Consenting Creditors, including, among other things, the agreement of each of the Consenting Creditors to: (i)&nbsp;vote or cause to be voted any claim it holds against the Debtors in favor of the
acceptance of the Prepackaged Plan and not (a)&nbsp;change or withdraw (or cause to be changed or withdrawn) any vote cast to accept the Prepackaged Plan, (b)&nbsp;object to, delay, impede, or take any action to interfere with, delay, or postpone
consummation of the transactions contemplated under the Prepackaged Plan, or (c)&nbsp;solicit, encourage, propose, file, support, participate in the formulation of or vote for any restructuring, sale of assets, merger, workout, or plan of
reorganization for the Debtors other than the Prepackaged Plan, and (ii)&nbsp;subject to certain exceptions, limit its ability to transfer any claims it holds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the RSA, the Debtors have agreed, among other things, to: (i)&nbsp;act in good faith and use reasonable best efforts to support and complete
successfully the solicitation of votes to accept the Prepackaged Plan (the &#147;Solicitation&#148;) in accordance with the RSA; (ii)&nbsp;use reasonable best efforts to obtain any and all required regulatory and/or third party approvals of the
Debtors&#146; restructuring; (iii)&nbsp;take no actions materially inconsistent with the RSA, the Prepackaged Plan, or the confirmation and consummation of the Prepackaged Plan, unless Tidewater&#146;s board of directors or managers (or comparable
governing body), members, or partners, as applicable, determine, in good faith after consultation with outside counsel, that the failure to take such action is inconsistent with their fiduciary duties, upon which determination the Company shall
promptly notify the Consenting Creditors in accordance with the RSA; and (iv)&nbsp;do all things reasonably necessary and appropriate in furtherance of confirming the Prepackaged Plan and consummating the Debtors&#146; restructuring and the
transactions contemplated thereby, including, but not limited to, supporting and taking all actions that are necessary and appropriate to facilitate approval of the disclosure statement related to the Solicitation (the &#147;Disclosure
Statement&#148;), confirmation of the Prepackaged Plan, and consummation of the Debtors&#146; restructuring in accordance with the RSA. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The RSA also provides for termination by each party upon the occurrence of certain events, including, without
limitation, the failure of the Company to achieve certain milestones. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A copy of the RSA, including the Prepackaged Plan annexed thereto, is filed as
Exhibit 10.1 hereto and is incorporated herein by reference. The above summary description of the RSA is qualified in its entirety by the complete text of such exhibit. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Proposed Joint Prepackaged Chapter 11 Plan of Reorganization </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company commenced the Solicitation on May&nbsp;12, 2017 in accordance with the RSA. In connection with the commencement of the Solicitation, the Disclosure
Statement was distributed to certain creditors of the Company. Included in the Disclosure Statement is a copy of the proposed form of the Prepackaged Plan. The Prepackaged Plan is subject to the approval of the Bankruptcy Court and anticipates,
among other things, that on the effective date of the Prepackaged Plan (the &#147;Effective Date&#148;): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The lenders under the Credit Agreement, the holders of Notes, and the lessor parties (the &#147;Sale Leaseback Parties&#148;) to certain sale leaseback agreements holding claims thereunder (the &#147;General Unsecured
Creditors&#148; and the claims thereof, the &#147;General Unsecured Claims&#148;) will receive their pro rata share of (a)&nbsp;$225&nbsp;million of cash, (b)&nbsp;subject to the limitations discussed below, common stock and, if applicable, warrants
(the &#147;Jones Act Warrants&#148;) to purchase common stock, representing 95% of the pro forma common equity in reorganized Tidewater (subject to dilution by a management incentive plan and the exercise of warrants issued to existing stockholders
under the Prepackaged Plan as described below); and (c)&nbsp;new 8% fixed rate secured notes due in 2022 in the aggregate principal amount of $350&nbsp;million (the &#147;New Secured Notes&#148;). </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company and the Sale Leaseback Parties are not in agreement with respect to the amount of claims of the Sale Leaseback Parties (the
&#147;Sale Leaseback Claims&#148;). Accordingly, on the Effective Date, a portion of the above consideration in cash, Jones Act Warrants, and New Secured Notes in an amount that the Company believes represents the maximum possible distributions
owing on account of the Sale Leaseback Claims will be withheld from the cash, Jones Act Warrants, and New Secured Notes distributed to allowed General Unsecured Claims on account of such disputed Sale Leaseback Claims as they are resolved. To the
extent the Sale Leaseback Claims are resolved for less than the amount withheld, the remainder will be distributed to holders of allowed General Unsecured Claims pro rata. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">To assure the continuing ability of certain vessels owned by the Company&#146;s subsidiaries to engage in U.S. coastwise trade, the number of
shares of the Company&#146;s common stock that would otherwise be issuable to the allowed General Unsecured Creditors may be adjusted to assure that the foreign ownership limitations of the United States Jones Act are not exceeded. The Jones Act
requires any corporation that engages in coastwise trade be a U.S. citizen within the meaning of that law, which requires, among other things, that the aggregate ownership of common stock by <FONT STYLE="white-space:nowrap">non-U.S.</FONT> citizens
within the meaning of the Jones Act be not more than 25% of its outstanding common stock. The Prepackaged Plan requires that, at the time Tidewater emerges from bankruptcy, not more than 22% of the common stock will be held by <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> citizens. To that end, the Prepackaged Plan provides for the issuance of a combination of common stock of reorganized Tidewater and the Jones Act Warrants to purchase common stock of reorganized Tidewater
