<SEC-DOCUMENT>0001564590-18-014104.txt : 20180522
<SEC-HEADER>0001564590-18-014104.hdr.sgml : 20180522
<ACCEPTANCE-DATETIME>20180521175313
ACCESSION NUMBER:		0001564590-18-014104
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180515
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180522
DATE AS OF CHANGE:		20180521

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:		18850828

	BUSINESS ADDRESS:	
		STREET 1:		6002 ROGERDALE ROAD
		STREET 2:		SUITE 600
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77072
		BUSINESS PHONE:		7134705300

	MAIL ADDRESS:	
		STREET 1:		6002 ROGERDALE ROAD
		STREET 2:		SUITE 600
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77072

	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_20180515.htm
<DESCRIPTION>8-K
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<p style="text-align:right;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-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;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-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-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;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-top:0pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-size:11pt;font-family:Times New Roman;font-weight:bold;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-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;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;">Date of Report <font style="font-style:italic;">(Date of earliest event reported)</font> <font style="font-weight:bold;">May 15, 2018</font></p>
<p style="text-align:center;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-family:Times New Roman;font-size:10pt;">&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-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100%;">
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<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:34%;">
<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>
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<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-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:90%;">
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<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;">6002 Rogerdale Road, Suite 600</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;">Houston, Texas<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:45%;">
<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;">77072</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>
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<p style="text-align:center;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-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(713) 470-5300</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-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;">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="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;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 registrant under any of the following provisions (<font style="font-style:italic;">see</font> General Instruction A.2. below):</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;letter-spacing:-0.15pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"><font style="letter-spacing:-0.15pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"></font><font style="font-size:10pt;font-family:'Times New Roman'">&#9744;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;letter-spacing:-0.15pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;letter-spacing:-0.15pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"><font style="letter-spacing:-0.15pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"></font><font style="font-size:10pt;font-family:'Times New Roman'">&#9744;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;letter-spacing:-0.15pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;letter-spacing:-0.15pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17&#160;CFR 240.14d-2(b))</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;letter-spacing:-0.15pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"><font style="letter-spacing:-0.15pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"></font><font style="font-size:10pt;font-family:'Times New Roman'">&#9744;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;letter-spacing:-0.15pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17&#160;CFR 240.13e-4(c))</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.85%;text-indent:-3.85%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2). <font style="margin-left:18pt;"></font>Emerging growth company [ ]</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-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act.<font style="margin-left:18pt;">[ ]</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-bottom:0pt;margin-top:0pt;margin-left:3.85%;text-indent:-3.85%;font-size:12pt;">&nbsp;</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;">1</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;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;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 May 15, 2018 analyst conference call discussing its financial results for the three months ended March 31, 2018.&nbsp;&nbsp;</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;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 under this item.</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;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>
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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: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;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>
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<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>
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<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_6.htm"><font style="text-decoration:underline;">Transcript from the May 15, 2018 analyst conference call</font></a>.</p></td></tr></table></div>
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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>
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<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>
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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;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;">Executive Vice President and Chief Financial Officer</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: May 21, 2018</p>
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<p style="line-height:35pt;margin-bottom:0pt;margin-top:0pt;margin-left:23pt;;text-indent:0pt;;color:#FFFFFF;font-size:32pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">EDITED TRANSCRIPT</p>
<p style="line-height:18pt;margin-bottom:0pt;margin-top:0pt;margin-left:23pt;;text-indent:0pt;;color:#FFFFFF;font-size:18pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">TDW &#8211; Q1 2018 Tidewater Inc Earnings Call<font style="letter-spacing:-1.55pt;"> </font></p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:23pt;;text-indent:0pt;;color:#FFFFFF;font-size:18pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">EVENT DATE/TIME: MAY 15, 2018 / 3:00PM GMT</p>
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<p style="margin-top:6pt;margin-bottom:0pt;margin-left:23pt;;margin-right:21.96%;text-indent:0pt;;color:#FFFFFF;font-size:12pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Co. reported three months ended 03/31/18 revenues of $91.5m and net loss of $39.2m or $1.67 per common share.</p>
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<p style="margin-bottom:4pt;margin-top:4pt;margin-left:4pt;;margin-right:0.73%;text-indent:0pt;;color:#FFFFFF;font-size:12pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">MAY<font style="letter-spacing:-0.75pt;"> </font>15,<font style="letter-spacing:-0.75pt;"> </font>2018<font style="letter-spacing:-0.75pt;"> </font>/<font style="letter-spacing:-0.75pt;"> </font>3:00PM,<font style="letter-spacing:-0.75pt;"> </font>TDW<font style="letter-spacing:-0.75pt;"> </font>&#8211;<font style="letter-spacing:-0.75pt;"> Q1 2018 </font>Tidewater<font style="letter-spacing:-0.75pt;"> </font>Inc<font style="letter-spacing:-0.75pt;"> </font>Earnings<font style="letter-spacing:-0.75pt;"> </font>Call</p></td>
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<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:9.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;color:#003399;font-weight:bold;font-family:Myriad Pro Cond;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="Corporate_Participants"></a><a name="Jason_Stanley_(2_Turns)"></a>C O R P O R A T E P A R T I C I P A N T S </p><a name="John_T._Rynd_(8_Turns)"></a>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#bookmark0"><font style="font-weight:bold;font-size:9pt;font-family:Myriad Pro;">Jason Stanley </font></a><font style="font-style:italic;font-family:Calibri;font-size:9pt;">Tidewater Inc. - Director, IR</font></p><a name="Quinn_P._Fanning_(15_Turns)"></a>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#bookmark1"><font style="font-weight:bold;font-size:9pt;font-family:Myriad Pro;">John T. Rynd </font></a><font style="font-style:italic;font-family:Calibri;font-size:9pt;">Tidewater Inc. - President, CEO &amp; Director</font></p><a name="Conference_Call_Participants"></a>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#bookmark2"><font style="font-weight:bold;font-size:9pt;font-family:Myriad Pro;">Quinn P. Fanning </font></a><font style="font-style:italic;font-family:Calibri;font-size:9pt;">Tidewater Inc. - CFO</font></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:14pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;color:#003399;font-weight:bold;font-family:Myriad Pro Cond;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="Ceki_Aluf_Medina_(6_Turns)"></a>C O N F E R E N C E C A L L P A R T I C I P A N T S </p><a name="Joseph_Donough_Gibney_(4_Turns)"></a><a name="Michael_William_Urban_(4_Turns)"></a>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#bookmark6"><font style="font-weight:bold;font-size:9pt;font-family:Myriad Pro;">Ceki Aluf Medina </font></a><font style="font-style:italic;font-family:Calibri;font-size:9pt;">Southpaw Asset Management, LP - Partner and MD</font></p><a name="Turner_Holm_(5_Turns)"></a>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;margin-right:34.85%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="PRESENTATION"></a><a href="#bookmark4"><font style="font-weight:bold;font-size:9pt;font-family:Myriad Pro;">Joseph Donough Gibney </font></a><font style="font-style:italic;font-family:Calibri;font-size:9pt;">Capital One Securities, Inc., Research Division - Senior Analyst </font><a href="#bookmark3"><font style="font-weight:bold;font-size:9pt;font-family:Myriad Pro;">Michael William Urban </font><font style="font-style:italic;font-family:Calibri;font-size:9pt;"><a name="PRESENTATION"></a>Seaport Global Securities LLC, Research Division - MD &amp; Senior Analyst</font></a> <a href="#bookmark3"><a href="#bookmark5"><font style="font-weight:bold;font-size:9pt;font-family:Myriad Pro;">Turner Holm </font></a><font style="font-style:italic;font-family:Calibri;font-size:9pt;">Clarksons Platou Securities AS, Research Division - Director</font></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;color:#003399;font-weight:bold;font-family:Myriad Pro Cond;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">P R E S E N T A T I O N </p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;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="margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;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:-0.6pt;"> </font>to<font style="letter-spacing:-0.6pt;"> </font>the<font style="letter-spacing:-0.6pt;"> </font>Earnings<font style="letter-spacing:-0.6pt;"> </font>Conference<font style="letter-spacing:-0.6pt;"> </font>Call<font style="letter-spacing:-0.6pt;"> </font>First<font style="letter-spacing:-0.6pt;"> </font>Quarter<font style="letter-spacing:-0.6pt;"> </font>2018.