<SEC-DOCUMENT>0001564590-17-023667.txt : 20171114
<SEC-HEADER>0001564590-17-023667.hdr.sgml : 20171114
<ACCEPTANCE-DATETIME>20171114100315
ACCESSION NUMBER:		0001564590-17-023667
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20171109
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171114
DATE AS OF CHANGE:		20171114

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:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06311
		FILM NUMBER:		171198920

	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>tdw-8k_20171109.htm
<DESCRIPTION>8-K
<TEXT>
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tdw-8k_20171109.htm
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">UNITED STATES</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SECURITIES AND EXCHANGE COMMISSION</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Washington, D.C. 20549</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">____________</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FORM 8-K</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">CURRENT REPORT</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to Section 13 or 15(d) of the</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Securities Exchange Act of 1934</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">_____________________</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date of Report <font style="font-style:italic;">(Date of earliest event reported)</font> <font style="font-weight:bold;">November 9, 2017</font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">TIDEWATER INC.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(Exact name of registrant as specified in its charter)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:94.48%;">
<tr>
<td valign="top"  style="width:30.9%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Delaware<br /><font style="font-style:italic;font-weight:normal;">(State of incorporation)</font></p></td>
<td valign="top"  style="width:35.16%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1-6311<br /><font style="font-style:italic;font-weight:normal;">(Commission File Number)</font></p></td>
<td valign="top"  style="width:33.94%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">72-0487776<font style="font-weight:normal;"><br /></font><font style="font-style:italic;font-weight:normal;">(IRS Employer Identification No.)</font></p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:84.6%;">
<tr>
<td valign="top"  style="width:50%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">601 Poydras Street, Suite 1500</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">New Orleans, Louisiana<font style="font-weight:normal;"><br /></font><font style="font-style:italic;font-weight:normal;">(Address of principal executive offices)</font></p></td>
<td valign="top"  style="width:50%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">70130</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(Zip Code)</p></td>
</tr>
</table></div>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(504) 568-1010</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(Registrant's telephone number, including area code)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">N/A</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(Former name or former address, if changed since last report)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;letter-spacing:-0.15pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"><font style="font-size:11pt;font-family:'Times New Roman'">&#9744;</font><font style="font-family:Times New Roman;margin-left:18pt;"></font><font style="font-family:Times New Roman;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;letter-spacing:-0.15pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"><font style="font-size:11pt;font-family:'Times New Roman'">&#9744;</font><font style="font-family:Times New Roman;margin-left:18pt;"></font><font style="font-family:Times New Roman;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;letter-spacing:-0.15pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"><font style="font-size:11pt;font-family:'Times New Roman'">&#9744;</font><font style="font-family:Times New Roman;margin-left:18pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17&#160;CFR 240.14d-2(b))</font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;letter-spacing:-0.15pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"><font style="font-size:11pt;font-family:'Times New Roman'">&#9744;</font><font style="font-family:Times New Roman;margin-left:18pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17&#160;CFR 240.13e-</font><font style="font-family:Times New Roman;">4(c))</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 7.01.&nbsp;&nbsp;Regulation FD Disclosure.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.63%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater Inc. (the &#8220;Company&#8221;) 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&#8217;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, <font style="color:#000000;">the potential need to sell certain assets to raise additional capital; 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&#160;views with respect to the need for and timing of the replenishment of our asset base, including through acquisitions or vessel construction; changes in decisions and capital spending by customers and the industry expectations 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; rapid technological changes; delays and other problems associated with vessel&#160;construction and maintenance; uncertainty of global financial market conditions and difficulty in accessing credit or capital; our ability to comply with covenants in our indentures and other debt instruments; the continued availability of qualified personnel and other supplies; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; 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; the risks associated with our international operations, including local content, local currency or similar requirements, especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by&#160;international conventions;&#160;increased regulatory burdens and oversight;&#160;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; the effects of asserted and unasserted claims and the extent of available insurance coverage; and the resolution of pending legal proceedings</font>. Readers should consider all of these risk factors as well as other information contained in this report.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.63%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following information is being provided under Item 7.01 Regulation FD Disclosure in this Current Report on Form 8-K: a transcript from the Company&#8217;s November 9, 2017 analyst conference call discussing its financial results for the three months ended September 30, 2017.&nbsp;&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.63%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The transcript is furnished as Exhibit 99.1 to this Current Report and is incorporated herein by reference as if fully set forth.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.63%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The information contained in the transcript, which was prepared by Thomson Reuters, is a textual representation of the Company&#8217;s conference call.&nbsp;&nbsp;There may be material errors, omissions or inaccuracies in the reporting of the contents of the conference call.&nbsp;&nbsp;The Company assumes no responsibility to correct or update the third-party transcript.&nbsp;&nbsp;Users are advised to review the Company&#8217;s conference call itself (which is accessible via the Company&#8217;s website) and the Company&#8217;s SEC filings before making any investment or other decisions.</p>
<p style="text-align:center;margin-top:12pt;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2</p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a><font style="font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 9.01. Financial Statements and Exhibits.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d)<font style="margin-left:22pt;">Exhibits</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.51%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following exhibit is furnished with this Form 8-K:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:6.58%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">99.1</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;"><a href="tdw-ex991_49.htm"><font style="text-decoration:underline;">Transcript from the November 9, 2017 analyst conference call.</font></a></p></td></tr></table></div>
<p style="text-align:center;margin-top:12pt;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3</p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU4"></a><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SIGNATURE</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
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<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:40%;">
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">TIDEWATER INC.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;text-align:left;">&nbsp;</p></td>
<td valign="bottom"  style="width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;text-align:left;">&nbsp;</p></td>
<td valign="bottom"  style="width:36%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;text-align:left;">&nbsp;</p></td>