on a pro rata basis to any <FONT STYLE="white-space:nowrap">non-U.S.</FONT> citizen among the allowed General Unsecured Creditors whose ownership of common stock, when combined with the shares to be issued to
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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existing Tidewater stockholders that are <FONT STYLE="white-space:nowrap">non-U.S.</FONT> citizens, would otherwise cause the 22% threshold to be exceeded. The Jones Act Warrants will not grant
the holder thereof any voting or control rights or dividend rights, or contain any negative covenants restricting the operation of the Company&#146;s business. Generally, the Jones Act Warrants will be exercisable immediately at a nominal exercise
price, subject to restrictions contained in the Company&#146;s new certificate of incorporation designed to assure the Company&#146;s continuing eligibility to engage in coastwise trade under the Jones Act that prohibit the exercise of such warrants
where such exercise would cause the total number of shares held by <FONT STYLE="white-space:nowrap">non-U.S.</FONT> citizens to exceed 24%. Tidewater will establish, under its charter and through DTC, appropriate measures to assure compliance with
these ownership limitations. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Company&#146;s existing shares of common stock will be cancelled as of the Effective Date. Existing common stockholders of Tidewater will receive their pro rata share of common stock representing 5% of the pro forma
common equity in reorganized Tidewater (subject to dilution by a management incentive plan and the exercise of warrants issued to existing stockholders under the Prepackaged Plan) and six year warrants to purchase additional shares of common stock
of reorganized Tidewater. These warrants will be issued in two tranches, with the first tranche (the &#147;Series A Warrants&#148;) being exercisable immediately, at an aggregate exercise price based upon an equity value of the Company of
approximately $1.71&nbsp;billion, and the second tranche (the &#147;Series B Warrants&#148;) being exercisable immediately, at an aggregate exercise price based upon an equity value of the Company of $2.02&nbsp;billion. The Series A Warrants will be
exercisable for a number of shares equal to 7.5% of the sum of (i)&nbsp;the total outstanding shares of common stock after completion of the transactions contemplated by the Prepackaged Plan, and (ii)&nbsp;any shares issuable upon exercise of the
Jones Act Warrants and the Series A Warrants, while the Series B Warrants will be exercisable for a number of shares equal to 7.5% of the sum of (x)&nbsp;the total outstanding shares of common stock after completion of the transactions contemplated
by the Prepackaged Plan, and (y)&nbsp;any shares issuable upon the exercise of the Jones Act Warrants, the Series A Warrants, and Series B Warrants. Like the Jones Act Warrants, the Series A Warrants and the Series B Warrants will not grant the
holder thereof any voting or control rights or dividend rights, or contain any negative covenants restricting the operation of the Company&#146;s business and will be subject to the restrictions in the Company&#146;s new certificate of incorporation
described above that prohibit the exercise of such warrants where such exercise would cause the total number of shares held by <FONT STYLE="white-space:nowrap">non-U.S.</FONT> citizens to exceed 24%. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The undisputed claims of other unsecured creditors such as customers, employees, and vendors, will be paid in full in the ordinary course of business (except as otherwise agreed among the parties). </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information contained in the RSA, including the Prepackaged Plan, the Disclosure Statement, and this Form <FONT STYLE="white-space:nowrap">8-K</FONT> are
for informational purposes only and do not constitute an offer to buy, nor a solicitation of an offer to sell, any securities of the Company, nor do they constitute a solicitation of consent from any persons with respect to the transactions
contemplated hereby and thereby. While we expect the restructuring will take place in accordance with the Prepackaged Plan, there can be no assurance that the Company will be successful in completing a restructuring. Stockholders are urged to read
the disclosure materials, including the RSA, the Disclosure Statement, and the Prepackaged Plan, for additional important information regarding the restructuring. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Troms Forbearance Agreement and Amendment to the Troms Facility Agreement </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously disclosed, on May&nbsp;25, 2012, the Debtors, as guarantors, entered into a Term Loan Facility Agreement as amended and restated (the &#147;Troms
Facility Agreement&#148;) with Troms Offshore Supply AS, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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as borrower (the &#147;Troms Borrower&#148;), Eksportkreditt Norge AS and Kommunal Landspensjonskasse Gjensidig Forsikringsselskap as lenders (the &#147;Troms Lenders&#148;), and certain bank
guarantors party thereto (together with the Troms Lenders, the &#147;Troms Finance Parties&#148;). On May&nbsp;11, 2017, the Debtors, the Troms Borrower, the Troms Finance Parties, the Additional Obligors (as defined herein) and Garantiinstituttet
for Eksportkreditt and DNB Capital LLC as additional lenders (the &#147;Additional Lenders&#148;), entered into an Amendment and Restatement Agreement No.&nbsp;4 (the &#147;Fourth Amendment&#148;), pursuant to which, among other things, (a)&nbsp;the
Additional Lenders agreed to make available to the Troms Borrower a new term loan for $5,068,863, (b) Troms Offshore Fleet Holding AS, Troms Offshore Fleet 1 AS, Troms Offshore Fleet 2 AS, Troms Offshore Fleet 3 AS, Troms Offshore Fleet 4 AS, and JB
Holding Company BV, each an indirect, wholly-owned foreign subsidiary of the Company, agreed to serve as additional obligors of the obligations thereunder (collectively, the &#147;Additional Obligors&#148;), and (c)&nbsp;the Debtors, the Troms
Borrower, the Additional Obligors, the Troms Finance Parties, and the Additional Lenders agreed to amend and restate the Troms Facility Agreement (the &#147;Amended and Restated Troms Facility Agreement&#148;). The Fourth Amendment will become