<font style="letter-spacing:-0.6pt;"> </font>My<font style="letter-spacing:-0.6pt;"> </font>name<font style="letter-spacing:-0.6pt;"> </font>is<font style="letter-spacing:-0.6pt;"> </font>Adrienne,<font style="letter-spacing:-0.6pt;"> </font>and<font style="letter-spacing:-0.6pt;"> </font>I<font style="letter-spacing:-0.6pt;"> </font>will<font style="letter-spacing:-0.6pt;"> </font>be<font style="letter-spacing:-0.6pt;"> </font>your<font style="letter-spacing:-0.6pt;"> </font>operator<font style="letter-spacing:-0.6pt;"> </font>for<font style="letter-spacing:-0.6pt;"> </font>today's<font style="letter-spacing:-0.6pt;"> </font>call.<font style="letter-spacing:-0.6pt;"> </font>(Operator<font style="letter-spacing:-0.6pt;"> </font>Instructions) Please note, this conference is being recorded.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="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;"><a name="2._Jason_Stanley"></a><a name="_bookmark0"></a>I will now turn the call over to Jason Stanley. Jason Stanley, you may begin.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Jason Stanley <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - Director, IR</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Thank you, Adrienne. Good morning, everyone, and welcome to Tidewater's earnings conference call for the period ended March 31, 2018. I am Jason Stanley, Tidewater's Director, Investor Relations, and I would like to thank you for your time and interest in Tidewater.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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 me this morning on the call are our President and CEO, John Rynd; Quinn Fanning, our Chief Financial Officer; and Bruce Lundstrom, our General Counsel and Secretary. Following a few formalities, I will turn the call over to John for his initial comments, to be followed by Quinn's financial review. John will then provide some final wrap-up comments, and we will open the call for your questions.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the call today, we may make certain comments that are forward-looking and not statements of historical fact. I know that you<font style="letter-spacing:-1.1pt;"> </font>understand there<font style="letter-spacing:-0.45pt;"> </font>are<font style="letter-spacing:-0.45pt;"> </font>risks,<font style="letter-spacing:-0.45pt;"> </font>uncertainties<font style="letter-spacing:-0.45pt;"> </font>and<font style="letter-spacing:-0.45pt;"> </font>other<font style="letter-spacing:-0.45pt;"> </font>factors<font style="letter-spacing:-0.45pt;"> </font>that<font style="letter-spacing:-0.45pt;"> </font>may<font style="letter-spacing:-0.45pt;"> </font>cause<font style="letter-spacing:-0.45pt;"> </font>the<font style="letter-spacing:-0.45pt;"> </font>company's<font style="letter-spacing:-0.45pt;"> </font>actual<font style="letter-spacing:-0.45pt;"> </font>future<font style="letter-spacing:-0.45pt;"> </font>performance<font style="letter-spacing:-0.45pt;"> </font>to<font style="letter-spacing:-0.45pt;"> </font>be<font style="letter-spacing:-0.45pt;"> </font>materially<font style="letter-spacing:-0.45pt;"> </font>different<font style="letter-spacing:-0.45pt;"> </font>from<font style="letter-spacing:-0.45pt;"> </font>those<font style="letter-spacing:-0.45pt;"> </font>stated or implied by any comment that we make during this conference call.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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="3._John_T._Rynd"></a><a name="_bookmark1"></a><a name="3._John_T._Rynd"></a><a name="_bookmark1"></a>Also during the call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP and non-GAAP GAAP measures is included in the last evening's press release. Additional information concerning the factors that could cause actual results to differ materially from those stated or implied by the forward-looking statements may be found in the Risk Factors section of Tidewater's most recent Form 10-Q.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&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;">With that, I will turn the call over to John.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">John T. Rynd <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - President, CEO &amp; Director</font></p>
<p style="margin-top:6pt;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;">Thank you, Jason. Good morning, everyone, and thank you for joining the Tidewater call. For the first quarter of 2018, we reported a net loss of $39.2<font style="letter-spacing:-0.55pt;"> </font>million,<font style="letter-spacing:-0.55pt;"> </font>or<font style="letter-spacing:-0.55pt;"> </font>$1.67<font style="letter-spacing:-0.55pt;"> </font>per<font style="letter-spacing:-0.55pt;"> </font>common<font style="letter-spacing:-0.55pt;"> </font>share<font style="letter-spacing:-0.55pt;"> </font>on<font style="letter-spacing:-0.55pt;"> </font>revenues<font style="letter-spacing:-0.55pt;"> </font>of<font style="letter-spacing:-0.55pt;"> </font>$91.5<font style="letter-spacing:-0.55pt;"> </font>million.<font style="letter-spacing:-0.55pt;"> </font>The<font style="letter-spacing:-0.55pt;"> </font>March's<font style="letter-spacing:-0.55pt;"> </font>quarter<font style="letter-spacing:-0.55pt;"> </font>loss<font style="letter-spacing:-0.55pt;"> </font>included<font style="letter-spacing:-0.55pt;"> </font>$15.2<font style="letter-spacing:-0.55pt;"> </font>million,<font style="letter-spacing:-0.55pt;"> </font>or<font style="letter-spacing:-0.55pt;"> </font>$0.65<font style="letter-spacing:-0.55pt;"> </font>per<font style="letter-spacing:-0.55pt;"> </font>share,<font style="letter-spacing:-0.55pt;"> </font>of<font style="letter-spacing:-0.55pt;"> </font>foreign exchange losses. Also, included are non-cash impairment charges of $6.2 million, or $0.26 per common share, resulting from impairment reviews undertaken during the quarter.</p>
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<p style="margin-bottom:4pt;margin-top:4pt;margin-left:4pt;;margin-right:0.73%;text-indent:0pt;;color:#FFFFFF;font-size:12pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">MAY<font style="letter-spacing:-0.75pt;"> </font>15,<font style="letter-spacing:-0.75pt;"> </font>2018<font style="letter-spacing:-0.75pt;"> </font>/<font style="letter-spacing:-0.75pt;"> </font>3:00PM,<font style="letter-spacing:-0.75pt;"> </font>TDW<font style="letter-spacing:-0.75pt;"> </font>&#8211;<font style="letter-spacing:-0.75pt;"> Q1 2018 </font>Tidewater<font style="letter-spacing:-0.75pt;"> </font>Inc<font style="letter-spacing:-0.75pt;"> </font>Earnings<font style="letter-spacing:-0.75pt;"> </font>Call</p></td>
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<p style="margin-bottom:4pt;margin-top:4pt;margin-left:4pt;;margin-right:0.73%;text-indent:0pt;;font-family:Times New Roman;font-size:12pt;">&nbsp;</p></td>
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<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:10.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Note that the loss per share or adjusted loss per share is based on approximately 24 million weighted average shares outstanding and excludes our Jones Act-related New Creditor Warrants.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">EBITDA<font style="letter-spacing:-0.15pt;"> </font>for<font style="letter-spacing:-0.15pt;"> </font>the<font style="letter-spacing:-0.15pt;"> </font>quarter<font style="letter-spacing:-0.15pt;"> </font>ended<font style="letter-spacing:-0.15pt;"> </font>March<font style="letter-spacing:-0.15pt;"> </font>31,<font style="letter-spacing:-0.15pt;"> </font>was<font style="letter-spacing:-0.15pt;"> </font>negative<font style="letter-spacing:-0.15pt;"> </font>$9.9<font style="letter-spacing:-0.15pt;"> </font>million.<font style="letter-spacing:-0.15pt;"> </font>This<font style="letter-spacing:-0.15pt;"> </font>excludes<font style="letter-spacing:-0.15pt;"> </font>asset<font style="letter-spacing:-0.15pt;"> </font>impairment<font style="letter-spacing:-0.15pt;"> </font>charges,<font style="letter-spacing:-0.15pt;"> </font>but<font style="letter-spacing:-0.15pt;"> </font>includes<font style="letter-spacing:-0.15pt;"> </font>$3<font style="letter-spacing:-0.15pt;"> </font>million<font style="letter-spacing:-0.15pt;"> </font>of<font style="letter-spacing:-0.15pt;"> </font>stock-based compensation expense and the previously-mentioned $15.2 million of foreign exchange losses.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our results for the quarter continue to be driven by the ongoing weakness in the offshore supply vessel (OSV) market, which has yet to benefit from the steady improvement in commodity prices.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Final investment decisions for offshore projects increased in 2017 and are forecasted to further increase in 2018. While these are positive macro trends, we feel it will take some time for these commitments to support a material improvement in spending in the global OSV sector.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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<font style="letter-spacing:-0.35pt;"> </font>I<font style="letter-spacing:-0.35pt;"> </font>covered<font style="letter-spacing:-0.35pt;"> </font>during<font style="letter-spacing:-0.35pt;"> </font>the<font style="letter-spacing:-0.35pt;"> </font>last<font style="letter-spacing:-0.35pt;"> </font>call,<font style="letter-spacing:-0.35pt;"> </font>we<font style="letter-spacing:-0.35pt;"> </font>observed<font style="letter-spacing:-0.35pt;"> </font>a<font style="letter-spacing:-0.35pt;"> </font>pickup<font style="letter-spacing:-0.35pt;"> </font>in<font style="letter-spacing:-0.35pt;"> </font>tendering<font style="letter-spacing:-0.35pt;"> </font>activity<font style="letter-spacing:-0.35pt;"> </font>and<font style="letter-spacing:-0.35pt;"> </font>customer<font style="letter-spacing:-0.35pt;"> </font>inquiries<font style="letter-spacing:-0.35pt;"> </font>in<font style="letter-spacing:-0.35pt;"> </font>the<font style="letter-spacing:-0.35pt;"> </font>North<font style="letter-spacing:-0.35pt;"> </font>Sea<font style="letter-spacing:-0.35pt;"> </font>during<font style="letter-spacing:-0.35pt;"> </font>the<font style="letter-spacing:-0.35pt;"> </font>pre-summer<font style="letter-spacing:-0.35pt;"> </font>season. With our exposure to the global market, we have also noticed some improvements in activity and opportunities in other areas. As you may have seen,<font style="letter-spacing:-0.15pt;"> </font>we<font style="letter-spacing:-0.15pt;"> </font>recently<font style="letter-spacing:-0.15pt;"> </font>announced<font style="letter-spacing:-0.15pt;"> </font>the<font style="letter-spacing:-0.15pt;"> </font>transfer<font style="letter-spacing:-0.15pt;"> </font>of<font style="letter-spacing:-0.15pt;"> </font>two<font style="letter-spacing:-0.15pt;"> </font>of<font style="letter-spacing:-0.15pt;"> </font>our<font style="letter-spacing:-0.15pt;"> </font>Norwegian-built<font style="letter-spacing:-0.15pt;"> </font>PSVs<font style="letter-spacing:-0.15pt;"> </font>to<font style="letter-spacing:-0.15pt;"> </font>the<font style="letter-spacing:-0.15pt;"> </font>Canadian<font style="letter-spacing:-0.15pt;"> </font>market.