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<td valign="bottom"  style="width:3%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;text-align:left;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/ Quinn P. Fanning</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date: November 13, 2017</p>
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<TYPE>EX-99.1
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<FILENAME>tdw-ex991_49.htm
<DESCRIPTION>EX-99.1
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<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><img src="g201711131651056966992.jpg" title="" alt="" style="width:735px;height:30px;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;color:#003399;font-weight:bold;font-size:11pt;font-family:Myriad Pro Cond;font-style:normal;text-transform:none;font-variant: normal;"><a name="Corporate_Participants"></a><a name="Joe_Bennett_(2_Turns)"></a>C O R P O R A T E&nbsp;&nbsp;P A R T I C I P A N T S </p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="Larry_Rigdon_(4_Turns)"></a><a name="Quinn_Fanning_(1_Turn)"></a>Joe Bennett <font style="font-style:italic;font-family:Calibri;font-weight:normal;"><a name="Quinn_Fanning_(1_Turn)"></a>Tidewater Inc. - EVP and CIRO </font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.05%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="Conference_Call_Participants"></a>Larry Rigdon <font style="font-style:italic;font-family:Calibri;font-weight:normal;"><a name="Conference_Call_Participants"></a>Tidewater Inc. - President and CEO </font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.05%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Quinn Fanning <font style="font-style:italic;font-family:Calibri;font-weight:normal;">Tidewater Inc. - EVP and</font><font style="font-style:italic;font-family:Calibri;letter-spacing:1.35pt;font-weight:normal;"> </font><font style="font-style:italic;font-family:Calibri;font-weight:normal;">CFO</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;color:#003399;font-weight:bold;font-size:11pt;font-family:Myriad Pro Cond;font-style:normal;text-transform:none;font-variant: normal;"><a name="Turner_Holm_(3_Turns)"></a>C O N F E R E N C E&nbsp;&nbsp;C A L L&nbsp;&nbsp;P A R T I C I P A N T S</p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="PRESENTATION"></a>Turner Holm <font style="font-style:italic;font-family:Calibri;font-weight:normal;">Clarksons Platou Securities - Analyst</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:14pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;color:#003399;font-weight:bold;font-size:11pt;font-family:Myriad Pro Cond;font-style:normal;text-transform:none;font-variant: normal;">P R E S E N T A T I O N </p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Operator</p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Welcome<font style="letter-spacing:-0.3pt;"> </font>to<font style="letter-spacing:-0.3pt;"> </font>the<font style="letter-spacing:-0.3pt;"> </font>Tidewater<font style="letter-spacing:-0.3pt;"> </font>report<font style="letter-spacing:-0.3pt;"> </font>results<font style="letter-spacing:-0.3pt;"> </font>for<font style="letter-spacing:-0.3pt;"> </font>the<font style="letter-spacing:-0.3pt;"> </font>three<font style="letter-spacing:-0.3pt;"> </font>months<font style="letter-spacing:-0.3pt;"> </font>ended<font style="letter-spacing:-0.3pt;"> </font>September<font style="letter-spacing:-0.3pt;"> </font>30,<font style="letter-spacing:-0.3pt;"> </font>2017.<font style="letter-spacing:-0.3pt;"> </font>My<font style="letter-spacing:-0.3pt;"> </font>name<font style="letter-spacing:-0.3pt;"> </font>is<font style="letter-spacing:-0.3pt;"> </font>Nicole<font style="letter-spacing:-0.3pt;"> </font>and<font style="letter-spacing:-0.3pt;"> </font>I<font style="letter-spacing:-0.3pt;"> </font>will<font style="letter-spacing:-0.3pt;"> </font>be<font style="letter-spacing:-0.3pt;"> </font>your<font style="letter-spacing:-0.3pt;"> </font>operator<font style="letter-spacing:-0.3pt;"> </font>for<font style="letter-spacing:-0.3pt;"> </font>today's call. (Operator Instructions) Please note that this conference is being recorded.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="2._Joe_Bennett"></a><a name="bookmark0"></a>I will now turn the call over to Joe Bennett. Please go ahead.</p>
<p style="text-align:justify;margin-top:0pt;border-bottom:Solid 0.75pt #003399;padding-bottom:1pt;margin-bottom:0pt;margin-left:1.36%;margin-right:1.27%;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Joe Bennett <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - EVP and CIRO</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Thank<font style="letter-spacing:-0.1pt;"> </font>you,<font style="letter-spacing:-0.1pt;"> </font>Nicole.<font style="letter-spacing:-0.1pt;"> </font>Good<font style="letter-spacing:-0.1pt;"> </font>morning,<font style="letter-spacing:-0.1pt;"> </font>everyone,<font style="letter-spacing:-0.1pt;"> </font>and<font style="letter-spacing:-0.1pt;"> </font>welcome<font style="letter-spacing:-0.1pt;"> </font>to<font style="letter-spacing:-0.1pt;"> </font>Tidewater's<font style="letter-spacing:-0.1pt;"> </font>earnings<font style="letter-spacing:-0.1pt;"> </font>conference<font style="letter-spacing:-0.1pt;"> </font>call<font style="letter-spacing:-0.1pt;"> </font>for<font style="letter-spacing:-0.1pt;"> </font>the<font style="letter-spacing:-0.1pt;"> </font>period<font style="letter-spacing:-0.1pt;"> </font>ended<font style="letter-spacing:-0.1pt;"> </font>September<font style="letter-spacing:-0.1pt;"> </font>30,<font style="letter-spacing:-0.1pt;"> </font>2017.<font style="letter-spacing:-0.1pt;"> </font>I<font style="letter-spacing:-0.1pt;"> </font>am Joe Bennett, Tidewater's Executive Vice President and Chief Investor Relations Officer and I would like to thank you for your interest in Tidewater.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">With me this morning on the call are our President and CEO Larry Rigdon; Quinn Fanning, our Executive Vice President and CFO; Jeff Gorski our Executive Vice President and Chief Operating Officer; and Bruce Lundstrom, our Executive Vice President, General Counsel and Secretary.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As you are probably aware, much has occurred at Tidewater during this quarter that we are reporting on, but we will follow our usual conference call format. Following a few formalities, I will turn the call over to Larry for his initial comments, to be followed by Quinn's financial review. Larry will then provide some final wrap-up comments, and we will then open the call for your questions.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During today's conference call, we may make certain comments that are forward-looking and not statements of historical fact. I know that you understand<font style="letter-spacing:-0.25pt;"> </font>that<font style="letter-spacing:-0.25pt;"> </font>there<font style="letter-spacing:-0.25pt;"> </font>are<font style="letter-spacing:-0.25pt;"> </font>risks,<font style="letter-spacing:-0.25pt;"> </font>uncertainties<font style="letter-spacing:-0.25pt;"> </font>and<font style="letter-spacing:-0.25pt;"> </font>other<font style="letter-spacing:-0.25pt;"> </font>factors<font style="letter-spacing:-0.25pt;"> </font>that<font style="letter-spacing:-0.25pt;"> </font>may<font style="letter-spacing:-0.25pt;"> </font>cause<font style="letter-spacing:-0.25pt;"> </font>the<font style="letter-spacing:-0.25pt;"> </font>Company's<font style="letter-spacing:-0.25pt;"> </font>actual<font style="letter-spacing:-0.25pt;"> </font>future<font style="letter-spacing:-0.25pt;"> </font>performance<font style="letter-spacing:-0.25pt;"> </font>to<font style="letter-spacing:-0.25pt;"> </font>be<font style="letter-spacing:-0.25pt;"> </font>materially<font style="letter-spacing:-0.25pt;"> </font>different from that stated or implied by any comment that we may make during today's conference call.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="bookmark1"></a>Additional<font style="letter-spacing:-0.8pt;"> </font>information<font style="letter-spacing:-0.8pt;"> </font>concerning<font style="letter-spacing:-0.8pt;"> </font>the<font style="letter-spacing:-0.8pt;"> </font>factors<font style="letter-spacing:-0.8pt;"> </font>that<font style="letter-spacing:-0.8pt;"> </font>could<font style="letter-spacing:-0.8pt;"> </font>cause<font style="letter-spacing:-0.8pt;"> </font>actual<font style="letter-spacing:-0.8pt;"> </font>results<font style="letter-spacing:-0.8pt;"> </font>to<font style="letter-spacing:-0.8pt;"> </font>differ<font style="letter-spacing:-0.8pt;"> </font>materially<font style="letter-spacing:-0.8pt;"> </font>from<font style="letter-spacing:-0.8pt;"> </font>those<font style="letter-spacing:-0.8pt;"> </font>stated<font style="letter-spacing:-0.8pt;"> </font>or<font style="letter-spacing:-0.8pt;"> </font>implied<font style="letter-spacing:-0.8pt;"> </font>by<font style="letter-spacing:-0.8pt;"> </font>the<font style="letter-spacing:-0.8pt;"> </font><a name="bookmark1"></a>forward-looking statements may be found in the risk factors section of Tidewater's most recent Form 10-K.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">With that, I will turn the call over to Larry.</p>