effective on the Effective Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A copy of the Fourth Amendment, including the Amended and Restated Term Loan Facility Agreement annexed thereto, is
filed as Exhibit 10.2 hereto and is incorporated herein by reference. The above description is qualified in its entirety by the complete text of such exhibit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On May&nbsp;11, 2017, the Debtors entered into a Forbearance Agreement (the &#147;Forbearance Agreement&#148;) with the Troms Borrower, the Additional
Obligors, DNB Bank ASA, New York Branch, as agent on behalf of the Troms Finance Parties, and the Norwegian Export Credit Guarantee Agency, as bank guarantor, which Forbearance Agreement relates to the Troms Facility Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Forbearance Agreement, among other provisions, the Troms Finance Parties have agreed that during the Forbearance Period (as defined below),
subject to certain conditions precedent and continuing conditions, they will not enforce, or otherwise take any action to direct enforcement of, any of the rights and remedies available to the Finance Parties under the Troms Facility Agreement or
otherwise, including, without limitation, any action to accelerate, or join in any request for acceleration of, the Troms Facility Agreement due to the Company commencing voluntary cases under chapter 11 of the Bankruptcy Code as contemplated by the
RSA and the continued existence of certain specified events of default. The Forbearance Period began on May&nbsp;11, 2017 and ends on the earliest of (i)&nbsp;August&nbsp;30, 2017, (ii) the occurrence of any event of default under the Troms Facility
Agreement, other than certain specified events of default, and (iii)&nbsp;the termination of the RSA as a result of the occurrence of any (a)&nbsp;Creditor Termination Event (as defined in the RSA), (b) Tidewater Termination Event (as defined in the
RSA), or (c)&nbsp;other termination of the RSA under its terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A copy of the Forbearance Agreement is filed as Exhibit 10.3 hereto and is incorporated
herein by reference. The above description of the Forbearance Agreement is qualified in its entirety by the complete text of such exhibit. </P> <P STYLE="font-size:18pt;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%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;2.03</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Creation of a Direct Financial Obligation or an Obligation under an <FONT STYLE="white-space:nowrap">Off-Balance</FONT> Sheet Arrangement of a Registrant. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The description of the Troms Forbearance Agreement and the Amendment to the Troms Facility Agreement set forth above in Item&nbsp;1.01 are incorporated by
reference into this Item 2.03. </P> <P STYLE="font-size:18pt;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%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;3.03</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Material Modification to Rights of Security Holders. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The description of the Troms Forbearance Agreement
and the Amendment to the Troms Facility Agreement set forth above in Item&nbsp;1.01 are incorporated by reference into this Item 3.03. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Management Incentive Plan </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A new Management Incentive Plan
(the &#147;Tidewater Inc. 2017 Stock Incentive Plan&#148; or &#147;MIP&#148;) is included as an exhibit to the RSA and would be effective upon the Prepackaged Plan&#146;s approval by the Bankruptcy Court, subject to ratification by the board of
directors of Tidewater as of the Effective Date (the &#147;New Board&#148;). Common stock representing 8% of the pro forma fully diluted common equity in reorganized Tidewater would be reserved for issuance under the MIP; 3% would be issued as
grants of time-based restricted stock units within 30 days of the Effective Date (the &#147;Emergence Grants&#148;), with up to 5% available for future grants in the discretion of the Compensation Committee of the New Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each of the Emergence Grants will vest in three equal installments on each of the first three anniversaries of the date of grant, subject to continued
employment, or if earlier, such grants will vest in full upon an involuntary termination of employment without &#147;cause&#148; or a voluntary resignation with &#147;good reason&#148; (each as defined in the MIP). The Emergence Grants also contain
a customary covenant not to disclose confidential information of Tidewater, a <FONT STYLE="white-space:nowrap">one-year</FONT> post-employment covenant not to compete, and a <FONT STYLE="white-space:nowrap">two-year</FONT> post-employment covenant
not to solicit employees away from Tidewater. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each of Tidewater&#146;s named executive officers &#150; Jeffrey M. Platt, President, Chief Executive
Officer and Director; Quinn P. Fanning, Executive Vice President and Chief Financial Officer, Jeffrey A. Gorski, Executive Vice President and Chief Operating Officer; Bruce D. Lundstrom, Executive Vice President, General Counsel and Secretary; and
Joseph M. Bennett, Executive Vice President and Chief Investor Relations Officer (together, the &#147;Executives&#148;) &#150; is eligible to participate in the MIP. However, only three of the Executives (Messrs. Fanning, Gorski, and Lundstrom) will
receive an Emergence Grant, with each such grant equal to 17% of the aggregate Emergence Grants, and the remaining 49% of the Emergence Grants allocated among other officers and key employees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Platt, as Chief Executive Officer, elected not to receive an Emergence Grant and any MIP grant to him will be determined by the New Board after the
Effective Date. Mr.&nbsp;Bennett, who has 27 years of service with Tidewater, also elected not to receive an Emergence Grant, given that he anticipates retiring from the Company prior to the end of the full three-year vesting period for the
Emergence Grants. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Change in Control Waivers </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