<font style="letter-spacing:-0.15pt;"> </font>To<font style="letter-spacing:-0.15pt;"> </font>address<font style="letter-spacing:-0.15pt;"> </font>other<font style="letter-spacing:-0.15pt;"> </font>opportunities<font style="letter-spacing:-0.15pt;"> </font>and<font style="letter-spacing:-0.15pt;"> </font>backfill requirements,<font style="letter-spacing:-0.3pt;"> </font>we<font style="letter-spacing:-0.3pt;"> </font>also<font style="letter-spacing:-0.3pt;"> </font>made<font style="letter-spacing:-0.3pt;"> </font>a<font style="letter-spacing:-0.3pt;"> </font>decision<font style="letter-spacing:-0.3pt;"> </font>to<font style="letter-spacing:-0.3pt;"> </font>reactivate<font style="letter-spacing:-0.3pt;"> </font>four<font style="letter-spacing:-0.3pt;"> </font>vessels:<font style="letter-spacing:-0.3pt;"> </font>two<font style="letter-spacing:-0.3pt;"> </font>in<font style="letter-spacing:-0.3pt;"> </font>the<font style="letter-spacing:-0.3pt;"> </font>Middle<font style="letter-spacing:-0.3pt;"> </font>East<font style="letter-spacing:-0.3pt;"> </font>and<font style="letter-spacing:-0.3pt;"> </font>two<font style="letter-spacing:-0.3pt;"> </font>operating<font style="letter-spacing:-0.3pt;"> </font>in<font style="letter-spacing:-0.3pt;"> </font>our<font style="letter-spacing:-0.3pt;"> </font>Europe/Mediterranean<font style="letter-spacing:-0.3pt;"> </font>segment, bringing the total to 17 reactivations year-to-date.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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<font style="letter-spacing:-0.15pt;"> </font>our<font style="letter-spacing:-0.15pt;"> </font>large<font style="letter-spacing:-0.15pt;"> </font>global<font style="letter-spacing:-0.15pt;"> </font>footprint,<font style="letter-spacing:-0.15pt;"> </font>we<font style="letter-spacing:-0.15pt;"> </font>view<font style="letter-spacing:-0.15pt;"> </font>the<font style="letter-spacing:-0.15pt;"> </font>market<font style="letter-spacing:-0.15pt;"> </font>through<font style="letter-spacing:-0.15pt;"> </font>a<font style="letter-spacing:-0.15pt;"> </font>wide<font style="letter-spacing:-0.15pt;"> </font>lens,<font style="letter-spacing:-0.15pt;"> </font>and<font style="letter-spacing:-0.15pt;"> </font>while<font style="letter-spacing:-0.15pt;"> </font>some<font style="letter-spacing:-0.15pt;"> </font>of<font style="letter-spacing:-0.15pt;"> </font>the<font style="letter-spacing:-0.15pt;"> </font>activities<font style="letter-spacing:-0.15pt;"> </font>I<font style="letter-spacing:-0.15pt;"> </font>just<font style="letter-spacing:-0.15pt;"> </font>mentioned<font style="letter-spacing:-0.15pt;"> </font>indicated<font style="letter-spacing:-0.15pt;"> </font>that<font style="letter-spacing:-0.15pt;"> </font>there<font style="letter-spacing:-0.15pt;"> </font>are some limited signs of improvement in some areas, we continue to expect the overall market to remain challenging for the remainder of the year and into 2019.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&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;">Our streamlining initiatives have continued to take effect through the first quarter, driving down our G&amp;A below our previously reported target of $25 million. Our team remains focused on identifying opportunities for greater efficiency in everything we do, without impacting our dedication to providing a safe environment for our employees and high-quality services to our clients. While I am pleased with our team's progress with reducing costs, we will continue to look at the company's operating footprint and associated shore-based support costs in order to identify opportunities for additional cost savings and achieve the company's near-term objectives of reaching cash flow breakeven.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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<font style="letter-spacing:-0.5pt;"> </font>a<font style="letter-spacing:-0.5pt;"> </font>lean<font style="letter-spacing:-0.5pt;"> </font>and<font style="letter-spacing:-0.5pt;"> </font>right-sized<font style="letter-spacing:-0.5pt;"> </font>global<font style="letter-spacing:-0.5pt;"> </font>operation,<font style="letter-spacing:-0.5pt;"> </font>in<font style="letter-spacing:-0.5pt;"> </font>addition<font style="letter-spacing:-0.5pt;"> </font>to<font style="letter-spacing:-0.5pt;"> </font>the<font style="letter-spacing:-0.5pt;"> </font>other<font style="letter-spacing:-0.5pt;"> </font>attributes<font style="letter-spacing:-0.5pt;"> </font>I<font style="letter-spacing:-0.5pt;"> </font>mentioned,<font style="letter-spacing:-0.5pt;"> </font>Tidewater<font style="letter-spacing:-0.5pt;"> </font>is<font style="letter-spacing:-0.5pt;"> </font>well-positioned<font style="letter-spacing:-0.5pt;"> </font>as<font style="letter-spacing:-0.5pt;"> </font>a<font style="letter-spacing:-0.5pt;"> </font>possible<font style="letter-spacing:-0.5pt;"> </font>consolidator, if and when the right opportunities present themselves.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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:-0.4pt;"> </font>status<font style="letter-spacing:-0.4pt;"> </font>of<font style="letter-spacing:-0.4pt;"> </font>our<font style="letter-spacing:-0.4pt;"> </font>stacked<font style="letter-spacing:-0.4pt;"> </font>fleet<font style="letter-spacing:-0.4pt;"> </font>and<font style="letter-spacing:-0.4pt;"> </font>its<font style="letter-spacing:-0.4pt;"> </font>suitability<font style="letter-spacing:-0.4pt;"> </font>for<font style="letter-spacing:-0.4pt;"> </font>our<font style="letter-spacing:-0.4pt;"> </font>customers'<font style="letter-spacing:-0.4pt;"> </font>future<font style="letter-spacing:-0.4pt;"> </font>requirements<font style="letter-spacing:-0.4pt;"> </font>on<font style="letter-spacing:-0.4pt;"> </font>a<font style="letter-spacing:-0.4pt;"> </font>region-by-region<font style="letter-spacing:-0.4pt;"> </font>basis<font style="letter-spacing:-0.4pt;"> </font>remains<font style="letter-spacing:-0.4pt;"> </font>an<font style="letter-spacing:-0.4pt;"> </font>ongoing<font style="letter-spacing:-0.4pt;"> </font>focal<font style="letter-spacing:-0.4pt;"> </font>point for the management team. This fleet rationalization remains a key component of our plan to be prepared for an eventual market improvement- wherever and whenever that may take place.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">You have heard from us and others in the sector about the significant overcapacity problem in the OSV sector. As a market leader, we remain committed to doing our part to reduce excess vessel capacity by right-sizing our fleet.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&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;">Year-to-date, Tidewater has disposed of 22 vessels, 15 of which were sold as scrap, with an additional 6 vessels in the process of being sold.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:10.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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>the<font style="letter-spacing:-0.25pt;"> </font>last<font style="letter-spacing:-0.25pt;"> </font>four<font style="letter-spacing:-0.25pt;"> </font>years,<font style="letter-spacing:-0.25pt;"> </font>since<font style="letter-spacing:-0.25pt;"> </font>the<font style="letter-spacing:-0.25pt;"> </font>beginning<font style="letter-spacing:-0.25pt;"> </font>of<font style="letter-spacing:-0.25pt;"> </font>the<font style="letter-spacing:-0.25pt;"> </font>downturn,<font style="letter-spacing:-0.25pt;"> </font>the<font style="letter-spacing:-0.25pt;"> </font>company<font style="letter-spacing:-0.25pt;"> </font>has<font style="letter-spacing:-0.25pt;"> </font>disposed<font style="letter-spacing:-0.25pt;"> </font>of<font style="letter-spacing:-0.25pt;"> </font>101<font style="letter-spacing:-0.25pt;"> </font>vessels,<font style="letter-spacing:-0.25pt;"> </font>27<font style="letter-spacing:-0.25pt;"> </font>of<font style="letter-spacing:-0.25pt;"> </font>which<font style="letter-spacing:-0.25pt;"> </font>were<font style="letter-spacing:-0.25pt;"> </font>sold<font style="letter-spacing:-0.25pt;"> </font>as<font style="letter-spacing:-0.25pt;"> </font>scrap.<font style="letter-spacing:-0.25pt;"> </font>In<font style="letter-spacing:-0.25pt;"> </font>the<font style="letter-spacing:-0.25pt;"> </font>last<font style="letter-spacing:-0.25pt;"> </font>five years<font style="letter-spacing:-0.75pt;"> </font>the<font style="letter-spacing:-0.75pt;"> </font>company<font style="letter-spacing:-0.75pt;"> </font>disposed<font style="letter-spacing:-0.75pt;"> </font>of<font style="letter-spacing:-0.75pt;"> </font>158<font style="letter-spacing:-0.75pt;"> </font>vessels,<font style="letter-spacing:-0.75pt;"> </font>56<font style="letter-spacing:-0.75pt;"> </font>of<font style="letter-spacing:-0.75pt;"> </font>which<font style="letter-spacing:-0.75pt;"> </font>were<font style="letter-spacing:-0.75pt;"> </font>sold<font style="letter-spacing:-0.75pt;"> </font>as<font style="letter-spacing:-0.75pt;"> </font>scrap.<font style="letter-spacing:-0.75pt;"> </font>We<font style="letter-spacing:-0.75pt;"> </font>will<font style="letter-spacing:-0.75pt;"> </font>continue<font style="letter-spacing:-0.75pt;"> </font>to<font style="letter-spacing:-0.75pt;"> </font>report<font style="letter-spacing:-0.75pt;"> </font>our<font style="letter-spacing:-0.75pt;"> </font>fleet<font style="letter-spacing:-0.75pt;"> </font>rationalization<font style="letter-spacing:-0.75pt;"> </font>activities<font style="letter-spacing:-0.75pt;"> </font>on<font style="letter-spacing:-0.75pt;"> </font>a<font style="letter-spacing:-0.75pt;"> </font>quarterly basis.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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,<font style="letter-spacing:-1pt;"> </font>an<font style="letter-spacing:-1pt;"> </font>ongoing<font style="letter-spacing:-1pt;"> </font>priority<font style="letter-spacing:-1pt;"> </font>for<font style="letter-spacing:-1pt;"> </font>our<font style="letter-spacing:-1pt;"> </font>team<font style="letter-spacing:-1pt;"> </font>is<font style="letter-spacing:-1pt;"> </font>refining<font style="letter-spacing:-1pt;"> </font>plans<font style="letter-spacing:-1pt;"> </font>to<font style="letter-spacing:-1pt;"> </font>continue<font style="letter-spacing:-1pt;"> </font>to<font style="letter-spacing:-1pt;"> </font>be<font style="letter-spacing:-1pt;"> </font>prepared<font style="letter-spacing:-1pt;"> </font>to<font style="letter-spacing:-1pt;"> </font>cost-effectively<font style="letter-spacing:-1pt;"> </font>reactivate<font style="letter-spacing:-1pt;"> </font>additional<font style="letter-spacing:-1pt;"> </font>currently<font style="letter-spacing:-1pt;"> </font>idle<font style="letter-spacing:-1pt;"> </font>equipment, recognizing that the ownership of modern, high specification, but currently inactive tonnage, and the ability to fund reactivations when the customer can help us make the business case to do so, are potential competitive advantages for Tidewater.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&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;">And now I will turn the call over to Quinn to cover our financial performance for the quarter.</p>