<p style="text-align:justify;margin-top:0pt;border-bottom:Solid 0.75pt #003399;padding-bottom:1pt;margin-bottom:0pt;margin-left:1.36%;margin-right:1.27%;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Larry Rigdon <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - President and CEO</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Thank you, Joe. Good morning to everyone. Thank you for joining the Tidewater call. I am back at Tidewater after more than 15 years, and I see many changes and many things that are unchanged. I have had the pleasure of renewing acquaintances with many fine people that are still here and contributing to Tidewater.</p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Times New Roman;">&nbsp;</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><img src="g201711131651057596993.jpg" title="" alt="" style="width:736px;height:30px;"></p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition, I have already determined that Tidewater is still populated with many talented people that know and have a passion for the offshore marine</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">support</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">industry</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">for</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">this</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Company.</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">I</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">am</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">also</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">glad</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">know</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Tidewater</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">still</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">has</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">competitive</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">advantage</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">over</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">many</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our</font><font style="letter-spacing:-0.75pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">competitors due to our long-standing infrastructure and shore-based support in the major offshore oil and gas areas around the globe.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unfortunately, the business environment that we operate in today continues to be very challenging and I do not see any indication that we can see a marked improvement soon. I will admit that oil and gas prices have improved recently, but it will take a long time for improved product pricing to evolve into additional capital spending by our customers in the offshore markets.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Even<font style="letter-spacing:-0.3pt;"> </font>with<font style="letter-spacing:-0.3pt;"> </font>an<font style="letter-spacing:-0.3pt;"> </font>improvement<font style="letter-spacing:-0.3pt;"> </font>in<font style="letter-spacing:-0.3pt;"> </font>future<font style="letter-spacing:-0.3pt;"> </font>capital<font style="letter-spacing:-0.3pt;"> </font>spending<font style="letter-spacing:-0.3pt;"> </font>offshore,<font style="letter-spacing:-0.3pt;"> </font>the<font style="letter-spacing:-0.3pt;"> </font>offshore<font style="letter-spacing:-0.3pt;"> </font>marine<font style="letter-spacing:-0.3pt;"> </font>support<font style="letter-spacing:-0.3pt;"> </font>industry<font style="letter-spacing:-0.3pt;"> </font>has<font style="letter-spacing:-0.3pt;"> </font>a<font style="letter-spacing:-0.3pt;"> </font>very<font style="letter-spacing:-0.3pt;"> </font>large<font style="letter-spacing:-0.3pt;"> </font>oversupply<font style="letter-spacing:-0.3pt;"> </font>of<font style="letter-spacing:-0.3pt;"> </font>ships<font style="letter-spacing:-0.3pt;"> </font>of<font style="letter-spacing:-0.3pt;"> </font>almost every type that will have to be put back to work or retired before we see a rebalancing of the market and sustained increases in OSV day rates.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Due<font style="letter-spacing:-1.05pt;"> </font>to<font style="letter-spacing:-1.05pt;"> </font>the<font style="letter-spacing:-1.05pt;"> </font>poor<font style="letter-spacing:-1.05pt;"> </font>market<font style="letter-spacing:-1.05pt;"> </font>conditions,<font style="letter-spacing:-1.05pt;"> </font>my<font style="letter-spacing:-1.05pt;"> </font>immediate<font style="letter-spacing:-1.05pt;"> </font>goal<font style="letter-spacing:-1.05pt;"> </font>during<font style="letter-spacing:-1.05pt;"> </font>my<font style="letter-spacing:-1.05pt;"> </font>time<font style="letter-spacing:-1.05pt;"> </font>at<font style="letter-spacing:-1.05pt;"> </font>Tidewater's<font style="letter-spacing:-1.05pt;"> </font>helm<font style="letter-spacing:-1.05pt;"> </font>is<font style="letter-spacing:-1.05pt;"> </font>to<font style="letter-spacing:-1.05pt;"> </font>rationalize<font style="letter-spacing:-1.05pt;"> </font>the<font style="letter-spacing:-1.05pt;"> </font>shore-based<font style="letter-spacing:-1.05pt;"> </font>support<font style="letter-spacing:-1.05pt;"> </font>and<font style="letter-spacing:-1.05pt;"> </font><font style="letter-spacing:-0.1pt;">meaningfully </font>reduce costs in all areas of our business, thereby preserving the Company's current strong liquidity position.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">An important process to reduce costs will be getting all the seats of the Tidewater bus filled with the right personnel. Of course, buses come in many different sizes and we need to determine just how large a Tidewater bus we are going to need going forward.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Currently, Tidewater's active fleet is approximately 150 ships. We will need to make a number of decisions based on how long we believe it will take for the offshore market to improve and thereby justify the reactivation of the currently stacked vessels.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cost reductions, downsizing, and consolidation is never pleasant. Fortunately, or unfortunately, I am among a small group of industry veterans that remembers the pain of the depression that the OSV industry suffered through from 1982 to 1993. I am certainly not predicting a downturn lasting as long as that last great industry depression, but my best judgment is that we are still facing a couple more years before we begin to see considerably better times for our industry.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">With<font style="letter-spacing:-0.2pt;"> </font>this<font style="letter-spacing:-0.2pt;"> </font>timeframe<font style="letter-spacing:-0.2pt;"> </font>in<font style="letter-spacing:-0.2pt;"> </font>mind,<font style="letter-spacing:-0.2pt;"> </font>my<font style="letter-spacing:-0.2pt;"> </font>charge<font style="letter-spacing:-0.2pt;"> </font>is<font style="letter-spacing:-0.2pt;"> </font>to<font style="letter-spacing:-0.2pt;"> </font>leave<font style="letter-spacing:-0.2pt;"> </font>the<font style="letter-spacing:-0.2pt;"> </font>next<font style="letter-spacing:-0.2pt;"> </font>leader<font style="letter-spacing:-0.2pt;"> </font>of<font style="letter-spacing:-0.2pt;"> </font>Tidewater<font style="letter-spacing:-0.2pt;"> </font>with<font style="letter-spacing:-0.2pt;"> </font>a<font style="letter-spacing:-0.2pt;"> </font>company<font style="letter-spacing:-0.2pt;"> </font>that<font style="letter-spacing:-0.2pt;"> </font>is<font style="letter-spacing:-0.2pt;"> </font>better<font style="letter-spacing:-0.2pt;"> </font>positioned<font style="letter-spacing:-0.2pt;"> </font>for<font style="letter-spacing:-0.2pt;"> </font>sustained<font style="letter-spacing:-0.2pt;"> </font>profitability and<font style="letter-spacing:-0.65pt;"> </font>future<font style="letter-spacing:-0.65pt;"> </font>growth.<font style="letter-spacing:-0.65pt;"> </font>Nevertheless,<font style="letter-spacing:-0.65pt;"> </font>while<font style="letter-spacing:-0.65pt;"> </font>we<font style="letter-spacing:-0.65pt;"> </font>reduce<font style="letter-spacing:-0.65pt;"> </font>costs,<font style="letter-spacing:-0.65pt;"> </font>we<font style="letter-spacing:-0.65pt;"> </font>are<font style="letter-spacing:-0.65pt;"> </font>not<font style="letter-spacing:-0.65pt;"> </font>going<font style="letter-spacing:-0.65pt;"> </font>to<font style="letter-spacing:-0.65pt;"> </font>sacrifice<font style="letter-spacing:-0.65pt;"> </font>in<font style="letter-spacing:-0.65pt;"> </font>any<font style="letter-spacing:-0.65pt;"> </font>way<font style="letter-spacing:-0.65pt;"> </font>our<font style="letter-spacing:-0.65pt;"> </font>long-standing<font style="letter-spacing:-0.65pt;"> </font>commitment<font style="letter-spacing:-0.65pt;"> </font>to<font style="letter-spacing:-0.65pt;"> </font>safe<font style="letter-spacing:-0.65pt;"> </font>and<font style="letter-spacing:-0.65pt;"> </font>efficient operations or our compliance with all laws and regulations, but we must be sure that we minimize the costs that we incur going forward.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Simply put, I want Tidewater to be the company that is best positioned to be a consolidator. During my career, I have been a consolidator. I have also been consolidated more than once. I am telling everyone at Tidewater that it is much better to be the consolidator.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="4._Quinn_Fanning"></a><a name="bookmark2"></a><a name="4._Quinn_Fanning"></a><a name="bookmark2"></a>Therefore, Tidewater must be among the lowest cost operators in this industry to ensure that we can be a serious consolidator when the right opportunities present themselves.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Now, I will turn the call to Quinn Fanning to cover our financial performance for this quarter. Quinn?</p>