May&nbsp;11, 2017, Tidewater entered into letter agreements with each officer of the Company, including each of the Executives. These letter agreements (the &#147;CiC Waivers&#148;) amend certain existing compensation arrangements as described in
greater detail below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The CiC Waiver for each Executive provides that (1)&nbsp;the consummation of the Debtors&#146; restructuring transaction will not
be a &#147;Change in Control&#148; under (a)&nbsp;his current Change in Control Agreement (the &#147;CiC Agreement&#148;), (b) his incentive agreements, dated March&nbsp;17, 2015 and March&nbsp;21, 2016, providing for the grant of options and
cash-based performance awards (the &#147;Cash-Based Agreements&#148;), or (c)&nbsp;his outstanding phantom stock unit agreements (the &#147;Phantom Stock Agreements&#148;); and (2)&nbsp;any outstanding unvested phantom stock units pursuant to the
Phantom Stock Agreements held by the Executive will be forfeited, without any payment to the Executive, immediately prior to the Effective Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
addition, the CiC Waiver for each Executive who is scheduled to receive an Emergence Grant (Messrs. Fanning, Gorski, and Lundstrom) provides that any unvested CBP awards (as defined in the Cash-Based Agreements) will be forfeited, without any
payment to the Executive, immediately prior to the Effective Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The CiC Waivers will automatically terminate and become null and void in the event that (1)&nbsp;during the
pendency of the restructuring, there is a material change to the terms of the RSA that results in any party, other than the Consenting Creditors, (a)&nbsp;receiving a majority of the voting common stock of the Company as of the Effective Date or
(b)&nbsp;gaining control of all or substantially all of the assets of the Company and its subsidiaries through an asset sale in bankruptcy; (2)&nbsp;the consummation of the restructuring does not occur; or (3)&nbsp;the existing <FONT
STYLE="white-space:nowrap">non-qualified</FONT> deferred compensation plans in which the Executive participates are not assumed as executory contracts as part of the Prepackaged Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, for each Executive who is receiving an Emergence Grant, the CiC Waiver will terminate if, within 30 days of the Effective Date, the New Board
fails to adopt the MIP or to award the Executive his Emergence Grant. In addition to voiding the CiC Waiver, the <FONT STYLE="white-space:nowrap">non-occurrence</FONT> of either of these events will constitute &#147;Good Reason&#148; under the
Executive&#146;s CiC Agreement. If not cured within the cure period provided in the CiC Agreement, the Executive may terminate his employment, in which case he will be entitled to a cash payment in an amount equal to the fair market value of his
scheduled Emergence Grant, which will be in addition to any other amounts owed to him under the terms of his CiC Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although Mr.&nbsp;Platt
elected not to receive an Emergence Grant, his CiC Waiver includes a condition similar to that described in the last paragraph. Specifically, the New Board&#146;s <FONT STYLE="white-space:nowrap">non-adoption</FONT> of the MIP or its failure to
award an Emergence Grant to any officer with the title of Vice President or higher to whom an Emergence Grant has been allocated (except as otherwise agreed by that officer) voids his CiC Waiver and will constitute &#147;Good Reason&#148; for
termination under Mr.&nbsp;Platt&#146;s CiC Agreement, subject to its notice and cure provisions. </P> <P STYLE="font-size:18pt;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%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;7.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Regulation FD Disclosure. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On May&nbsp;12, 2017, Tidewater issued a press release announcing the signing
of the RSA and the Solicitation, as described in Item 1.01. A copy of the press release is being furnished as Exhibit 99.1 and is incorporated into this Item 7.01 by reference. As described above, the Disclosure Statement was distributed to certain
creditors of the Company on May&nbsp;12, 2017. A copy of the Disclosure Statement is being furnished as Exhibit 99.2 and is incorporated into this Item 7.01 by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Disclosure Statement, which is being used in connection with the solicitation of consents from the General Unsecured Creditors, contains certain
projections and valuation analyses of future financial performance (the &#147;Financial Projections&#148;). These Financial Projections, which were prepared in March of 2017, have been based on expectations, beliefs, opinions, and assumptions of
management believed to be reasonable at the time they were made. There is no assurance that such expectations, beliefs, opinions, and assumptions will be realized in whole or substantial part, and actual future financial results are likely to vary
materially from the forward-looking information presented therein. As the Financial Projections cover future years, such information by its nature becomes less predictive and less reliable with each successive year. The Financial Projections were
not prepared in accordance with generally accepted accounting principles or published guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of &#147;prospective financial information.&#148;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Financial Projections reflect numerous assumptions made by the Company&#146;s management with respect to financial condition, business and industry
performance, general economic, market and financial conditions, and other matters, all of which are difficult to predict and many of which are beyond the Company&#146;s control. These Financial Projections are being furnished because they are being
provided to lenders and noteholders in connection with the consent solicitation, and they should not be regarded as an </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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indication that Tidewater or any other person considered, or now considers, this information to be predictive of actual future results, and does not constitute an admission or representation by
any person that such information is material, or that the expectations, beliefs, opinions, and assumptions that underlie such Financial Projections remain the same as of the date of this Current Report on Form