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<p style="margin-bottom:4pt;margin-top:4pt;margin-left:4pt;;margin-right:0.73%;text-indent:0pt;;color:#FFFFFF;font-size:12pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">MAY<font style="letter-spacing:-0.75pt;"> </font>15,<font style="letter-spacing:-0.75pt;"> </font>2018<font style="letter-spacing:-0.75pt;"> </font>/<font style="letter-spacing:-0.75pt;"> </font>3:00PM,<font style="letter-spacing:-0.75pt;"> </font>TDW<font style="letter-spacing:-0.75pt;"> </font>&#8211;<font style="letter-spacing:-0.75pt;"> Q1 2018 </font>Tidewater<font style="letter-spacing:-0.75pt;"> </font>Inc<font style="letter-spacing:-0.75pt;"> </font>Earnings<font style="letter-spacing:-0.75pt;"> </font>Call</p></td>
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<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:14.5pt;">&nbsp;</p>
<p style="margin-top:0pt;line-height:1pt;margin-bottom:0pt;margin-left:0.86%;text-indent:0%;font-size:1pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:4pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="4._Quinn_P._Fanning"></a><a name="_bookmark2"></a>Quinn P. Fanning <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - CFO</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;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:-0.85pt;"> </font>you,<font style="letter-spacing:-0.85pt;"> </font>John.<font style="letter-spacing:-0.85pt;"> </font>Good<font style="letter-spacing:-0.85pt;"> </font>morning,<font style="letter-spacing:-0.85pt;"> </font>everyone.<font style="letter-spacing:-0.85pt;"> </font>As<font style="letter-spacing:-0.85pt;"> </font>was<font style="letter-spacing:-0.85pt;"> </font>highlighted<font style="letter-spacing:-0.85pt;"> </font>in<font style="letter-spacing:-0.85pt;"> </font>our<font style="letter-spacing:-0.85pt;"> </font>earnings<font style="letter-spacing:-0.85pt;"> </font>press<font style="letter-spacing:-0.85pt;"> </font>release<font style="letter-spacing:-0.85pt;"> </font>and<font style="letter-spacing:-0.85pt;"> </font>10-Q,<font style="letter-spacing:-0.85pt;"> </font>upon<font style="letter-spacing:-0.85pt;"> </font>completion<font style="letter-spacing:-0.85pt;"> </font>of<font style="letter-spacing:-0.85pt;"> </font>our<font style="letter-spacing:-0.85pt;"> </font>financial<font style="letter-spacing:-0.85pt;"> </font>restructuring on July 31, 2017, the company adopted "fresh start" accounting and reports its financial position and results of operations through July 31 as "Predecessor" activities. We will continue to report our financial position and results of operations subsequent to July 31 as "Successor" activities.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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 will also call your attention to the financial tables included with last evening's press release. Financial results, balance sheet data and select operating statistics are presented covering five quarters (or equivalent periods), straddling both Predecessor and Successor activities.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Operating and financial data is also presented by asset class and based on four geography-based reporting segments, reflecting our split during the quarter of the company's Africa/Europe segments into a European/ Mediterranean Sea segment and a West Africa segment.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&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;">As John noted, we reported a net loss for the three months ended March 31, 2018, of $39.2 million, or $1.67 per common share.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:10.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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:-0.15pt;"> </font>net<font style="letter-spacing:-0.15pt;"> </font>loss<font style="letter-spacing:-0.15pt;"> </font>includes<font style="letter-spacing:-0.15pt;"> </font>$6.2<font style="letter-spacing:-0.15pt;"> </font>million,<font style="letter-spacing:-0.15pt;"> </font>or<font style="letter-spacing:-0.15pt;"> </font>$0.26<font style="letter-spacing:-0.15pt;"> </font>per<font style="letter-spacing:-0.15pt;"> </font>share, of<font style="letter-spacing:-0.15pt;"> </font>non-cash<font style="letter-spacing:-0.15pt;"> </font>asset<font style="letter-spacing:-0.15pt;"> </font>impairment<font style="letter-spacing:-0.15pt;"> </font>charges<font style="letter-spacing:-0.15pt;"> </font>related<font style="letter-spacing:-0.15pt;"> </font>to<font style="letter-spacing:-0.15pt;"> </font>13<font style="letter-spacing:-0.15pt;"> </font>stacked<font style="letter-spacing:-0.15pt;"> </font>vessels.<font style="letter-spacing:-0.15pt;"> </font>Financial<font style="letter-spacing:-0.15pt;"> </font>results<font style="letter-spacing:-0.15pt;"> </font>for<font style="letter-spacing:-0.15pt;"> </font>the quarter also reflect $15.2 million, or $0.65 per common share, of foreign exchange losses, $14.8 million, or $0.63 per common share, of which is included<font style="letter-spacing:-0.5pt;"> </font>in<font style="letter-spacing:-0.5pt;"> </font>Equity<font style="letter-spacing:-0.5pt;"> </font>in<font style="letter-spacing:-0.5pt;"> </font>net<font style="letter-spacing:-0.5pt;"> </font>losses<font style="letter-spacing:-0.5pt;"> </font>of<font style="letter-spacing:-0.5pt;"> </font>unconsolidated<font style="letter-spacing:-0.5pt;"> </font>companies,<font style="letter-spacing:-0.5pt;"> </font>and<font style="letter-spacing:-0.5pt;"> </font>was<font style="letter-spacing:-0.5pt;"> </font>related<font style="letter-spacing:-0.5pt;"> </font>to<font style="letter-spacing:-0.5pt;"> </font>our<font style="letter-spacing:-0.5pt;"> </font>Angola<font style="letter-spacing:-0.5pt;"> </font>joint<font style="letter-spacing:-0.5pt;"> </font>venture,<font style="letter-spacing:-0.5pt;"> </font>Sonatide.<font style="letter-spacing:-0.5pt;"> </font>I<font style="letter-spacing:-0.5pt;"> </font>will<font style="letter-spacing:-0.5pt;"> </font>also<font style="letter-spacing:-0.5pt;"> </font>note<font style="letter-spacing:-0.5pt;"> </font>that<font style="letter-spacing:-0.5pt;"> </font>anticipated foreign<font style="letter-spacing:-0.4pt;"> </font>exchange<font style="letter-spacing:-0.4pt;"> </font>losses<font style="letter-spacing:-0.4pt;"> </font>in<font style="letter-spacing:-0.4pt;"> </font>the<font style="letter-spacing:-0.4pt;"> </font>just<font style="letter-spacing:-0.4pt;"> </font>completed<font style="letter-spacing:-0.4pt;"> </font>in<font style="letter-spacing:-0.4pt;"> </font>March<font style="letter-spacing:-0.4pt;"> </font>quarter<font style="letter-spacing:-0.4pt;"> </font>were<font style="letter-spacing:-0.4pt;"> </font>previously<font style="letter-spacing:-0.4pt;"> </font>disclosed<font style="letter-spacing:-0.4pt;"> </font>as<font style="letter-spacing:-0.4pt;"> </font>a<font style="letter-spacing:-0.4pt;"> </font>subsequent<font style="letter-spacing:-0.4pt;"> </font>event<font style="letter-spacing:-0.4pt;"> </font>in<font style="letter-spacing:-0.4pt;"> </font>our<font style="letter-spacing:-0.4pt;"> </font>transition<font style="letter-spacing:-0.4pt;"> </font>period<font style="letter-spacing:-0.4pt;"> </font>Form<font style="letter-spacing:-0.4pt;"> </font>10-K that was filed on March 15.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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<font style="letter-spacing:-0.1pt;"> </font>noted<font style="letter-spacing:-0.1pt;"> </font>in<font style="letter-spacing:-0.1pt;"> </font>our<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>was<font style="letter-spacing:-0.1pt;"> </font>an<font style="letter-spacing:-0.1pt;"> </font>updated<font style="letter-spacing:-0.1pt;"> </font>mix<font style="letter-spacing:-0.1pt;"> </font>of<font style="letter-spacing:-0.1pt;"> </font>common<font style="letter-spacing:-0.1pt;"> </font>shares<font style="letter-spacing:-0.1pt;"> </font>and<font style="letter-spacing:-0.1pt;"> </font>Jones<font style="letter-spacing:-0.1pt;"> </font>Act-related<font style="letter-spacing:-0.1pt;"> </font>New<font style="letter-spacing:-0.1pt;"> </font>Creditor<font style="letter-spacing:-0.1pt;"> </font>Warrants<font style="letter-spacing:-0.1pt;"> </font>outstanding,<font style="letter-spacing:-0.1pt;"> </font>which reflects continued conversion of New Creditor Warrants into common shares.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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<font style="letter-spacing:-0.55pt;"> </font>discussed<font style="letter-spacing:-0.55pt;"> </font>on<font style="letter-spacing:-0.55pt;"> </font>our<font style="letter-spacing:-0.55pt;"> </font>last<font style="letter-spacing:-0.55pt;"> </font>earnings<font style="letter-spacing:-0.55pt;"> </font>conference<font style="letter-spacing:-0.55pt;"> </font>call,<font style="letter-spacing:-0.55pt;"> </font>we<font style="letter-spacing:-0.55pt;"> </font>consider<font style="letter-spacing:-0.55pt;"> </font>the<font style="letter-spacing:-0.55pt;"> </font>New<font style="letter-spacing:-0.55pt;"> </font>Creditor<font style="letter-spacing:-0.55pt;"> </font>Warrants,<font style="letter-spacing:-0.55pt;"> </font>each<font style="letter-spacing:-0.55pt;"> </font>of<font style="letter-spacing:-0.55pt;"> </font>which<font style="letter-spacing:-0.55pt;"> </font>is<font style="letter-spacing:-0.55pt;"> </font>exercisable<font style="letter-spacing:-0.55pt;"> </font>to<font style="letter-spacing:-0.55pt;"> </font>acquire<font style="letter-spacing:-0.55pt;"> </font>a<font style="letter-spacing:-0.55pt;"> </font>share<font style="letter-spacing:-0.55pt;"> </font>of<font style="letter-spacing:-0.55pt;"> </font>common stock<font style="letter-spacing:-0.05pt;"> </font>at<font style="letter-spacing:-0.05pt;"> </font>a<font style="letter-spacing:-0.05pt;"> </font>price<font style="letter-spacing:-0.05pt;"> </font>of<font style="letter-spacing:-0.05pt;"> </font>$0.001,<font style="letter-spacing:-0.05pt;"> </font>to<font style="letter-spacing:-0.05pt;"> </font>be<font style="letter-spacing:-0.05pt;"> </font>the<font style="letter-spacing:-0.05pt;"> </font>economic<font style="letter-spacing:-0.05pt;"> </font>equivalent<font style="letter-spacing:-0.05pt;"> </font>to<font style="letter-spacing:-0.05pt;"> </font>common<font style="letter-spacing:-0.05pt;"> </font>shares.