<p style="text-align:justify;margin-top:0pt;border-bottom:Solid 0.75pt #003399;padding-bottom:1pt;margin-bottom:0pt;margin-left:1.36%;margin-right:1.27%;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Quinn Fanning <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - EVP and CFO</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Thank you, Larry.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Good<font style="letter-spacing:-0.25pt;"> </font>morning,<font style="letter-spacing:-0.25pt;"> </font>everyone.<font style="letter-spacing:-0.25pt;"> </font>As<font style="letter-spacing:-0.25pt;"> </font>you<font style="letter-spacing:-0.25pt;"> </font>know,<font style="letter-spacing:-0.25pt;"> </font>we<font style="letter-spacing:-0.25pt;"> </font>issued<font style="letter-spacing:-0.25pt;"> </font>our<font style="letter-spacing:-0.25pt;"> </font>earnings<font style="letter-spacing:-0.25pt;"> </font>press<font style="letter-spacing:-0.25pt;"> </font>release<font style="letter-spacing:-0.25pt;"> </font>after<font style="letter-spacing:-0.25pt;"> </font>the<font style="letter-spacing:-0.25pt;"> </font>market<font style="letter-spacing:-0.25pt;"> </font>closed<font style="letter-spacing:-0.25pt;"> </font>yesterday.<font style="letter-spacing:-0.25pt;"> </font>We<font style="letter-spacing:-0.25pt;"> </font>plan<font style="letter-spacing:-0.25pt;"> </font>to<font style="letter-spacing:-0.25pt;"> </font>file<font style="letter-spacing:-0.25pt;"> </font>our<font style="letter-spacing:-0.25pt;"> </font>quarterly<font style="letter-spacing:-0.25pt;"> </font>report on Form 10-Q through the EDGAR filing service later today.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As<font style="letter-spacing:-0.15pt;"> </font>was<font style="letter-spacing:-0.15pt;"> </font>highlighted<font style="letter-spacing:-0.15pt;"> </font>in<font style="letter-spacing:-0.15pt;"> </font>our<font style="letter-spacing:-0.15pt;"> </font>earnings<font style="letter-spacing:-0.15pt;"> </font>press<font style="letter-spacing:-0.15pt;"> </font>release<font style="letter-spacing:-0.15pt;"> </font>and<font style="letter-spacing:-0.15pt;"> </font>will<font style="letter-spacing:-0.15pt;"> </font>be<font style="letter-spacing:-0.15pt;"> </font>more<font style="letter-spacing:-0.15pt;"> </font>fully<font style="letter-spacing:-0.15pt;"> </font>explained<font style="letter-spacing:-0.15pt;"> </font>in<font style="letter-spacing:-0.15pt;"> </font>the<font style="letter-spacing:-0.15pt;"> </font>company's<font style="letter-spacing:-0.15pt;"> </font>September<font style="letter-spacing:-0.15pt;"> </font>30<font style="letter-spacing:-0.15pt;"> </font>Form<font style="letter-spacing:-0.15pt;"> </font>10-Q,<font style="letter-spacing:-0.15pt;"> </font>upon<font style="letter-spacing:-0.15pt;"> </font>emergence<font style="letter-spacing:-0.15pt;"> </font>on July 31, 2017, from a court supervised restructuring, the company adopted fresh start accounting and will report its financial position and results of operations through July 31 as Predecessor activities. We will report our financial position and results of operations subsequent to July 31 as Successor activities.</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><img src="g201711131651057596993.jpg" title="" alt="" style="width:736px;height:30px;"></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As previously disclosed, also note that our Board approved changing the company's fiscal year-end from a fiscal year ending March 31 to a fiscal year ending December 31. As a result, we will file a transition report on Form 10-K for the period from April 1, 2017, to December 31, 2017.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">I<font style="letter-spacing:-0.1pt;"> </font>also<font style="letter-spacing:-0.1pt;"> </font>call<font style="letter-spacing:-0.1pt;"> </font>your<font style="letter-spacing:-0.1pt;"> </font>attention<font style="letter-spacing:-0.1pt;"> </font>to<font style="letter-spacing:-0.1pt;"> </font>the<font style="letter-spacing:-0.1pt;"> </font>financial<font style="letter-spacing:-0.1pt;"> </font>tables<font style="letter-spacing:-0.1pt;"> </font>included<font style="letter-spacing:-0.1pt;"> </font>with<font style="letter-spacing:-0.1pt;"> </font>last<font style="letter-spacing:-0.1pt;"> </font>evening's<font style="letter-spacing:-0.1pt;"> </font>earnings<font style="letter-spacing:-0.1pt;"> </font>press<font style="letter-spacing:-0.1pt;"> </font>release.<font style="letter-spacing:-0.1pt;"> </font>Financial<font style="letter-spacing:-0.1pt;"> </font>results,<font style="letter-spacing:-0.1pt;"> </font>balance<font style="letter-spacing:-0.1pt;"> </font>sheet<font style="letter-spacing:-0.1pt;"> </font>data,<font style="letter-spacing:-0.1pt;"> </font>and<font style="letter-spacing:-0.1pt;"> </font>select operating statistics are presented covering five quarters (or equivalent periods), straddling both Predecessor and Successor activities.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Similarly, operating and financial detail is presented by asset class and based on our three geography-based reporting segments. We have also included<font style="letter-spacing:-0.25pt;"> </font>Consolidated<font style="letter-spacing:-0.25pt;"> </font>EBITDA<font style="letter-spacing:-0.25pt;"> </font>as<font style="letter-spacing:-0.25pt;"> </font>a<font style="letter-spacing:-0.25pt;"> </font>non-GAAP<font style="letter-spacing:-0.25pt;"> </font>performance<font style="letter-spacing:-0.25pt;"> </font>and<font style="letter-spacing:-0.25pt;"> </font>liquidity<font style="letter-spacing:-0.25pt;"> </font>measure<font style="letter-spacing:-0.25pt;"> </font>as<font style="letter-spacing:-0.25pt;"> </font>well<font style="letter-spacing:-0.25pt;"> </font>as<font style="letter-spacing:-0.25pt;"> </font>reconciliations<font style="letter-spacing:-0.25pt;"> </font>to<font style="letter-spacing:-0.25pt;"> </font>the<font style="letter-spacing:-0.25pt;"> </font>most<font style="letter-spacing:-0.25pt;"> </font>directly<font style="letter-spacing:-0.25pt;"> </font>comparable<font style="letter-spacing:-0.25pt;"> </font>GAAP financial<font style="letter-spacing:-0.9pt;"> </font>measures.<font style="letter-spacing:-0.9pt;"> </font>We<font style="letter-spacing:-0.9pt;"> </font>hope<font style="letter-spacing:-0.9pt;"> </font>investors<font style="letter-spacing:-0.9pt;"> </font>and<font style="letter-spacing:-0.9pt;"> </font>analysts<font style="letter-spacing:-0.9pt;"> </font>will<font style="letter-spacing:-0.9pt;"> </font>find<font style="letter-spacing:-0.9pt;"> </font>the<font style="letter-spacing:-0.9pt;"> </font>additional<font style="letter-spacing:-0.9pt;"> </font>information<font style="letter-spacing:-0.9pt;"> </font>both<font style="letter-spacing:-0.9pt;"> </font>well<font style="letter-spacing:-0.9pt;"> </font>organized<font style="letter-spacing:-0.9pt;"> </font>and<font style="letter-spacing:-0.9pt;"> </font>helpful<font style="letter-spacing:-0.9pt;"> </font>to<font style="letter-spacing:-0.9pt;"> </font>your<font style="letter-spacing:-0.9pt;"> </font>better<font style="letter-spacing:-0.9pt;"> </font>understanding of Tidewater and its results on a stand-alone basis and relative to other comparable companies.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">With that context, we reported a net loss for the period from August 1 through September 30, 2017 of $15.7 million, or $0.81 per common share. The net loss includes $1.9 million, or $0.10 per share after-tax of reorganization items.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Also note that the per share results for the Successor period reflect 19.4 million weighted average shares outstanding, and does not give effect to15.5 million warrants outstanding at 9/30, including 9 million Jones Act-related Creditor Warrants, which have a penny exercise price.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vessel revenue and vessel operating margin for the two-month period ended September 30 was $71 million and $18 million, respectively. In percentage terms, vessel operating margin for the two months ended September 30 was approximately 26%.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For the two-month period ended September 30, consolidated EBITDA was approximately $4.5 million. Consolidated EBITDA excludes restructuring-related<font style="letter-spacing:-0.9pt;"> </font>professional<font style="letter-spacing:-0.9pt;"> </font>services<font style="letter-spacing:-0.9pt;"> </font>costs,<font style="letter-spacing:-0.9pt;"> </font>but<font style="letter-spacing:-0.9pt;"> </font>includes<font style="letter-spacing:-0.9pt;"> </font>$1.2<font style="letter-spacing:-0.9pt;"> </font>million<font style="letter-spacing:-0.9pt;"> </font>of<font style="letter-spacing:-0.9pt;"> </font>stock-based<font style="letter-spacing:-0.9pt;"> </font>compensation<font style="letter-spacing:-0.9pt;"> </font>expense<font style="letter-spacing:-0.9pt;"> </font>and<font style="letter-spacing:-0.9pt;"> </font>$1.1<font style="letter-spacing:-0.9pt;"> </font>million<font style="letter-spacing:-0.9pt;"> </font>of<font style="letter-spacing:-0.9pt;"> </font>vessel<font style="letter-spacing:-0.9pt;"> </font>operating lease expense related to vessel leases rejected in connection with our Plan of Reorganization.