<FONT STYLE="white-space:nowrap">8-K,</FONT> and readers are cautioned not to place undue reliance on the prospective financial information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Neither the
independent auditor of Tidewater nor any other independent accountant has examined, compiled, or performed any procedures with respect to the Financial Projections. Accordingly, none has expressed any opinion or any other form of assurance on such
information or its achievability and none assumes any responsibility for the Financial Projections. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company does not, as a matter of course, publish
its business plans or strategies, projections or anticipated financial positions. Accordingly, the Company does not anticipate that it will, and disclaims any obligation to, furnish updated business plans or projections. For additional information
on factors that may cause actual future financial results to vary materially from the information presented herein, see the section on forward-looking statements below and the risk factors set forth in Article XI of the Disclosure Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information furnished pursuant to Item 7.01, including Exhibits 99.1 and 99.2, are not, and shall not be deemed &#147;filed&#148; for purposes of
Section&nbsp;18 of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), or otherwise subject to liabilities of that Section, unless the registrant specifically states that the information is to be considered
&#147;filed&#148; under the Exchange Act or incorporates it by reference into a filing under the Exchange Act or the Securities Act of 1933, as amended. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Events. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Gulf Island Vessel Contract Dispute. </I>Tidewater Marine, L.L.C. (&#147;Tidewater
Marine&#148;), an operating subsidiary of Tidewater, entered into a contract with LEEVAC Shipyards Jennings, L.L.C. to build two Platform Supply Vessels (each a &#147;PSV&#148;). This contract was subsequently assigned to Gulf Island Shipyards,
L.L.C. (&#147;Gulf Island&#148;) in January 2016. Prior to its scheduled delivery in January 2017, Tidewater Marine rejected the first of the two PSVs and withheld a final contractual milestone payment for failure of the vessel to meet certain
significant contract specifications. Thereafter, Tidewater Marine delivered a formal notice of default to Gulf Island demanding a cure of the contract deficiencies, following which Gulf Island declared Tidewater Marine in contractual default for
refusing to accept delivery of the vessel and filed a notice of claim of lien with the U.S. Coast Guard. Subsequently, Tidewater Marine submitted a demand to Gulf Island seeking a refund of all amounts paid by Tidewater Marine to date, totaling
$42,706,259, plus accrued contractual interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On March&nbsp;10, 2017, Gulf Island filed a notice of arbitration before the Houston Maritime
Arbitrator&#146;s Association alleging breach of contract with respect to Tidewater Marine&#146;s rejection of the first PSV and anticipatory breach of contract based on Tidewater Marine&#146;s anticipated rejection of the second PSV. Through this
arbitration, Gulf Island is seeking an order requiring Tidewater Marine to take delivery of both vessels and to reimburse Gulf Island for costs incurred by Gulf Island. Tidewater Marine is evaluating its next steps in the arbitration. A date for
arbitration has not yet been set. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Novation of Shipbuilding Contract for Troms Polaris. </I>On May&nbsp;8, 2014, Tidewater Marine entered into a
shipbuilding contract with Tersan Tersanecilik Sanayi Ve Ticaret A.S. (the &#147;Builder) to build a PSV (the &#147;Troms Polaris&#148;). On April&nbsp;5, 2017, Tidewater Marine and the Builder entered into a novation agreement with Sevnor North
Limited (&#147;Sevnor&#148;) and closed the transactions contemplated by the novation agreement the same day. Pursuant to the novation agreement, Sevnor paid Tidewater Marine a net payment of $5.27&nbsp;million, and Sevnor assumed the remaining
obligations of Tidewater Marine under the shipbuilding contract, including the obligation to pay the remaining balance of $27.15&nbsp;million due to the Builder thereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Continuing Risk in Trading in Company Securities. </I>The Company cautions that trading in Tidewater&#146;s
securities while the anticipated chapter 11 cases are pending is highly speculative and poses substantial risks. Trading prices for Tidewater&#146;s securities may bear little or no relationship to the actual recovery, if any, by holders of
Tidewater&#146;s securities in the anticipated chapter 11 cases. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward Looking Statements. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 <FONT STYLE="white-space:nowrap">8-K</FONT> 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, including, without limitation, if the Company files the Prepackaged Plan with the Court, the ability to confirm and consummate a plan of reorganization in accordance with
the terms of the Prepackaged Plan; risks attendant to the bankruptcy process, including the effects thereof on the Company&#146;s business and on the interests of various constituents and the length of time that the Company might be required to
operate in bankruptcy; risks associated with third party motions in the bankruptcy cases, which may interfere with the ability to confirm and consummate a plan of reorganization in accordance with the terms of the Prepackaged Plan; potential adverse
effects on the Company&#146;s liquidity or results of operations; increased costs to execute the reorganization in accordance with the terms of the Prepackaged Plan; effects on the market price of the Company&#146;s common stock and on the
Company&#146;s ability to access the capital markets; volatility in worldwide energy demand and oil and gas prices, and continuing depressed levels of oil and gas prices, without a clear indication of if, or when, prices will recover to a level to
support renewed offshore exploration activities; 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; potential difficulty in meeting financial covenants in material debt or other obligations of the Company or in obtaining covenant relief from lenders or other contract parties; 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 international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of