<font style="letter-spacing:-0.05pt;"> </font>I<font style="letter-spacing:-0.05pt;"> </font>call<font style="letter-spacing:-0.05pt;"> </font>this<font style="letter-spacing:-0.05pt;"> </font>to<font style="letter-spacing:-0.05pt;"> </font>your<font style="letter-spacing:-0.05pt;"> </font>attention,<font style="letter-spacing:-0.05pt;"> </font>in<font style="letter-spacing:-0.05pt;"> </font>part,<font style="letter-spacing:-0.05pt;"> </font>to<font style="letter-spacing:-0.05pt;"> </font>highlight<font style="letter-spacing:-0.05pt;"> </font>(as<font style="letter-spacing:-0.05pt;"> </font>John<font style="letter-spacing:-0.05pt;"> </font>did)<font style="letter-spacing:-0.05pt;"> </font>that<font style="letter-spacing:-0.05pt;"> </font>the reported<font style="letter-spacing:-0.2pt;"> </font>loss<font style="letter-spacing:-0.2pt;"> </font>per<font style="letter-spacing:-0.2pt;"> </font>share<font style="letter-spacing:-0.2pt;"> </font>is<font style="letter-spacing:-0.2pt;"> </font>based<font style="letter-spacing:-0.2pt;"> </font>on<font style="letter-spacing:-0.2pt;"> </font>approximately<font style="letter-spacing:-0.2pt;"> </font>24<font style="letter-spacing:-0.2pt;"> </font>million<font style="letter-spacing:-0.2pt;"> </font>common<font style="letter-spacing:-0.2pt;"> </font>shares,<font style="letter-spacing:-0.2pt;"> </font>and<font style="letter-spacing:-0.2pt;"> </font>excludes<font style="letter-spacing:-0.2pt;"> </font>approximately<font style="letter-spacing:-0.2pt;"> </font>6<font style="letter-spacing:-0.2pt;"> </font>million<font style="letter-spacing:-0.2pt;"> </font>New<font style="letter-spacing:-0.2pt;"> </font>Creditor<font style="letter-spacing:-0.2pt;"> </font>Warrants<font style="letter-spacing:-0.2pt;"> </font>due<font style="letter-spacing:-0.2pt;"> </font>to U.S. GAAP's anti-dilution rules.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:10.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Returning to operating results, vessel revenue and vessel operating margin for the quarter ended March 31 was $87.5 million and $26.1 million, respectively. As a percentage of vessel revenue, vessel operating margin for the quarter was approximately 30%. General and administrative expense,<font style="letter-spacing:-0.25pt;"> </font>excluding<font style="letter-spacing:-0.25pt;"> </font>stock-based<font style="letter-spacing:-0.25pt;"> </font>compensation,<font style="letter-spacing:-0.25pt;"> </font>was<font style="letter-spacing:-0.25pt;"> </font>approximately<font style="letter-spacing:-0.25pt;"> </font>$21<font style="letter-spacing:-0.25pt;"> </font>million,<font style="letter-spacing:-0.25pt;"> </font>which<font style="letter-spacing:-0.25pt;"> </font>is<font style="letter-spacing:-0.25pt;"> </font>down<font style="letter-spacing:-0.25pt;"> </font>approximately<font style="letter-spacing:-0.25pt;"> </font>$7<font style="letter-spacing:-0.25pt;"> </font>million<font style="letter-spacing:-0.25pt;"> </font>quarter-over-quarter.<font style="letter-spacing:-0.25pt;"> </font>The quarter-over-quarter trend reflects both cost control measures and some unusual items in the December quarter.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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<font style="letter-spacing:-0.5pt;"> </font>John<font style="letter-spacing:-0.5pt;"> </font>noted,<font style="letter-spacing:-0.5pt;"> </font>cost<font style="letter-spacing:-0.5pt;"> </font>control<font style="letter-spacing:-0.5pt;"> </font>and<font style="letter-spacing:-0.5pt;"> </font>a<font style="letter-spacing:-0.5pt;"> </font>cash<font style="letter-spacing:-0.5pt;"> </font>flow<font style="letter-spacing:-0.5pt;"> </font>break-even<font style="letter-spacing:-0.5pt;"> </font>remain<font style="letter-spacing:-0.5pt;"> </font>a<font style="letter-spacing:-0.5pt;"> </font>focus<font style="letter-spacing:-0.5pt;"> </font>of<font style="letter-spacing:-0.5pt;"> </font>the<font style="letter-spacing:-0.5pt;"> </font>management<font style="letter-spacing:-0.5pt;"> </font>team.<font style="letter-spacing:-0.5pt;"> </font>I<font style="letter-spacing:-0.5pt;"> </font>suspect<font style="letter-spacing:-0.5pt;"> </font>that<font style="letter-spacing:-0.5pt;"> </font>run<font style="letter-spacing:-0.5pt;"> </font>rate<font style="letter-spacing:-0.5pt;"> </font>G&amp;A,<font style="letter-spacing:-0.5pt;"> </font>excluding<font style="letter-spacing:-0.5pt;"> </font>stock-based compensation,<font style="letter-spacing:-0.1pt;"> </font>will<font style="letter-spacing:-0.1pt;"> </font>be<font style="letter-spacing:-0.1pt;"> </font>comfortably<font style="letter-spacing:-0.1pt;"> </font>below<font style="letter-spacing:-0.1pt;"> </font>$25<font style="letter-spacing:-0.1pt;"> </font>million<font style="letter-spacing:-0.1pt;"> </font>as<font style="letter-spacing:-0.1pt;"> </font>we<font style="letter-spacing:-0.1pt;"> </font>exit<font style="letter-spacing:-0.1pt;"> </font>2018.<font style="letter-spacing:-0.1pt;"> </font>It<font style="letter-spacing:-0.1pt;"> </font>is<font style="letter-spacing:-0.1pt;"> </font>likely,<font style="letter-spacing:-0.1pt;"> </font>however,<font style="letter-spacing:-0.1pt;"> </font>that<font style="letter-spacing:-0.1pt;"> </font>we<font style="letter-spacing:-0.1pt;"> </font>will<font style="letter-spacing:-0.1pt;"> </font>record<font style="letter-spacing:-0.1pt;"> </font>restructuring<font style="letter-spacing:-0.1pt;"> </font>charges<font style="letter-spacing:-0.1pt;"> </font>at<font style="letter-spacing:-0.1pt;"> </font>some<font style="letter-spacing:-0.1pt;"> </font>point in 2018 related to office closures and other downsizing activity.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Consolidated<font style="letter-spacing:-0.2pt;"> </font>EBITDA<font style="letter-spacing:-0.2pt;"> </font>for<font style="letter-spacing:-0.2pt;"> </font>the<font style="letter-spacing:-0.2pt;"> </font>three<font style="letter-spacing:-0.2pt;"> </font>months<font style="letter-spacing:-0.2pt;"> </font>ended<font style="letter-spacing:-0.2pt;"> </font>March<font style="letter-spacing:-0.2pt;"> </font>31,<font style="letter-spacing:-0.2pt;"> </font>2018,<font style="letter-spacing:-0.2pt;"> </font>which<font style="letter-spacing:-0.2pt;"> </font>again,<font style="letter-spacing:-0.2pt;"> </font>excludes<font style="letter-spacing:-0.2pt;"> </font>$6.2<font style="letter-spacing:-0.2pt;"> </font>million<font style="letter-spacing:-0.2pt;"> </font>in<font style="letter-spacing:-0.2pt;"> </font>asset<font style="letter-spacing:-0.2pt;"> </font>impairment<font style="letter-spacing:-0.2pt;"> </font>charges,<font style="letter-spacing:-0.2pt;"> </font>but<font style="letter-spacing:-0.2pt;"> </font>includes<font style="letter-spacing:-0.2pt;"> </font>$3 million of stock-based compensation expense and $15.2 million in foreign exchange losses was negative $9.9 million.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Adjusting for these two items, EBITDA for the quarter ended March 31, was approximately positive $9.5 million, which is down from $16.3 million of Adjusted EBITDA in the December quarter.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&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;">Tables reconciling EBITDA to our net loss and cash provided by, or used in, operating activities are on Page 26 of our press release.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:10.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Looking at the fleet, our average owned vessels in the March quarter was 217 vessels, which was down 12 vessels from the average number of vessels for the quarter ended December 31, 2017.</p>
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<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:10.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Average<font style="letter-spacing:-0.3pt;"> </font>active<font style="letter-spacing:-0.3pt;"> </font>vessels<font style="letter-spacing:-0.3pt;"> </font>in<font style="letter-spacing:-0.3pt;"> </font>the<font style="letter-spacing:-0.3pt;"> </font>March<font style="letter-spacing:-0.3pt;"> </font>quarter<font style="letter-spacing:-0.3pt;"> </font>were<font style="letter-spacing:-0.3pt;"> </font>138<font style="letter-spacing:-0.3pt;"> </font>vessels,<font style="letter-spacing:-0.3pt;"> </font>which<font style="letter-spacing:-0.3pt;"> </font>was<font style="letter-spacing:-0.3pt;"> </font>down<font style="letter-spacing:-0.3pt;"> </font>2<font style="letter-spacing:-0.3pt;"> </font>vessels<font style="letter-spacing:-0.3pt;"> </font>quarter-over-quarter.<font style="letter-spacing:-0.3pt;"> </font>The<font style="letter-spacing:-0.3pt;"> </font>stacked<font style="letter-spacing:-0.3pt;"> </font>fleet<font style="letter-spacing:-0.3pt;"> </font>at<font style="letter-spacing:-0.3pt;"> </font>quarter<font style="letter-spacing:-0.3pt;"> </font>end<font style="letter-spacing:-0.3pt;"> </font>was 70 vessels, or down 19 vessel quarter-over-quarter, reflecting the net effect of vessel dispositions, newly stacked vessels and vessel reactivations.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other than the March quarter having two fewer days and two fewer average active vessels, the primary driver of operating results in the March quarter, at least relative to the December quarter, was utilization of the active fleet. In particular, utilization of the active fleet at 70% in the<font style="letter-spacing:-1.25pt;"> </font>March quarter, was down approximately eight percentage points quarter-over-quarter.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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 quarter-over-quarter trend was most pronounced in the towing-supply fleet that is assigned to the Middle East/Asia Pacific segment, but utilization of the active fleet was also down in regards to deepwater vessels assigned to the Europe/Mediterranean Sea segment and, to a lesser extent, towing-supply vessels in the West Africa segment.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This<font style="letter-spacing:-0.1pt;"> </font>largely<font style="letter-spacing:-0.1pt;"> </font>reflects<font style="letter-spacing:-0.1pt;"> </font>additional<font style="letter-spacing:-0.1pt;"> </font>vessels<font style="letter-spacing:-0.1pt;"> </font>commencing<font style="letter-spacing:-0.1pt;"> </font>dry<font style="letter-spacing:-0.1pt;"> </font>docks<font style="letter-spacing:-0.1pt;"> </font>in<font style="letter-spacing:-0.1pt;"> </font>the<font style="letter-spacing:-0.1pt;"> </font>March<font style="letter-spacing:-0.1pt;"> </font>quarter<font style="letter-spacing:-0.1pt;"> </font>or<font style="letter-spacing:-0.1pt;"> </font>otherwise<font style="letter-spacing:-0.1pt;"> </font>being<font style="letter-spacing:-0.1pt;"> </font>readied<font style="letter-spacing:-0.1pt;"> </font>for<font style="letter-spacing:-0.1pt;"> </font>work.<font style="letter-spacing:-0.1pt;"> </font>We<font style="letter-spacing:-0.1pt;"> </font>also<font style="letter-spacing:-0.1pt;"> </font>had<font style="letter-spacing:-0.1pt;"> </font>a<font style="letter-spacing:-0.1pt;"> </font>number<font style="letter-spacing:-0.1pt;"> </font>of vessels mobilizing to new jobs, including the vessels we moved to Canada that John referenced in his opening remarks.