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For the same two-month period, operating activities consumed approximately $18 million of cash. Included in this amount is the just referenced vessel<font style="letter-spacing:-0.55pt;"> </font>operating<font style="letter-spacing:-0.55pt;"> </font>lease<font style="letter-spacing:-0.55pt;"> </font>expense<font style="letter-spacing:-0.55pt;"> </font>of<font style="letter-spacing:-0.55pt;"> </font>$1.1<font style="letter-spacing:-0.55pt;"> </font>million<font style="letter-spacing:-0.55pt;"> </font>as<font style="letter-spacing:-0.55pt;"> </font>well<font style="letter-spacing:-0.55pt;"> </font>as<font style="letter-spacing:-0.55pt;"> </font>$1.9<font style="letter-spacing:-0.55pt;"> </font>million<font style="letter-spacing:-0.55pt;"> </font>of<font style="letter-spacing:-0.55pt;"> </font>reorganization<font style="letter-spacing:-0.55pt;"> </font>items<font style="letter-spacing:-0.55pt;"> </font>and<font style="letter-spacing:-0.55pt;"> </font>an<font style="letter-spacing:-0.55pt;"> </font>approximate<font style="letter-spacing:-0.55pt;"> </font>$10<font style="letter-spacing:-0.55pt;"> </font>million<font style="letter-spacing:-0.55pt;"> </font>increase<font style="letter-spacing:-0.55pt;"> </font>in<font style="letter-spacing:-0.55pt;"> </font>net<font style="letter-spacing:-0.55pt;"> </font>working capital, which in turn was primarily driven by decreases in accrued expenses and ordinary course commission payments to the Sonatide joint venture in Angola.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The average number of vessels in our fleet in the two-month post-reorganization period was 249 vessels, which is down 10 vessels from the three-month<font style="letter-spacing:-1pt;"> </font>period<font style="letter-spacing:-1pt;"> </font>ended<font style="letter-spacing:-1pt;"> </font>June<font style="letter-spacing:-1pt;"> </font>30,<font style="letter-spacing:-1pt;"> </font>2017,<font style="letter-spacing:-1pt;"> </font>and,<font style="letter-spacing:-1pt;"> </font>in<font style="letter-spacing:-1pt;"> </font>part,<font style="letter-spacing:-1pt;"> </font>reflects<font style="letter-spacing:-1pt;"> </font>our<font style="letter-spacing:-1pt;"> </font>return<font style="letter-spacing:-1pt;"> </font>of<font style="letter-spacing:-1pt;"> </font>16<font style="letter-spacing:-1pt;"> </font>leased<font style="letter-spacing:-1pt;"> </font>vessels<font style="letter-spacing:-1pt;"> </font>for<font style="letter-spacing:-1pt;"> </font>which<font style="letter-spacing:-1pt;"> </font>the<font style="letter-spacing:-1pt;"> </font>company<font style="letter-spacing:-1pt;"> </font>terminated<font style="letter-spacing:-1pt;"> </font>its<font style="letter-spacing:-1pt;"> </font>lease<font style="letter-spacing:-1pt;"> </font>agreements, again, in connection with the Plan of Reorganization.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On average, 146 vessels of those 249 owned and operated vessels were active in the two-month post-reorganization period. Post-reorganization utilization of the active fleet was 78.5%. Average day rates for the period were approximately $10,100.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Without differentiating between Predecessor and Successor activities, the number of active vessels, utilization of the active fleet and average<font style="letter-spacing:-0.95pt;"> </font>day rates have been relatively stable over the last couple of quarters, so I will just refer you to the tables that were included in our press release for detail by asset class and geo-market.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Before I turn it back to Larry, I would like to cover three items:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">First, I will summarize the reorganization and fresh start accounting adjustments and the effects of such adjustments on the company's post-reorganization balance sheet.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Second, I will touch on costs and, more broadly, the company's post-reorganization fixed charge burden. </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Finally, I will offer some color on Tidewater's post-reorganization leverage and liquidity position.</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><img src="g201711131651057596993.jpg" title="" alt="" style="width:736px;height:30px;"></p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In<font style="letter-spacing:-0.25pt;"> </font>regards<font style="letter-spacing:-0.25pt;"> </font>to<font style="letter-spacing:-0.25pt;"> </font>the<font style="letter-spacing:-0.25pt;"> </font>Successor<font style="letter-spacing:-0.25pt;"> </font>balance<font style="letter-spacing:-0.25pt;"> </font>sheet<font style="letter-spacing:-0.25pt;"> </font>that<font style="letter-spacing:-0.25pt;"> </font>was<font style="letter-spacing:-0.25pt;"> </font>included<font style="letter-spacing:-0.25pt;"> </font>in<font style="letter-spacing:-0.25pt;"> </font>the<font style="letter-spacing:-0.25pt;"> </font>press<font style="letter-spacing:-0.25pt;"> </font>release<font style="letter-spacing:-0.25pt;"> </font>and<font style="letter-spacing:-0.25pt;"> </font>will<font style="letter-spacing:-0.25pt;"> </font>be<font style="letter-spacing:-0.25pt;"> </font>included<font style="letter-spacing:-0.25pt;"> </font>in<font style="letter-spacing:-0.25pt;"> </font>our<font style="letter-spacing:-0.25pt;"> </font>Form<font style="letter-spacing:-0.25pt;"> </font>10-Q<font style="letter-spacing:-0.25pt;"> </font>filing,<font style="letter-spacing:-0.25pt;"> </font>our<font style="letter-spacing:-0.25pt;"> </font>starting<font style="letter-spacing:-0.25pt;"> </font>point<font style="letter-spacing:-0.25pt;"> </font>was the $1.05 billion mid-point of the enterprise value range that was included in the disclosure statement made a part of the Plan of<font style="letter-spacing:-1.15pt;"> </font>Reorganization. Equity<font style="letter-spacing:-0.8pt;"> </font>value<font style="letter-spacing:-0.8pt;"> </font>as<font style="letter-spacing:-0.8pt;"> </font>of<font style="letter-spacing:-0.8pt;"> </font>the<font style="letter-spacing:-0.8pt;"> </font>date<font style="letter-spacing:-0.8pt;"> </font>our<font style="letter-spacing:-0.8pt;"> </font>Plan<font style="letter-spacing:-0.8pt;"> </font>became<font style="letter-spacing:-0.8pt;"> </font>effective<font style="letter-spacing:-0.8pt;"> </font>was<font style="letter-spacing:-0.8pt;"> </font>determined<font style="letter-spacing:-0.8pt;"> </font>to<font style="letter-spacing:-0.8pt;"> </font>be<font style="letter-spacing:-0.8pt;"> </font>$1.06<font style="letter-spacing:-0.8pt;"> </font>billion<font style="letter-spacing:-0.8pt;"> </font>and<font style="letter-spacing:-0.8pt;"> </font>primarily<font style="letter-spacing:-0.8pt;"> </font>reflected<font style="letter-spacing:-0.8pt;"> </font>approximately<font style="letter-spacing:-0.8pt;"> </font>$7<font style="letter-spacing:-0.8pt;"> </font>million<font style="letter-spacing:-0.8pt;"> </font>of<font style="letter-spacing:-0.8pt;"> </font>negative net debt after taking into account both approximately $102 million still payable to holders of General Unsecured Claims at July 31 and post-reorganization<font style="letter-spacing:-0.25pt;"> </font>debt<font style="letter-spacing:-0.25pt;"> </font>of<font style="letter-spacing:-0.25pt;"> </font>approximately<font style="letter-spacing:-0.25pt;"> </font>$441<font style="letter-spacing:-0.25pt;"> </font>million.<font style="letter-spacing:-0.25pt;"> </font>In<font style="letter-spacing:-0.25pt;"> </font>aggregate,<font style="letter-spacing:-0.25pt;"> </font>such<font style="letter-spacing:-0.25pt;"> </font>debt<font style="letter-spacing:-0.25pt;"> </font>was<font style="letter-spacing:-0.25pt;"> </font>valued<font style="letter-spacing:-0.25pt;"> </font>at<font style="letter-spacing:-0.25pt;"> </font>approximately<font style="letter-spacing:-0.25pt;"> </font>102%<font style="letter-spacing:-0.25pt;"> </font>of<font style="letter-spacing:-0.25pt;"> </font>par,<font style="letter-spacing:-0.25pt;"> </font>or<font style="letter-spacing:-0.25pt;"> </font>approximately<font style="letter-spacing:-0.25pt;"> </font>$452 million. Liabilities subject to compromise were eliminated as a restructuring adjustment.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Most noteworthy among the "fresh start" accounting adjustments are adjustments to the carrying value of our vessel fleet and other long-term assets, which as of July 31 reflect fair value adjustments to be logically consistent with the previously referenced $1.05 billion enterprise value. Other<font style="letter-spacing:-0.25pt;"> </font>assets,<font style="letter-spacing:-0.25pt;"> </font>including<font style="letter-spacing:-0.25pt;"> </font>cash,<font style="letter-spacing:-0.25pt;"> </font>accounts<font style="letter-spacing:-0.25pt;"> </font>receivable<font style="letter-spacing:-0.25pt;"> </font>and<font style="letter-spacing:-0.25pt;"> </font>inventory,<font style="letter-spacing:-0.25pt;"> </font>and<font style="letter-spacing:-0.25pt;"> </font>liabilities<font style="letter-spacing:-0.25pt;"> </font>unrelated<font style="letter-spacing:-0.25pt;"> </font>to<font style="letter-spacing:-0.25pt;"> </font>impaired<font style="letter-spacing:-0.25pt;"> </font>creditors<font style="letter-spacing:-0.25pt;"> </font>were<font style="letter-spacing:-0.25pt;"> </font>also<font style="letter-spacing:-0.25pt;"> </font>valued<font style="letter-spacing:-0.25pt;"> </font>at<font style="letter-spacing:-0.25pt;"> </font>fair<font style="letter-spacing:-0.25pt;"> </font>value,<font style="letter-spacing:-0.25pt;"> </font>which in most cases was at, or very close to, historical carrying values.