laws related to the environment, labor and foreign corrupt practices; and the resolution of pending legal proceedings. Readers should consider all of these risk factors as well as other information contained in this report. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) The exhibits to this current report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> are listed in the Exhibit Index, which appears at the end of this report and is incorporated into this Form <FONT STYLE="white-space:nowrap">8-K</FONT> by reference. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"></TD>
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<TD VALIGN="top">TIDEWATER INC.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Quinn P. Fanning</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Quinn P. Fanning</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Executive Vice President and Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: May&nbsp;12, 2017 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></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:10pt" ALIGN="center">


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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:23.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Exhibit<BR>No.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Restructuring Support Agreement, dated May&nbsp;11, 2017 (Incorporated by reference to Schedule 1 to Exhibit A to Exhibit T3E.1 of the Form <FONT STYLE="white-space:nowrap">T-3</FONT> filed by Tidewater Inc. with the SEC on
May&nbsp;12, 2017, with respect to the Company&#146;s Senior Notes).</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amendment and Restatement Agreement No.&nbsp;4 to the Troms Facility Agreement, dated May&nbsp;11, 2017 (Incorporated by reference to Exhibit C to Schedule 1 to Exhibit A to Exhibit T3E.1 of the Form
<FONT STYLE="white-space:nowrap">T-3</FONT> filed by Tidewater Inc. with the SEC on May&nbsp;12, 2017, with respect to the Company&#146;s Senior Notes).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>10.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Forbearance Agreement, dated May&nbsp;11, 2017 (Incorporated by reference to Exhibit K to Schedule 1 to Exhibit A to Exhibit T3E.1 of the Form <FONT STYLE="white-space:nowrap">T-3</FONT> filed by Tidewater Inc. with the SEC on
May&nbsp;12, 2017, with respect to the Company&#146;s Senior Notes).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>99.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press release issued by the Company on May&nbsp;12, 2017</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Disclosure Statement, dated May&nbsp;12, 2017 (Incorporated by reference to Exhibit T3E.1 of the Form <FONT STYLE="white-space:nowrap">T-3</FONT> filed by Tidewater Inc. with the SEC on May&nbsp;12, 2017, with respect to the
Company&#146;s Senior Notes).</TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">filed herewith </TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Press Release</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">TIDEWATER INC. &#149; <FONT STYLE="white-space:nowrap">Pan-American</FONT> Life Center &#149; 601 Poydras Street, Suite 1500 &#149; New Orleans,
LA 70130 &#149; Telephone (504) <FONT STYLE="white-space:nowrap">568-1010</FONT> &#149; Fax (504) <FONT STYLE="white-space:nowrap">566-4582</FONT> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TIDEWATER ANNOUNCES ENTRY INTO </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RESTRUCTURING SUPPORT AGREEMENT WITH </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTAIN LENDERS AND NOTEHOLDERS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NEW
ORLEANS, May&nbsp;12, 2017 &#150; Tidewater Inc. (NYSE: TDW) (&#147;Tidewater&#148; or the &#147;Company&#148;) has entered into a Restructuring Support Agreement (&#147;RSA&#148;) with certain of its lenders under Tidewater&#146;s Fourth Amended
and Restated Revolving Credit Agreement, dated as of June&nbsp;21, 2013 (the &#147;Credit Agreement&#148;) and holders of Tidewater Senior Notes due in 2017, 2018, 2019, 2020, 2021, 2022, 2023 and 2025 (the &#147;Senior Notes&#148;), as applicable
(collectively, the &#147;Consenting Creditors&#148;) to effectuate a proposed prepackaged plan of reorganization (the &#147;Prepackaged Plan&#148;) that will substantially deleverage the Company&#146;s balance sheet and better position the Company
to weather the extended downturn in the offshore energy industry while maintaining the Company&#146;s position as a worldwide market leader in offshore vessel services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As contemplated by the RSA, the Company and certain of its subsidiaries expect to file chapter 11 cases in Delaware by May&nbsp;17, 2017 to implement the
Prepackaged Plan. The Prepackaged Plan, described in greater detail below, has the support of the Company&#146;s lenders holding 60% of the outstanding principal amount of loans under the Credit Agreement and holders of 99% of the aggregate
outstanding principal amount of Tidewater&#146;s Senior Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s management has been in discussions with the New York Stock Exchange
(&#147;NYSE&#148;) regarding maintaining its current listing through this restructuring process. Although, as previously disclosed, the Company was recently notified by the NYSE that it has fallen below the continued listing standard that requires
listed companies to maintain an average closing price per share of at least $1.00 over a consecutive 30 <FONT STYLE="white-space:nowrap">trading-day</FONT> period, the Company has notified the NYSE of its intent to cure and has until
October&nbsp;18, 2017 to regain compliance with that particular standard. Upon completion of the restructuring, it is expected that Tidewater will remain a publicly-traded company and, subject to the Company&#146;s compliance with all other NYSE
listing standards, will continue to have its common stock listed for trading on the NYSE both during and after the restructuring process. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jeffrey Platt,
President and Chief Executive Officer of Tidewater, said, &#147;As we continue to navigate this unprecedented industry downturn, we are pleased that we have reached an agreement which should allow Tidewater to significantly reduce its debt burden