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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:-0.35pt;"> </font>think<font style="letter-spacing:-0.35pt;"> </font>one<font style="letter-spacing:-0.35pt;"> </font>of<font style="letter-spacing:-0.35pt;"> </font>the<font style="letter-spacing:-0.35pt;"> </font>analysts<font style="letter-spacing:-0.35pt;"> </font>referred<font style="letter-spacing:-0.35pt;"> </font>to<font style="letter-spacing:-0.35pt;"> </font>this<font style="letter-spacing:-0.35pt;"> </font>as<font style="letter-spacing:-0.35pt;"> </font>an<font style="letter-spacing:-0.35pt;"> </font>"air<font style="letter-spacing:-0.35pt;"> </font>gap."<font style="letter-spacing:-0.35pt;"> </font>I<font style="letter-spacing:-0.35pt;"> </font>generally<font style="letter-spacing:-0.35pt;"> </font>agree<font style="letter-spacing:-0.35pt;"> </font>with<font style="letter-spacing:-0.35pt;"> </font>that<font style="letter-spacing:-0.35pt;"> </font>characterization,<font style="letter-spacing:-0.35pt;"> </font>but<font style="letter-spacing:-0.35pt;"> </font>wewill<font style="letter-spacing:-0.35pt;"> </font>see<font style="letter-spacing:-0.35pt;"> </font>how<font style="letter-spacing:-0.35pt;"> </font>things<font style="letter-spacing:-0.35pt;"> </font>play<font style="letter-spacing:-0.35pt;"> </font>out<font style="letter-spacing:-0.35pt;"> </font>in<font style="letter-spacing:-0.35pt;"> </font>the<font style="letter-spacing:-0.35pt;"> </font>June quarter and subsequently.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Looking forward, while it may be premature to call a market bottom, we do expect an increase in vessel revenue in each of our four reporting segments<font style="letter-spacing:-0.6pt;"> </font>in<font style="letter-spacing:-0.6pt;"> </font>the<font style="letter-spacing:-0.6pt;"> </font>June<font style="letter-spacing:-0.6pt;"> </font>quarter,<font style="letter-spacing:-0.6pt;"> </font>driven<font style="letter-spacing:-0.6pt;"> </font>primarily<font style="letter-spacing:-0.6pt;"> </font>by<font style="letter-spacing:-0.6pt;"> </font>vessels<font style="letter-spacing:-0.6pt;"> </font>that<font style="letter-spacing:-0.6pt;"> </font>were<font style="letter-spacing:-0.6pt;"> </font>in<font style="letter-spacing:-0.6pt;"> </font>dry<font style="letter-spacing:-0.6pt;"> </font>dock<font style="letter-spacing:-0.6pt;"> </font>in<font style="letter-spacing:-0.6pt;"> </font>the<font style="letter-spacing:-0.6pt;"> </font>March<font style="letter-spacing:-0.6pt;"> </font>quarter<font style="letter-spacing:-0.6pt;"> </font>that<font style="letter-spacing:-0.6pt;"> </font>have<font style="letter-spacing:-0.6pt;"> </font>now<font style="letter-spacing:-0.6pt;"> </font>returned<font style="letter-spacing:-0.6pt;"> </font>to<font style="letter-spacing:-0.6pt;"> </font>work,<font style="letter-spacing:-0.6pt;"> </font>or<font style="letter-spacing:-0.6pt;"> </font>are<font style="letter-spacing:-0.6pt;"> </font>expected to return to work in the June quarter. The second and third calendar quarters also tend to be better quarters in the Northern Hemisphere, due to weather, and we expect seasonal utilization, if not average day rates, to move up from the levels experienced in the first quarter.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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 industry participants expect higher utilization and day rates in the North Sea. Less appreciated is the potential for positive knock-on effects in the Mediterranean Sea and in West Africa as capacity migrates north through the summer season.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&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;">Relative to the December quarter, average day rates, at approximately $10,000, were relatively flat through the March quarter.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:10.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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 to outlook, our view remains that sustained improvement in day rates will require higher industry-wide utilization. That said, rates could and should move higher in those markets with seasonally higher activity levels given the relatively limited number of currently inactive vessels that are still current with relevant class certifications and that are otherwise available to work on a prompt basis.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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:-0.3pt;"> </font>regards<font style="letter-spacing:-0.3pt;"> </font>to<font style="letter-spacing:-0.3pt;"> </font>the<font style="letter-spacing:-0.3pt;"> </font>quarter<font style="letter-spacing:-0.3pt;"> </font>end<font style="letter-spacing:-0.3pt;"> </font>balance<font style="letter-spacing:-0.3pt;"> </font>sheet,<font style="letter-spacing:-0.3pt;"> </font>with<font style="letter-spacing:-0.3pt;"> </font>$445<font style="letter-spacing:-0.3pt;"> </font>million<font style="letter-spacing:-0.3pt;"> </font>of<font style="letter-spacing:-0.3pt;"> </font>cash,<font style="letter-spacing:-0.3pt;"> </font>net<font style="letter-spacing:-0.3pt;"> </font>debt<font style="letter-spacing:-0.3pt;"> </font>at<font style="letter-spacing:-0.3pt;"> </font>March<font style="letter-spacing:-0.3pt;"> </font>31<font style="letter-spacing:-0.3pt;"> </font>was<font style="letter-spacing:-0.3pt;"> </font>$4<font style="letter-spacing:-0.3pt;"> </font>million<font style="letter-spacing:-0.3pt;"> </font>and<font style="letter-spacing:-0.3pt;"> </font>net<font style="letter-spacing:-0.3pt;"> </font>working<font style="letter-spacing:-0.3pt;"> </font>capital,<font style="letter-spacing:-0.3pt;"> </font>excluding<font style="letter-spacing:-0.3pt;"> </font>cash, was approximately $173 million.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash<font style="letter-spacing:-0.45pt;"> </font>used<font style="letter-spacing:-0.45pt;"> </font>by<font style="letter-spacing:-0.45pt;"> </font>operating<font style="letter-spacing:-0.45pt;"> </font>activities<font style="letter-spacing:-0.45pt;"> </font>for<font style="letter-spacing:-0.45pt;"> </font>the<font style="letter-spacing:-0.45pt;"> </font>period<font style="letter-spacing:-0.45pt;"> </font>was<font style="letter-spacing:-0.45pt;"> </font>approximately<font style="letter-spacing:-0.45pt;"> </font>$6<font style="letter-spacing:-0.45pt;"> </font>million.<font style="letter-spacing:-0.45pt;"> </font>Cash<font style="letter-spacing:-0.45pt;"> </font>provided<font style="letter-spacing:-0.45pt;"> </font>by<font style="letter-spacing:-0.45pt;"> </font>investment<font style="letter-spacing:-0.45pt;"> </font>activities<font style="letter-spacing:-0.45pt;"> </font>was<font style="letter-spacing:-0.45pt;"> </font>approximately<font style="letter-spacing:-0.45pt;"> </font>$8<font style="letter-spacing:-0.45pt;"> </font>million as disposition proceeds exceeded CapEx in the quarter. Cash used by financing activities in the March quarter was approximately $10 million, primarily<font style="letter-spacing:-0.45pt;"> </font>driven<font style="letter-spacing:-0.45pt;"> </font>by<font style="letter-spacing:-0.45pt;"> </font>the<font style="letter-spacing:-0.45pt;"> </font>final<font style="letter-spacing:-0.45pt;"> </font>$8<font style="letter-spacing:-0.45pt;"> </font>million<font style="letter-spacing:-0.45pt;"> </font>of<font style="letter-spacing:-0.45pt;"> </font>required<font style="letter-spacing:-0.45pt;"> </font>payments<font style="letter-spacing:-0.45pt;"> </font>to<font style="letter-spacing:-0.45pt;"> </font>creditors<font style="letter-spacing:-0.45pt;"> </font>made<font style="letter-spacing:-0.45pt;"> </font>in<font style="letter-spacing:-0.45pt;"> </font>connection<font style="letter-spacing:-0.45pt;"> </font>with<font style="letter-spacing:-0.45pt;"> </font>our<font style="letter-spacing:-0.45pt;"> </font>Plan<font style="letter-spacing:-0.45pt;"> </font>of<font style="letter-spacing:-0.45pt;"> </font>Reorganization.<font style="letter-spacing:-0.45pt;"> </font></p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Looking<font style="letter-spacing:-0.45pt;"> </font>at<font style="letter-spacing:-0.45pt;"> </font>long-term assets, net properties and equipment, which primarily reflects the carrying value of 207 ships owned at March 31, was $814 million. This equates to approximately $4.6 million per active ship and approximately $2.4 million per stacked ship.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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 41 deepwater PSVs with cargo carrying capacities above 3,800 deadweight tons is approximately $8.7 million per vessel. Twenty-one of those 41 vessels are less than five years old and have an average carrying value of approximately $9.5 million.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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, the carrying value of our 67, 5,500 to 10,000 brake horsepower AHTS vessels was approximately $2.2 million. Forty-five of those 67 vessels are less than ten years old and, at March 31, had an average carrying value of approximately $2.6 million.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Shareholders' equity at March 31 on a book basis was approximately $1 billion, or approximately $33 per common share and Jones Act-related warrant outstanding.</p>
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<p style="margin-bottom:4pt;margin-top:4pt;margin-left:4pt;;margin-right:0.73%;text-indent:0pt;;color:#FFFFFF;font-size:12pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">MAY<font style="letter-spacing:-0.75pt;"> </font>15,<font style="letter-spacing:-0.75pt;"> </font>2018<font style="letter-spacing:-0.75pt;"> </font>/<font style="letter-spacing:-0.75pt;"> </font>3:00PM,<font style="letter-spacing:-0.75pt;"> </font>TDW<font style="letter-spacing:-0.75pt;"> </font>&#8211;<font style="letter-spacing:-0.75pt;"> Q1 2018 </font>Tidewater<font style="letter-spacing:-0.75pt;"> </font>Inc<font style="letter-spacing:-0.75pt;"> </font>Earnings<font style="letter-spacing:-0.75pt;"> </font>Call</p></td>