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In regards to our vessel fleet, at September 30, 2017, our 143 owned vessels in active service are, in aggregate, carried on our balance sheet at approximately<font style="letter-spacing:-0.55pt;"> </font>$634<font style="letter-spacing:-0.55pt;"> </font>million,<font style="letter-spacing:-0.55pt;"> </font>or,<font style="letter-spacing:-0.55pt;"> </font>on<font style="letter-spacing:-0.55pt;"> </font>average,<font style="letter-spacing:-0.55pt;"> </font>approximately<font style="letter-spacing:-0.55pt;"> </font>$4.4<font style="letter-spacing:-0.55pt;"> </font>million<font style="letter-spacing:-0.55pt;"> </font>per<font style="letter-spacing:-0.55pt;"> </font>vessel.<font style="letter-spacing:-0.55pt;"> </font>At<font style="letter-spacing:-0.55pt;"> </font>September<font style="letter-spacing:-0.55pt;"> </font>30,<font style="letter-spacing:-0.55pt;"> </font>our<font style="letter-spacing:-0.55pt;"> </font>89<font style="letter-spacing:-0.55pt;"> </font>owned<font style="letter-spacing:-0.55pt;"> </font>stacked<font style="letter-spacing:-0.55pt;"> </font>vessels<font style="letter-spacing:-0.55pt;"> </font>are,<font style="letter-spacing:-0.55pt;"> </font>in<font style="letter-spacing:-0.55pt;"> </font>aggregate, carried on our balance sheet at approximately $203 million, or, on average, approximately $2.2 million per vessel.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As additional data points, I will further note that, on average, the carrying value of our 43 deepwater PSVs with cargo carrying capacities above 3,800 deadweight tons is approximately $8.6 million per vessel. Twenty-five of those 43 vessels are less than five years old and have an average carrying value of approximately $9.4 million.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Similarly,<font style="letter-spacing:-0.15pt;"> </font>on<font style="letter-spacing:-0.15pt;"> </font>average,<font style="letter-spacing:-0.15pt;"> </font>the<font style="letter-spacing:-0.15pt;"> </font>carrying<font style="letter-spacing:-0.15pt;"> </font>value<font style="letter-spacing:-0.15pt;"> </font>of<font style="letter-spacing:-0.15pt;"> </font>our<font style="letter-spacing:-0.15pt;"> </font>79<font style="letter-spacing:-0.15pt;"> </font>5,500<font style="letter-spacing:-0.15pt;"> </font>to<font style="letter-spacing:-0.15pt;"> </font>10,000<font style="letter-spacing:-0.15pt;"> </font>brake<font style="letter-spacing:-0.15pt;"> </font>horsepower<font style="letter-spacing:-0.15pt;"> </font>anchor-handling<font style="letter-spacing:-0.15pt;"> </font>towing<font style="letter-spacing:-0.15pt;"> </font>supply<font style="letter-spacing:-0.15pt;"> </font>vessels<font style="letter-spacing:-0.15pt;"> </font>is<font style="letter-spacing:-0.15pt;"> </font>approximately<font style="letter-spacing:-0.15pt;"> </font>$2.1 million. Fifdty-one of those 79 vessels are less than 10 years old and have an average carrying value of $2.6 million.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In regards to costs, general and administrative expenses, excluding restructuring-related professional services costs, for the period from July 1 through September 30, which includes Predecessor activity through July 31 and Successor activity since July 31, was approximately $25 million, or down nearly 50% from a quarterly peak that was reached in 2014. Tax expense, which primarily reflects revenue-based taxes in our Africa operations, is running approximately $5 million to $6 million per quarter. Post-reorganization quarterly interest expense is expected to be approximately $8 million per quarter. Vessel operating lease expense associated with 16 leases that were rejected in connection with our Plan of Reorganization is behind us at this point.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Taken<font style="letter-spacing:-0.2pt;"> </font>together,<font style="letter-spacing:-0.2pt;"> </font>our<font style="letter-spacing:-0.2pt;"> </font>fixed<font style="letter-spacing:-0.2pt;"> </font>charge<font style="letter-spacing:-0.2pt;"> </font>burden<font style="letter-spacing:-0.2pt;"> </font>(i.e.,<font style="letter-spacing:-0.2pt;"> </font>G&amp;A,<font style="letter-spacing:-0.2pt;"> </font>taxes,<font style="letter-spacing:-0.2pt;"> </font>and<font style="letter-spacing:-0.2pt;"> </font>interest<font style="letter-spacing:-0.2pt;"> </font>expense)<font style="letter-spacing:-0.2pt;"> </font>is<font style="letter-spacing:-0.2pt;"> </font>running<font style="letter-spacing:-0.2pt;"> </font>$38<font style="letter-spacing:-0.2pt;"> </font>million<font style="letter-spacing:-0.2pt;"> </font>to<font style="letter-spacing:-0.2pt;"> </font>$40<font style="letter-spacing:-0.2pt;"> </font>million<font style="letter-spacing:-0.2pt;"> </font>per<font style="letter-spacing:-0.2pt;"> </font>quarter,<font style="letter-spacing:-0.2pt;"> </font>or<font style="letter-spacing:-0.2pt;"> </font>somewhat<font style="letter-spacing:-0.2pt;"> </font>less than $160 million annualized. The relationship between this fixed charge burden and vessel operating margin -- which again was $18 million in the period from August 1 through September 30 or approximately $110 million annualized -- is one that we pay close attention to as we think about "cash burn," the need for further rationalization of costs and the preservation of our currently strong relative financial position.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In<font style="letter-spacing:-0.85pt;"> </font>regards<font style="letter-spacing:-0.85pt;"> </font>to<font style="letter-spacing:-0.85pt;"> </font>leverage<font style="letter-spacing:-0.85pt;"> </font>and<font style="letter-spacing:-0.85pt;"> </font>liquidity,<font style="letter-spacing:-0.85pt;"> </font>as<font style="letter-spacing:-0.85pt;"> </font>previously<font style="letter-spacing:-0.85pt;"> </font>noted,<font style="letter-spacing:-0.85pt;"> </font>Tidewater<font style="letter-spacing:-0.85pt;"> </font>completed<font style="letter-spacing:-0.85pt;"> </font>its<font style="letter-spacing:-0.85pt;"> </font>financial<font style="letter-spacing:-0.85pt;"> </font>restructuring<font style="letter-spacing:-0.85pt;"> </font>with<font style="letter-spacing:-0.85pt;"> </font>essentially<font style="letter-spacing:-0.85pt;"> </font>zero<font style="letter-spacing:-0.85pt;"> </font>net<font style="letter-spacing:-0.85pt;"> </font>debt.<font style="letter-spacing:-0.85pt;"> </font>At<font style="letter-spacing:-0.85pt;"> </font>September 30, the company had approximately $460 million of unrestricted cash and approximately $14.8 million in amounts due to holders of unsecured claims pending the resolution of one remaining claim related to our rejected sale/lease transactions.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Remaining CapEx on construction in process is less than $10 million, all of which relates to two vessels that are the subject of an arbitration proceeding here in the United States. As is disclosed in our Form 10-Q that will be filed later today, subsequent to September 30, the parties<font style="letter-spacing:-1.25pt;"> </font>have engaged in settlement negotiations to resolve all outstanding disputes related to these two vessels.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Scheduled debt payments are a bit more than $1 million per quarter through 2018, increasing to approximately $2.5 million per quarter in 2019.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The<font style="letter-spacing:-0.2pt;"> </font>$350<font style="letter-spacing:-0.2pt;"> </font>million<font style="letter-spacing:-0.2pt;"> </font>of<font style="letter-spacing:-0.2pt;"> </font>senior<font style="letter-spacing:-0.2pt;"> </font>secured<font style="letter-spacing:-0.2pt;"> </font>notes<font style="letter-spacing:-0.2pt;"> </font>issued<font style="letter-spacing:-0.2pt;"> </font>in<font style="letter-spacing:-0.2pt;"> </font>connection<font style="letter-spacing:-0.2pt;"> </font>with<font style="letter-spacing:-0.2pt;"> </font>our<font style="letter-spacing:-0.2pt;"> </font>Plan<font style="letter-spacing:-0.2pt;"> </font>of<font style="letter-spacing:-0.2pt;"> </font>Reorganization<font style="letter-spacing:-0.2pt;"> </font>will<font style="letter-spacing:-0.2pt;"> </font>mature<font style="letter-spacing:-0.2pt;"> </font>on<font style="letter-spacing:-0.2pt;"> </font>August<font style="letter-spacing:-0.2pt;"> </font>1,<font style="letter-spacing:-0.2pt;"> </font>2022.<font style="letter-spacing:-0.2pt;"> </font>These<font style="letter-spacing:-0.2pt;"> </font>notes<font style="letter-spacing:-0.2pt;"> </font>have<font style="letter-spacing:-0.2pt;"> </font>no scheduled maturities before 2022, but do require the company to make formula-based offers to redeem portions of such notes based on our realization of proceeds from asset sales.