and provide sound financial footing for the company&#146;s future. We believe that </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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successful completion of our restructuring will provide the necessary liquidity and operational flexibility for Tidewater to continue to operate at lower levels of activity until offshore
drilling activity recovers and more reasonable levels of vessel utilization and day rates are restored. I want to thank our employees and other stakeholders for their continued hard work and dedication as we complete the restructuring process.&#148;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the Prepackaged Plan: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The lenders under the Credit Agreement, holders of the Senior Notes and certain lessor parties under certain sale/leaseback agreements (the &#147;General Unsecured Creditors&#148;) will receive their pro rata share of:
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">$225&nbsp;million of cash; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Common stock and, if applicable, warrants (the &#147;Jones Act Warrants&#148;, see endnote of the same name for more information) to purchase common stock, representing 95% of the pro forma common equity in reorganized
Tidewater (subject to dilution by a management incentive plan and the exercise of warrants issued to existing stockholders under the Prepackaged Plan); and </TD></TR></TABLE> <P STYLE="font-size:6pt;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%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">New 8% fixed rate secured notes due in 2022 in the aggregate principal amount of $350&nbsp;million. </TD></TR></TABLE> <P STYLE="font-size:6pt;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%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Existing shares of Tidewater common stock will be cancelled and existing common stockholders of the Company will receive: </TD></TR></TABLE> <P STYLE="font-size:6pt;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%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">common stock representing 5% of the pro forma common equity in reorganized Tidewater (subject to dilution by a management incentive plan and the exercise of warrants issued to existing stockholders under the Prepackaged
Plan); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Series A Warrants to purchase 7.5% of the pro forma equity in reorganized Tidewater (6 year term, exercise price based on an equity value of the Company of approximately $1.71 billion); and </TD></TR></TABLE>
<P STYLE="font-size:6pt;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%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Series B Warrants to purchase 7.5% of the pro forma equity (6 year term, exercise price based on an equity value of the Company of $2.02 billion). </TD></TR></TABLE>
<P STYLE="font-size:6pt;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%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The undisputed claims of other unsecured creditors such as customers, employees, and vendors, will be paid in full in the ordinary course of business (except as otherwise agreed among the parties). </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s Norwegian term loan facility, which is guaranteed by the Company and other contemplated debtors, will remain in place during the chapter 11
cases. Pursuant to a forbearance agreement, the lenders under this term loan facility have agreed that they will not enforce, or take action to enforce, any of the rights and remedies otherwise available to them under their term loan facility,
subject to certain termination rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the chapter 11 cases, Tidewater plans to reject certain sale-leaseback agreements for leased vessels
currently in the company&#146;s fleet, and to limit the resulting rejection damages claims to approximately $131&nbsp;million. However, counterparties to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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sale-leaseback agreements dispute the amount of the rejection damages claims and a final resolution of the amount of such claims will be subject to litigation. As a result, there is no certainty
as to the final amount of sale-leaseback rejection damages claims that will be treated pursuant to the Prepackaged Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Equity issued by reorganized
Tidewater under the management incentive plan and upon exercise of the warrants issued to existing shareholders will further dilute the equity recovery for the holders of funded debt and sale/leaseback claims, as well as the existing shareholders
described above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon the effectuation of the Prepackaged Plan, Tidewater expects that it will eliminate approximately $1.6&nbsp;billion in principal of
outstanding debt. In addition, considering the rejection of certain sale-leaseback agreements discussed above, the Company estimates that interest and operating lease expenses will be reduced by approximately $73&nbsp;million annually. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All aspects of the Prepackaged Plan remain subject to Bankruptcy Court approval and satisfaction of conditions set forth in the Prepackaged Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company expects that it has sufficient liquidity to operate its business while the chapter 11 cases are pending, and does not expect that its ability to
serve its customers will be impaired in any way during such time. In addition, the Company anticipates paying its employees and vendors in the ordinary course of business during the chapter 11 cases. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the RSA, the Consenting Creditors have agreed to vote in favor of the Prepackaged Plan. The RSA is subject to customary termination rights upon
the occurrence of certain events, including, without limitation, the failure of the Company to commence solicitation or file the Prepackaged Plan with the Bankruptcy Court by specified dates. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jones Act Warrants </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To assure the continuing ability of