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<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:10.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">That represents rough parity with where out stock closed last evening and an approximately 10% premium to where the stock opened this a.m. For those of you focused on NAV and similar measures, however, keep in mind that our balance sheet was essentially mark-to-market with our post-restructuring adoption of "fresh start" accounting.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&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;">And with that, I'll turn the call back over to John.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="5._John_T._Rynd"></a>John T. Rynd <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - President, CEO &amp; Director</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Thanks, Quinn. As Quinn mentioned, based on some stability and expected utilization and average day rates over the past several quarters, we continue to feel that we may have finally reached a trough. There is also scope for improvements in average rates in some areas over the next several quarters.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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 constructive commodity price backdrop, recent contract awards and customer dialogue all suggest just that we may be in the early stages of a market recovery. That said, the current OSV market generally remains weak and our sense is that a recovery will be slow.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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 such, we remain focused on right-sizing our business to deal with the ongoing challenges. As market conditions warrant, we will be prepared to both reactivate currently idle equipment and pursue consolidation opportunities that create long-term value for shareholders.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our near-term objectives remain focused on maintaining our strengths: a competitive fleet and competitive cost structure, a global operating footprint and a financial profile that is characterized by low leverage and a strong liquidity position.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&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;"><a name="QUESTIONS_AND_ANSWERS"></a>Thank you for joining us today for the call. Adrienne, we can now open the lines for questions.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:13.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;color:#003399;font-weight:bold;font-family:Myriad Pro Cond;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="1._Operator"></a>Q U E S T I O N S A N D A N S W E R S </p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;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._Michael_William_Urban"></a><a name="_bookmark3"></a>Operator</p>
<p style="margin-top:6pt;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;">(Operator Instructions) And the first question comes from Mike Urban from Seaport Global.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="3._Jason_Stanley"></a>Michael William Urban <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Seaport Global Securities LLC, Research Division - MD &amp; Senior Analyst</font></p>
<p style="margin-top:6pt;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;">Thanks. Good morning, guys.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="4._John_T._Rynd"></a>Jason Stanley <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - Director, IR</font></p>
<p style="margin-top:6pt;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;">Good morning.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="5._Michael_William_Urban"></a>John T. Rynd <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - President, CEO &amp; Director</font></p>
<p style="margin-top:6pt;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;">Good morning, Mike.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Michael William Urban <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Seaport Global Securities LLC, Research Division - MD &amp; Senior Analyst</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">So certainly refreshing to be talking about market recovery here for once, and I think you are not alone. Your peers and also the offshore drillers are seeing some pretty strong green shoots in terms of activity, FIDs, those kinds of things. Are you concerned at all as we do given the recovery or maybe even a little bit before that about the dynamic that we have seen in some cases, in the offshore drilling space, where you have certain</p>
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<p style="margin-top:0pt;margin-bottom:0pt;margin-left:0.18%;text-indent:0%;color:#666666;font-size:5.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#169;2018 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without<font style="letter-spacing:-0.1pt;"> </font>the<font style="letter-spacing:-0.1pt;"> </font>prior<font style="letter-spacing:-0.1pt;"> </font>written<font style="letter-spacing:-0.1pt;"> </font>consent<font style="letter-spacing:-0.1pt;"> </font>of<font style="letter-spacing:-0.1pt;"> </font>Thomson<font style="letter-spacing:-0.1pt;"> </font>Reuters.<font style="letter-spacing:-0.1pt;"> </font>'Thomson<font style="letter-spacing:-0.1pt;"> </font>Reuters'<font style="letter-spacing:-0.1pt;"> </font>and<font style="letter-spacing:-0.1pt;"> </font>the<font style="letter-spacing:-0.1pt;"> </font>Thomson<font style="letter-spacing:-0.1pt;"> </font>Reuters<font style="letter-spacing:-0.1pt;"> </font>logo<font style="letter-spacing:-0.1pt;"> </font>are<font style="letter-spacing:-0.1pt;"> </font>registered<font style="letter-spacing:-0.1pt;"> </font>trademarks<font style="letter-spacing:-0.1pt;"> </font>of<font style="letter-spacing:-0.1pt;"> </font>Thomson<font style="letter-spacing:-0.1pt;"> </font>Reuters<font style="letter-spacing:-0.1pt;"> </font>and<font style="letter-spacing:-0.1pt;"> </font>its affiliated<font style="letter-spacing:-0.05pt;"> </font>companies.</p>&nbsp;</p>
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<p style="margin-bottom:4pt;margin-top:4pt;margin-left:4pt;;margin-right:0.73%;text-indent:0pt;;color:#FFFFFF;font-size:12pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">MAY<font style="letter-spacing:-0.75pt;"> </font>15,<font style="letter-spacing:-0.75pt;"> </font>2018<font style="letter-spacing:-0.75pt;"> </font>/<font style="letter-spacing:-0.75pt;"> </font>3:00PM,<font style="letter-spacing:-0.75pt;"> </font>TDW<font style="letter-spacing:-0.75pt;"> </font>&#8211;<font style="letter-spacing:-0.75pt;"> Q1 2018 </font>Tidewater<font style="letter-spacing:-0.75pt;"> </font>Inc<font style="letter-spacing:-0.75pt;"> </font>Earnings<font style="letter-spacing:-0.75pt;"> </font>Call</p></td>
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<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:10.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">competitors,<font style="letter-spacing:-0.1pt;"> </font>especially<font style="letter-spacing:-0.1pt;"> </font>in<font style="letter-spacing:-0.1pt;"> </font>the<font style="letter-spacing:-0.1pt;"> </font>more<font style="letter-spacing:-0.1pt;"> </font>fragmented<font style="letter-spacing:-0.1pt;"> </font>markets,<font style="letter-spacing:-0.1pt;"> </font>trying<font style="letter-spacing:-0.1pt;"> </font>to<font style="letter-spacing:-0.1pt;"> </font>get<font style="letter-spacing:-0.1pt;"> </font>ahead<font style="letter-spacing:-0.1pt;"> </font>of<font style="letter-spacing:-0.1pt;"> </font>the<font style="letter-spacing:-0.1pt;"> </font>recovery<font style="letter-spacing:-0.1pt;"> </font>and<font style="letter-spacing:-0.1pt;"> </font>reactivating<font style="letter-spacing:-0.1pt;"> </font>stacked<font style="letter-spacing:-0.1pt;"> </font>vessels<font style="letter-spacing:-0.1pt;"> </font>or<font style="letter-spacing:-0.1pt;"> </font>things<font style="letter-spacing:-0.1pt;"> </font>like<font style="letter-spacing:-0.1pt;"> </font>that<font style="letter-spacing:-0.1pt;"> </font>or even<font style="letter-spacing:-0.15pt;"> </font>in<font style="letter-spacing:-0.15pt;"> </font>some<font style="letter-spacing:-0.15pt;"> </font>cases,<font style="letter-spacing:-0.15pt;"> </font>ordering<font style="letter-spacing:-0.15pt;"> </font>new<font style="letter-spacing:-0.15pt;"> </font>builds<font style="letter-spacing:-0.15pt;"> </font>before<font style="letter-spacing:-0.15pt;"> </font>the<font style="letter-spacing:-0.15pt;"> </font>existing<font style="letter-spacing:-0.15pt;"> </font>fleet<font style="letter-spacing:-0.15pt;"> </font>or<font style="letter-spacing:-0.15pt;"> </font>the<font style="letter-spacing:-0.15pt;"> </font>active<font style="letter-spacing:-0.15pt;"> </font>fleet,<font style="letter-spacing:-0.15pt;"> </font>is<font style="letter-spacing:-0.15pt;"> </font>there<font style="letter-spacing:-0.15pt;"> </font>a<font style="letter-spacing:-0.15pt;"> </font>special<font style="letter-spacing:-0.15pt;"> </font>level<font style="letter-spacing:-0.15pt;"> </font>of<font style="letter-spacing:-0.15pt;"> </font>utilization?<font style="letter-spacing:-0.15pt;"> </font>What<font style="letter-spacing:-0.15pt;"> </font>have<font style="letter-spacing:-0.15pt;"> </font>you<font style="letter-spacing:-0.15pt;"> </font>seen<font style="letter-spacing:-0.15pt;"> </font>at<font style="letter-spacing:-0.15pt;"> </font>all and then, two, were you concerned about that in any of your markets?</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="6._John_T._Rynd"></a>John T. Rynd <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - President, CEO &amp; Director</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Yes,<font style="letter-spacing:-0.1pt;"> </font>Mike,<font style="letter-spacing:-0.1pt;"> </font>it<font style="letter-spacing:-0.1pt;"> </font>is<font style="letter-spacing:-0.1pt;"> </font>a<font style="letter-spacing:-0.1pt;"> </font>fair<font style="letter-spacing:-0.1pt;"> </font>concern.<font style="letter-spacing:-0.1pt;"> </font>And<font style="letter-spacing:-0.1pt;"> </font>I<font style="letter-spacing:-0.1pt;"> </font>think<font style="letter-spacing:-0.1pt;"> </font>that<font style="letter-spacing:-0.1pt;"> </font>we<font style="letter-spacing:-0.1pt;"> </font>have<font style="letter-spacing:-0.1pt;"> </font>seen<font style="letter-spacing:-0.1pt;"> </font>it<font style="letter-spacing:-0.1pt;"> </font>happen<font style="letter-spacing:-0.1pt;"> </font>before.<font style="letter-spacing:-0.1pt;"> </font>I<font style="letter-spacing:-0.1pt;"> </font>think<font style="letter-spacing:-0.1pt;"> </font>one<font style="letter-spacing:-0.1pt;"> </font>difference<font style="letter-spacing:-0.1pt;"> </font>this<font style="letter-spacing:-0.1pt;"> </font>time,<font style="letter-spacing:-0.1pt;"> </font>potentially,<font style="letter-spacing:-0.1pt;"> </font>is<font style="letter-spacing:-0.1pt;"> </font>there<font style="letter-spacing:-0.1pt;"> </font>are<font style="letter-spacing:-0.1pt;"> </font>a<font style="letter-spacing:-0.1pt;"> </font>lot<font style="letter-spacing:-0.1pt;"> </font>of<font style="letter-spacing:-0.1pt;"> </font>vessel owners out there. They are very cash-strapped with a high debt load and may not have the ability to reactivate even if they wanted to. We have seen<font style="letter-spacing:-0.7pt;"> </font>with<font style="letter-spacing:-0.7pt;"> </font>this<font style="letter-spacing:-0.7pt;"> </font>little<font style="letter-spacing:-0.7pt;"> </font>uptick<font style="letter-spacing:-0.7pt;"> </font>in<font style="letter-spacing:-0.7pt;"> </font>the<font style="letter-spacing:-0.7pt;"> </font>North<font style="letter-spacing:-0.7pt;"> </font>Sea,<font style="letter-spacing:-0.7pt;"> </font>we<font style="letter-spacing:-0.7pt;"> </font>have<font style="letter-spacing:-0.7pt;"> </font>seen<font style="letter-spacing:-0.7pt;"> </font>vessels<font style="letter-spacing:-0.7pt;"> </font>reactivating<font style="letter-spacing:-0.7pt;"> </font>into<font style="letter-spacing:-0.7pt;"> </font>that<font style="letter-spacing:-0.7pt;"> </font>market<font style="letter-spacing:-0.7pt;"> </font>for<font style="letter-spacing:-0.7pt;"> </font>the<font style="letter-spacing:-0.7pt;"> </font>summer<font style="letter-spacing:-0.7pt;"> </font>season.