</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><img src="g201711131651057596993.jpg" title="" alt="" style="width:736px;height:30px;"></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU4"></a><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As I have noted on previous earnings conference calls, our near- to intermediate-term goal is to "live within our means" and therefore preserve liquidity and position the company for a future upturn in offshore activity. To the extent customer demand and available day rates support the future</font><font style="letter-spacing:-0.55pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reactivation</font><font style="letter-spacing:-0.55pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</font><font style="letter-spacing:-0.55pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">re-provisioning</font><font style="letter-spacing:-0.55pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</font><font style="letter-spacing:-0.55pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">currently</font><font style="letter-spacing:-0.55pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">idle</font><font style="letter-spacing:-0.55pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">equipment,</font><font style="letter-spacing:-0.55pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.55pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">believe</font><font style="letter-spacing:-0.55pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our</font><font style="letter-spacing:-0.55pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">fleet,</font><font style="letter-spacing:-0.55pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our</font><font style="letter-spacing:-0.55pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">global</font><font style="letter-spacing:-0.55pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">operating</font><font style="letter-spacing:-0.55pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">footprint</font><font style="letter-spacing:-0.55pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and,</font><font style="letter-spacing:-0.55pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">importantly,</font><font style="letter-spacing:-0.55pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our</font><font style="letter-spacing:-0.55pt;"> </font><font style="font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ability to fund the significant cost of returning vessels to service will all prove to be positive points of differentiation for Tidewater, both with customers and with investors.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">With that, I will turn the call back over to Larry.</p>
<p style="text-align:justify;margin-top:0pt;border-bottom:Solid 0.75pt #003399;padding-bottom:1pt;margin-bottom:0pt;margin-left:1.36%;margin-right:1.27%;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Larry Rigdon <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - President and CEO</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Thank<font style="letter-spacing:-0.35pt;"> </font>you,<font style="letter-spacing:-0.35pt;"> </font>Quinn.<font style="letter-spacing:-0.35pt;"> </font>I<font style="letter-spacing:-0.35pt;"> </font>have<font style="letter-spacing:-0.35pt;"> </font>personally<font style="letter-spacing:-0.35pt;"> </font>found<font style="letter-spacing:-0.35pt;"> </font>the<font style="letter-spacing:-0.35pt;"> </font>fresh<font style="letter-spacing:-0.35pt;"> </font>start<font style="letter-spacing:-0.35pt;"> </font>accounting<font style="letter-spacing:-0.35pt;"> </font>and<font style="letter-spacing:-0.35pt;"> </font>associated<font style="letter-spacing:-0.35pt;"> </font>disclosures<font style="letter-spacing:-0.35pt;"> </font>that<font style="letter-spacing:-0.35pt;"> </font>are<font style="letter-spacing:-0.35pt;"> </font>reflected<font style="letter-spacing:-0.35pt;"> </font>in<font style="letter-spacing:-0.35pt;"> </font>our<font style="letter-spacing:-0.35pt;"> </font>earnings<font style="letter-spacing:-0.35pt;"> </font>press<font style="letter-spacing:-0.35pt;"> </font>release<font style="letter-spacing:-0.35pt;"> </font>and Form 10-Q to be very interesting, but a somewhat challenging process to understand and fully appreciate.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In<font style="letter-spacing:-0.8pt;"> </font>simple<font style="letter-spacing:-0.8pt;"> </font>terms,<font style="letter-spacing:-0.8pt;"> </font>with<font style="letter-spacing:-0.8pt;"> </font>assistance<font style="letter-spacing:-0.8pt;"> </font>from<font style="letter-spacing:-0.8pt;"> </font>a<font style="letter-spacing:-0.8pt;"> </font>number<font style="letter-spacing:-0.8pt;"> </font>of<font style="letter-spacing:-0.8pt;"> </font>valuation<font style="letter-spacing:-0.8pt;"> </font>consultants,<font style="letter-spacing:-0.8pt;"> </font>the<font style="letter-spacing:-0.8pt;"> </font>company<font style="letter-spacing:-0.8pt;"> </font>re-valued<font style="letter-spacing:-0.8pt;"> </font>its<font style="letter-spacing:-0.8pt;"> </font>assets<font style="letter-spacing:-0.8pt;"> </font>and<font style="letter-spacing:-0.8pt;"> </font>liabilities<font style="letter-spacing:-0.8pt;"> </font>in<font style="letter-spacing:-0.8pt;"> </font>a<font style="letter-spacing:-0.8pt;"> </font>manner<font style="letter-spacing:-0.8pt;"> </font>that<font style="letter-spacing:-0.8pt;"> </font>is<font style="letter-spacing:-0.8pt;"> </font>consistent with the aggregate enterprise value referenced in the disclosure statement that was part of the court-supervised reorganization process.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In<font style="letter-spacing:-0.8pt;"> </font>estimating<font style="letter-spacing:-0.8pt;"> </font>the<font style="letter-spacing:-0.8pt;"> </font>fair<font style="letter-spacing:-0.8pt;"> </font>value<font style="letter-spacing:-0.8pt;"> </font>of<font style="letter-spacing:-0.8pt;"> </font>vessels<font style="letter-spacing:-0.8pt;"> </font>and<font style="letter-spacing:-0.8pt;"> </font>related<font style="letter-spacing:-0.8pt;"> </font>equipment,<font style="letter-spacing:-0.8pt;"> </font>the<font style="letter-spacing:-0.8pt;"> </font>company<font style="letter-spacing:-0.8pt;"> </font>used<font style="letter-spacing:-0.8pt;"> </font>a<font style="letter-spacing:-0.8pt;"> </font>combination<font style="letter-spacing:-0.8pt;"> </font>of<font style="letter-spacing:-0.8pt;"> </font>methods,<font style="letter-spacing:-0.8pt;"> </font>including<font style="letter-spacing:-0.8pt;"> </font>discounted<font style="letter-spacing:-0.8pt;"> </font>cash<font style="letter-spacing:-0.8pt;"> </font>flow<font style="letter-spacing:-0.8pt;"> </font>analyses, secondhand market values, and vessel-specific liquidation value analyses. Additional details regarding this process is more fully discussed in our Form 10-Q that as Quinn said we expect to be filed later today.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The<font style="letter-spacing:-0.2pt;"> </font>point<font style="letter-spacing:-0.2pt;"> </font>that<font style="letter-spacing:-0.2pt;"> </font>I<font style="letter-spacing:-0.2pt;"> </font>want<font style="letter-spacing:-0.2pt;"> </font>to<font style="letter-spacing:-0.2pt;"> </font>make<font style="letter-spacing:-0.2pt;"> </font>here<font style="letter-spacing:-0.2pt;"> </font>is<font style="letter-spacing:-0.2pt;"> </font>that<font style="letter-spacing:-0.2pt;"> </font>the<font style="letter-spacing:-0.2pt;"> </font>post-restructuring<font style="letter-spacing:-0.2pt;"> </font>carrying<font style="letter-spacing:-0.2pt;"> </font>value<font style="letter-spacing:-0.2pt;"> </font>of<font style="letter-spacing:-0.2pt;"> </font>the<font style="letter-spacing:-0.2pt;"> </font>Tidewater<font style="letter-spacing:-0.2pt;"> </font>fleet<font style="letter-spacing:-0.2pt;"> </font>and<font style="letter-spacing:-0.2pt;"> </font>of<font style="letter-spacing:-0.2pt;"> </font>the<font style="letter-spacing:-0.2pt;"> </font>individual<font style="letter-spacing:-0.2pt;"> </font>ships<font style="letter-spacing:-0.2pt;"> </font>that<font style="letter-spacing:-0.2pt;"> </font>comprise<font style="letter-spacing:-0.2pt;"> </font>the Tidewater<font style="letter-spacing:-0.3pt;"> </font>fleet<font style="letter-spacing:-0.3pt;"> </font>is<font style="letter-spacing:-0.3pt;"> </font>substantially<font style="letter-spacing:-0.3pt;"> </font>below<font style="letter-spacing:-0.3pt;"> </font>such<font style="letter-spacing:-0.3pt;"> </font>vessels'<font style="letter-spacing:-0.3pt;"> </font>original<font style="letter-spacing:-0.3pt;"> </font>costs.<font style="letter-spacing:-0.3pt;"> </font>And<font style="letter-spacing:-0.3pt;"> </font>in<font style="letter-spacing:-0.3pt;"> </font>many<font style="letter-spacing:-0.3pt;"> </font>cases<font style="letter-spacing:-0.3pt;"> </font>is<font style="letter-spacing:-0.3pt;"> </font>substantially<font style="letter-spacing:-0.3pt;"> </font>below<font style="letter-spacing:-0.3pt;"> </font>both<font style="letter-spacing:-0.3pt;"> </font>replacement<font style="letter-spacing:-0.3pt;"> </font>values<font style="letter-spacing:-0.3pt;"> </font>and<font style="letter-spacing:-0.3pt;"> </font>the<font style="letter-spacing:-0.3pt;"> </font>values typically quoted by ship brokers.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">I suspect when we provide more detail on the carrying values of the vessels in our fleet, many stakeholders in the OSV industry, including offshore-focused financial institutions, will realize that the fair market value of similar ships will be far below the par value of the loans that are secured by those ships. Whether this rationalization changes the current approach of financial institutions in regard to debt restructuring will be very interesting to observe.