certain vessels owned by the Company&#146;s subsidiaries to engage in U.S. coastwise trade, the number of shares of the Company&#146;s common stock otherwise issuable to the allowed General Unsecured Creditors may be adjusted to assure that the
foreign ownership limitations of the United States Jones Act are not exceeded. The Jones Act requires any corporation that engages in coastwise trade be a U.S. citizen within the meaning of that law, which requires, among other things, that the
aggregate ownership of common stock by <FONT STYLE="white-space:nowrap">non-U.S.</FONT> citizens within the meaning of the Jones Act be not more than 25% of its outstanding common stock. The Prepackaged Plan requires that, at the time Tidewater
emerges from bankruptcy, not more than 22% of its common stock be held by <FONT STYLE="white-space:nowrap">non-U.S.</FONT> citizens. In support thereof, the Prepackaged Plan provides for the issuance of a combination of common stock and the Jones
Act Warrants on a pro rata basis to any <FONT STYLE="white-space:nowrap">non-U.S.</FONT> citizen among the allowed General Unsecured Creditors whose ownership of common stock, when combined with the shares to be issued to current Tidewater
stockholders that are <FONT STYLE="white-space:nowrap">non-U.S.</FONT> citizens, would otherwise cause the 22% threshold to be exceeded. The Jones Act Warrants will not grant the holder thereof any voting or control rights or dividend rights, or
contain any negative covenants restricting the operation of Tidewater&#146;s business. Generally, the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Jones Act warrants will be exercisable immediately at a nominal exercise price, subject to Jones Act restrictions that prohibit the exercise of such warrants where such exercise would cause the
total number of shares held by <FONT STYLE="white-space:nowrap">non-U.S.</FONT> citizens to exceed 24%, a limit that will be established in the amended and restated certificate of incorporation of Tidewater. Tidewater will establish, under its
charter and through DTC, appropriate measures to assure compliance with these ownership limitations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Advisors </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Weil, Gotshal&nbsp;&amp; Manges LLP is acting as restructuring counsel, Jones Walker LLP is acting as corporate counsel, Lazard Fr&egrave;res&nbsp;&amp; Co. is
acting as investment banker, and AlixPartners, LLP is acting as restructuring advisor to the Company in connection with its restructuring efforts. Morgan, Lewis&nbsp;&amp; Bockius LLP is acting as legal counsel and FTI Consulting, Inc., LLC is
acting as financial advisor to the Credit Agreement agent. Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison LLP and Blank Rome LLP are acting as legal counsel and Houlihan Lokey Capital, Inc. is acting as financial advisor to the holders of Senior
Notes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 press release 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, including, without limitation, if the Company files the Prepackaged Plan
with the Court, the ability to confirm and consummate a plan of reorganization in accordance with the terms of the Prepackaged Plan; risks attendant to the bankruptcy process, including the effects thereof on the Company&#146;s business and on the
interests of various constituents and the length of time that the Company might be required to operate in bankruptcy; risks associated with third party motions in the bankruptcy cases, which may interfere with the ability to confirm and consummate a
plan of reorganization in accordance with the terms of the Prepackaged Plan; potential adverse effects on the Company&#146;s liquidity or results of operations; increased costs to execute the reorganization in accordance with the terms of the
Prepackaged Plan; effects on the market price of the Company&#146;s common stock and on the Company&#146;s ability to access the capital markets; volatility in worldwide energy demand and oil and gas prices, and continuing depressed levels of oil
and gas prices, without a clear indication of if, or when, prices will recover to a level to support renewed offshore exploration activities; 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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and maintenance; uncertainty of global financial market conditions and difficulty in accessing credit or capital; potential difficulty in meeting financial covenants in material debt or other
obligations of the Company or in obtaining covenant relief from lenders or other contract parties; 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 international conventions; increased regulatory burdens and
oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; and the resolution of pending legal proceedings. Readers
should consider all of these risk factors as well as other information contained in this press release. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For a more complete description of the terms and
conditions of the RSA, we refer you to the Form <FONT STYLE="white-space:nowrap">8-K</FONT> that Tidewater expects to file with the SEC today, a copy of which will be both posted on the Company&#146;s website and available at
<U>http://dm.epiq11.com/tidewater</U>, and to the Company&#146;s restructuring information line <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">844-843-0204</FONT></FONT> (toll-free) or <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">503-597-5543</FONT></FONT> (international calls). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tidewater is the leading provider of Offshore Service Vessels (OSVs) to the
global energy industry. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">INVESTOR CONTACT: Tidewater Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Quinn P. Fanning, Executive Vice President and Chief Financial Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">713-470-5300</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joe Bennett, Executive Vice President and Chief Investor Relations Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">504-566-4506</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MEDIA CONTACT: Jennifer E. Mercer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Epiq Strategic Communications
for Tidewater </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">310-712-6215</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SOURCE: Tidewater Inc. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