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In my view, the current amend-and-pretend approach that is being taken by many financial institutions is actually an impediment to a sustained recovery<font style="letter-spacing:-0.2pt;"> </font>in<font style="letter-spacing:-0.2pt;"> </font>the<font style="letter-spacing:-0.2pt;"> </font>OSV<font style="letter-spacing:-0.2pt;"> </font>business<font style="letter-spacing:-0.2pt;"> </font>because<font style="letter-spacing:-0.2pt;"> </font>it<font style="letter-spacing:-0.2pt;"> </font>results<font style="letter-spacing:-0.2pt;"> </font>in<font style="letter-spacing:-0.2pt;"> </font>a<font style="letter-spacing:-0.2pt;"> </font>significant<font style="letter-spacing:-0.2pt;"> </font>oversupply<font style="letter-spacing:-0.2pt;"> </font>of<font style="letter-spacing:-0.2pt;"> </font>vessels<font style="letter-spacing:-0.2pt;"> </font>being<font style="letter-spacing:-0.2pt;"> </font>marketed<font style="letter-spacing:-0.2pt;"> </font>in<font style="letter-spacing:-0.2pt;"> </font>a<font style="letter-spacing:-0.2pt;"> </font>still<font style="letter-spacing:-0.2pt;"> </font>depressed<font style="letter-spacing:-0.2pt;"> </font>market.<font style="letter-spacing:-0.2pt;"> </font>As<font style="letter-spacing:-0.2pt;"> </font>a<font style="letter-spacing:-0.2pt;"> </font>result,<font style="letter-spacing:-0.2pt;"> </font>absent a significant supply rationalization, charter rates will continue to languish at or around cash flow breakeven until the oversupply of vessels is absorbed through a demand recovery.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">These<font style="letter-spacing:-0.35pt;"> </font>are<font style="letter-spacing:-0.35pt;"> </font>certainly<font style="letter-spacing:-0.35pt;"> </font>interesting<font style="letter-spacing:-0.35pt;"> </font>times<font style="letter-spacing:-0.35pt;"> </font>in<font style="letter-spacing:-0.35pt;"> </font>the<font style="letter-spacing:-0.35pt;"> </font>offshore<font style="letter-spacing:-0.35pt;"> </font>marine<font style="letter-spacing:-0.35pt;"> </font>support<font style="letter-spacing:-0.35pt;"> </font>industry.<font style="letter-spacing:-0.35pt;"> </font>I<font style="letter-spacing:-0.35pt;"> </font>will<font style="letter-spacing:-0.35pt;"> </font>leave<font style="letter-spacing:-0.35pt;"> </font>you<font style="letter-spacing:-0.35pt;"> </font>with<font style="letter-spacing:-0.35pt;"> </font>a<font style="letter-spacing:-0.35pt;"> </font>reiteration<font style="letter-spacing:-0.35pt;"> </font>of<font style="letter-spacing:-0.35pt;"> </font>what<font style="letter-spacing:-0.35pt;"> </font>I<font style="letter-spacing:-0.35pt;"> </font>stated<font style="letter-spacing:-0.35pt;"> </font>in<font style="letter-spacing:-0.35pt;"> </font>our<font style="letter-spacing:-0.35pt;"> </font>earnings<font style="letter-spacing:-0.35pt;"> </font>press release. And that is Tidewater's young, modern fleet, global operating footprint, low leverage and ample liquidity positions the company well to withstand the continued industry headwinds.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="QUESTIONS_AND_ANSWERS"></a><a name="QUESTIONS_AND_ANSWERS"></a>Our continued emphasis on further cost reductions will assist us in achieving our near-term goals of cash breakeven. Our ultimate goals are to return the company to sustained profitability and to be positioned for the eventual recovery that will come in the offshore energy industry.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="1._Operator"></a>Nicole, we can now open the lines for questions.</p>
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<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="2._Turner_Holm"></a><a name="bookmark3"></a>Turner Holm <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Clarksons Platou Securities - Analyst</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Good morning, gentlemen.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Quinn Fanning: Hello Turner.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">So Larry, I'd just like to follow up on some of your prepared remarks. And first, I think you made it abundantly clear that cost-cutting is going to be your main priority.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="3._Larry_Rigdon"></a><a name="3._Larry_Rigdon"></a>And so I'm curious how meaningful you think further cost reductions can be. Is the goal just to get back to cash breakeven relative to the fixed charge burden that Quinn went through? Or do you think that even in this environment you might be able to do a little bit better than that?</p>
<p style="text-align:justify;margin-top:0pt;border-bottom:Solid 0.75pt #003399;padding-bottom:1pt;margin-bottom:0pt;margin-left:1.36%;margin-right:1.27%;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Larry Rigdon <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - President and CEO</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Well, Turner, I would hope that we could do better than that. But that would be, in all honesty, a great challenge. I think we can definitely make a significant reduction in costs, but it would be really nice to see the market improve to some extent by possibly having some of the financial institutions pull some ships off the market to help us get back to balance a little sooner.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="4._Turner_Holm"></a><a name="4._Turner_Holm"></a>I have only been here since the middle of October and I cannot tell you that I have identified all the places we can cut. But, we have certainly identified some meaningful reductions. And by the time we have the next quarterly call, I think I will be in a much better position to be more responsive to your question, if that is acceptable to you.</p>
<p style="text-align:justify;margin-top:0pt;border-bottom:Solid 0.75pt #003399;padding-bottom:1pt;margin-bottom:0pt;margin-left:1.36%;margin-right:1.27%;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Turner Holm <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Clarksons Platou Securities - Analyst</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Yes, absolutely. I think it's fair enough, Larry. You talked a little bit also about your experience buying and selling fleets. And you also talked about -- a little bit about ship values and how there's a big discount to replacement costs or newbuild parity or however you want to look at it.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="5._Larry_Rigdon"></a>But then you also talked about it likely being a while away from better times for the market. So how would you characterize the fleet expansion or consolidation opportunity you see today?</p>
<p style="text-align:justify;margin-top:0pt;border-bottom:Solid 0.75pt #003399;padding-bottom:1pt;margin-bottom:0pt;margin-left:1.36%;margin-right:1.27%;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Larry Rigdon <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - President and CEO</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="6._Turner_Holm"></a>Well, we all know that there is a great amount of noise in the marketplace about reorganizations and what those reorganizations may do to<font style="letter-spacing:-1.2pt;"> </font>open possibilities<font style="letter-spacing:-0.15pt;"> </font>for<font style="letter-spacing:-0.15pt;"> </font>consolidation.<font style="letter-spacing:-0.15pt;"> </font>I<font style="letter-spacing:-0.15pt;"> </font>would<font style="letter-spacing:-0.15pt;"> </font>tell<font style="letter-spacing:-0.15pt;"> </font>you<font style="letter-spacing:-0.15pt;"> </font>that<font style="letter-spacing:-0.15pt;"> </font>I<font style="letter-spacing:-0.15pt;"> </font>am<font style="letter-spacing:-0.15pt;"> </font>more<font style="letter-spacing:-0.15pt;"> </font>focused<font style="letter-spacing:-0.15pt;"> </font>on<font style="letter-spacing:-0.15pt;"> </font>what<font style="letter-spacing:-0.15pt;"> </font>we<font style="letter-spacing:-0.15pt;"> </font>can<font style="letter-spacing:-0.15pt;"> </font>do<font style="letter-spacing:-0.15pt;"> </font>to<font style="letter-spacing:-0.15pt;"> </font>get<font style="letter-spacing:-0.15pt;"> </font>our<font style="letter-spacing:-0.15pt;"> </font>own<font style="letter-spacing:-0.15pt;"> </font>house<font style="letter-spacing:-0.15pt;"> </font>in<font style="letter-spacing:-0.15pt;"> </font>order<font style="letter-spacing:-0.15pt;"> </font>and<font style="letter-spacing:-0.15pt;"> </font>much<font style="letter-spacing:-0.15pt;"> </font>less<font style="letter-spacing:-0.15pt;"> </font>concerned about all of the possible opportunities that may come. I think it is a little early, but we are going to stay about our own knitting first, Turner.</p>
<p style="text-align:justify;margin-top:0pt;border-bottom:Solid 0.75pt #003399;padding-bottom:1pt;margin-bottom:0pt;margin-left:1.36%;margin-right:1.27%;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="7._Operator"></a>Turner Holm <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Clarksons Platou Securities - Analyst</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Sure, absolutely. I understand. I will turn it back. Thanks, guys.</p>
<p style="text-align:justify;margin-top:0pt;border-bottom:Solid 0.75pt #003399;padding-bottom:1pt;margin-bottom:0pt;margin-left:1.36%;margin-right:1.27%;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Times New Roman;"><a name="8._Joe_Bennett"></a>&nbsp;</p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Joe Bennett <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - EVP and CIRO</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:1.09%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">All right, Nicole. We will accept that and get back to work. Again, we appreciate everyone's time this morning and your interest in our company. Have a great day. Thank you, Nicole.</p>
<p style="text-align:justify;margin-top:0pt;border-bottom:Solid 0.75pt #003399;padding-bottom:1pt;margin-bottom:0pt;margin-left:1.36%;margin-right:1.27%;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