<font style="letter-spacing:-0.7pt;"> </font>But<font style="letter-spacing:-0.7pt;"> </font>overall,<font style="letter-spacing:-0.7pt;"> </font>it<font style="letter-spacing:-0.7pt;"> </font>is<font style="letter-spacing:-0.7pt;"> </font>just<font style="letter-spacing:-0.7pt;"> </font>something we watch very carefully, but I think could be capital constrained, that may defray some of the flooding that has happened in previous cycles.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;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._Michael_William_Urban"></a>Michael William Urban <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Seaport Global Securities LLC, Research Division - MD &amp; Senior Analyst</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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="8._Quinn_P._Fanning"></a>Got<font style="letter-spacing:-0.6pt;"> </font>it.<font style="letter-spacing:-0.6pt;"> </font>And<font style="letter-spacing:-0.6pt;"> </font>then<font style="letter-spacing:-0.6pt;"> </font>in<font style="letter-spacing:-0.6pt;"> </font>terms<font style="letter-spacing:-0.6pt;"> </font>of<font style="letter-spacing:-0.6pt;"> </font>the<font style="letter-spacing:-0.6pt;"> </font>relative<font style="letter-spacing:-0.6pt;"> </font>strength<font style="letter-spacing:-0.6pt;"> </font>of<font style="letter-spacing:-0.6pt;"> </font>the<font style="letter-spacing:-0.6pt;"> </font>market<font style="letter-spacing:-0.6pt;"> </font>that<font style="letter-spacing:-0.6pt;"> </font>you<font style="letter-spacing:-0.6pt;"> </font>are<font style="letter-spacing:-0.6pt;"> </font>in,<font style="letter-spacing:-0.6pt;"> </font>you<font style="letter-spacing:-0.6pt;"> </font>have<font style="letter-spacing:-0.6pt;"> </font>highlighted<font style="letter-spacing:-0.6pt;"> </font>the<font style="letter-spacing:-0.6pt;"> </font>North<font style="letter-spacing:-0.6pt;"> </font>Sea.<font style="letter-spacing:-0.6pt;"> </font>And<font style="letter-spacing:-0.6pt;"> </font>then<font style="letter-spacing:-0.6pt;"> </font>I<font style="letter-spacing:-0.6pt;"> </font>think<font style="letter-spacing:-0.6pt;"> </font>we<font style="letter-spacing:-0.6pt;"> </font>have<font style="letter-spacing:-0.6pt;"> </font><a name="8._Quinn_P._Fanning"></a>certainly seen that market recovering relatively strongly, how would you kind of rank the outlook for your other markets after that, whether it is Gulf of Mexico, West Africa, Asia Pac? How do see the relative strength of those markets?</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Quinn P. Fanning <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - CFO</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Well, clearly there has been a focus on the part of operators, and it is certainly benefited the owners of harsh-environment rigs to focus on the North Sea. We have seen the same thing everybody else has seen, there have been vessels that moved up from the Med. There are vessels that returned from Australia and to not just the traditional North Sea markets. We have also seen equipment moving to the Barents Sea and then to Kara Sea, some of those are potentially Russian-related projects, so American companies are not going to participate on those. But at the end of<font style="letter-spacing:-0.2pt;"> </font>the<font style="letter-spacing:-0.2pt;"> </font>day,<font style="letter-spacing:-0.2pt;"> </font>it<font style="letter-spacing:-0.2pt;"> </font>helps<font style="letter-spacing:-0.2pt;"> </font>supply-demand<font style="letter-spacing:-0.2pt;"> </font>dynamics<font style="letter-spacing:-0.2pt;"> </font>in<font style="letter-spacing:-0.2pt;"> </font>the<font style="letter-spacing:-0.2pt;"> </font>North<font style="letter-spacing:-0.2pt;"> </font>Sea<font style="letter-spacing:-0.2pt;"> </font>as<font style="letter-spacing:-0.2pt;"> </font>equipment<font style="letter-spacing:-0.2pt;"> </font>moves<font style="letter-spacing:-0.2pt;"> </font>north.<font style="letter-spacing:-0.2pt;"> </font>But<font style="letter-spacing:-0.2pt;"> </font>as<font style="letter-spacing:-0.2pt;"> </font>I<font style="letter-spacing:-0.2pt;"> </font>mentioned<font style="letter-spacing:-0.2pt;"> </font>in<font style="letter-spacing:-0.2pt;"> </font>my<font style="letter-spacing:-0.2pt;"> </font>remarks,<font style="letter-spacing:-0.2pt;"> </font>I<font style="letter-spacing:-0.2pt;"> </font>think<font style="letter-spacing:-0.2pt;"> </font>one<font style="letter-spacing:-0.2pt;"> </font>of<font style="letter-spacing:-0.2pt;"> </font>the<font style="letter-spacing:-0.2pt;"> </font>less appreciated<font style="letter-spacing:-0.25pt;"> </font>dynamics<font style="letter-spacing:-0.25pt;"> </font>is<font style="letter-spacing:-0.25pt;"> </font>that<font style="letter-spacing:-0.25pt;"> </font>as<font style="letter-spacing:-0.25pt;"> </font>vessels<font style="letter-spacing:-0.25pt;"> </font>migrate<font style="letter-spacing:-0.25pt;"> </font>north<font style="letter-spacing:-0.25pt;"> </font>through<font style="letter-spacing:-0.25pt;"> </font>the<font style="letter-spacing:-0.25pt;"> </font>summer<font style="letter-spacing:-0.25pt;"> </font>season,<font style="letter-spacing:-0.25pt;"> </font>it<font style="letter-spacing:-0.25pt;"> </font>improves<font style="letter-spacing:-0.25pt;"> </font>the<font style="letter-spacing:-0.25pt;"> </font>supply-demand<font style="letter-spacing:-0.25pt;"> </font>dynamics<font style="letter-spacing:-0.25pt;"> </font>both<font style="letter-spacing:-0.25pt;"> </font>in<font style="letter-spacing:-0.25pt;"> </font>the<font style="letter-spacing:-0.25pt;"> </font>Med<font style="letter-spacing:-0.25pt;"> </font>and probably the northern regions of the West African coast.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Setting aside those markets along the Atlantic basin, I think we have seen a relatively stable market at least from a utilization perspective in the Middle East, there has been a good construction season. Aramco has been relatively consistent in terms of number of rigs that they have<font style="letter-spacing:-1.15pt;"> </font>worked, really<font style="letter-spacing:-0.25pt;"> </font>over<font style="letter-spacing:-0.25pt;"> </font>the<font style="letter-spacing:-0.25pt;"> </font>last<font style="letter-spacing:-0.25pt;"> </font>couple<font style="letter-spacing:-0.25pt;"> </font>of<font style="letter-spacing:-0.25pt;"> </font>years,<font style="letter-spacing:-0.25pt;"> </font>at<font style="letter-spacing:-0.25pt;"> </font>45<font style="letter-spacing:-0.25pt;"> </font>to<font style="letter-spacing:-0.25pt;"> </font>50<font style="letter-spacing:-0.25pt;"> </font>rigs<font style="letter-spacing:-0.25pt;"> </font>and<font style="letter-spacing:-0.25pt;"> </font>some<font style="letter-spacing:-0.25pt;"> </font>discussions<font style="letter-spacing:-0.25pt;"> </font>potentially<font style="letter-spacing:-0.25pt;"> </font>moving<font style="letter-spacing:-0.25pt;"> </font>up<font style="letter-spacing:-0.25pt;"> </font>from<font style="letter-spacing:-0.25pt;"> </font>there.<font style="letter-spacing:-0.25pt;"> </font>I<font style="letter-spacing:-0.25pt;"> </font>think<font style="letter-spacing:-0.25pt;"> </font>once<font style="letter-spacing:-0.25pt;"> </font>you<font style="letter-spacing:-0.25pt;"> </font>move<font style="letter-spacing:-0.25pt;"> </font>away<font style="letter-spacing:-0.25pt;"> </font>from<font style="letter-spacing:-0.25pt;"> </font>those two markets, it is a little bit of a --I guess, we characterize this as some good news and some bad news on a market-by-market basis. There is a bit noise around increases in drilling activity in Brazil, I think we will take a wait-and-see approach there. A lot of issues still to work through with Petrobras<font style="letter-spacing:-0.4pt;"> </font>and<font style="letter-spacing:-0.4pt;"> </font>otherwise<font style="letter-spacing:-0.4pt;"> </font>in<font style="letter-spacing:-0.4pt;"> </font>that<font style="letter-spacing:-0.4pt;"> </font>market.<font style="letter-spacing:-0.4pt;"> </font>But<font style="letter-spacing:-0.4pt;"> </font>longer-term,<font style="letter-spacing:-0.4pt;"> </font>we<font style="letter-spacing:-0.4pt;"> </font>are<font style="letter-spacing:-0.4pt;"> </font>relatively<font style="letter-spacing:-0.4pt;"> </font>bullish<font style="letter-spacing:-0.4pt;"> </font>on<font style="letter-spacing:-0.4pt;"> </font>Mexico.<font style="letter-spacing:-0.4pt;"> </font>The<font style="letter-spacing:-0.4pt;"> </font>U.S.<font style="letter-spacing:-0.4pt;"> </font>market,<font style="letter-spacing:-0.4pt;"> </font>where<font style="letter-spacing:-0.4pt;"> </font>we<font style="letter-spacing:-0.4pt;"> </font>have<font style="letter-spacing:-0.4pt;"> </font>not<font style="letter-spacing:-0.4pt;"> </font>seen<font style="letter-spacing:-0.4pt;"> </font>a<font style="letter-spacing:-0.4pt;"> </font>movement up<font style="letter-spacing:-0.35pt;"> </font>in<font style="letter-spacing:-0.35pt;"> </font>working<font style="letter-spacing:-0.35pt;"> </font>rigs,<font style="letter-spacing:-0.35pt;"> </font>I<font style="letter-spacing:-0.35pt;"> </font>think<font style="letter-spacing:-0.35pt;"> </font>that<font style="letter-spacing:-0.35pt;"> </font>is<font style="letter-spacing:-0.35pt;"> </font>a<font style="letter-spacing:-0.35pt;"> </font>market<font style="letter-spacing:-0.35pt;"> </font>that<font style="letter-spacing:-0.35pt;"> </font>is<font style="letter-spacing:-0.35pt;"> </font>probably<font style="letter-spacing:-0.35pt;"> </font>regionally<font style="letter-spacing:-0.35pt;"> </font>well<font style="letter-spacing:-0.35pt;"> </font>set<font style="letter-spacing:-0.35pt;"> </font>up<font style="letter-spacing:-0.35pt;"> </font>for<font style="letter-spacing:-0.35pt;"> </font>an<font style="letter-spacing:-0.35pt;"> </font>increase<font style="letter-spacing:-0.35pt;"> </font>in<font style="letter-spacing:-0.35pt;"> </font>demand.<font style="letter-spacing:-0.35pt;"> </font>I<font style="letter-spacing:-0.35pt;"> </font>think, however, that<font style="letter-spacing:-0.35pt;"> </font>there<font style="letter-spacing:-0.35pt;"> </font>is<font style="letter-spacing:-0.35pt;"> </font>a<font style="letter-spacing:-0.35pt;"> </font>very<font style="letter-spacing:-0.35pt;"> </font>significant<font style="letter-spacing:-0.35pt;"> </font>capacity issue that the U.S. OSV market that we will have to work through before you see significant traction in day rates.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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="9._Michael_William_Urban"></a>So again, I think at this stage, which is early-stage on a potential market recovery, you will see some positive and negative signs, and which way it leans<font style="letter-spacing:-0.1pt;"> </font>ultimately<font style="letter-spacing:-0.1pt;"> </font>plays<font style="letter-spacing:-0.1pt;"> </font>over<font style="letter-spacing:-0.1pt;"> </font>the<font style="letter-spacing:-0.1pt;"> </font>next<font style="letter-spacing:-0.1pt;"> </font>couple<font style="letter-spacing:-0.1pt;"> </font>of<font style="letter-spacing:-0.1pt;"> </font>quarters.<font style="letter-spacing:-0.1pt;"> </font>We<font style="letter-spacing:-0.1pt;"> </font>and<font style="letter-spacing:-0.1pt;"> </font>many<font style="letter-spacing:-0.1pt;"> </font>others<font style="letter-spacing:-0.1pt;"> </font>are<font style="letter-spacing:-0.1pt;"> </font>very<font style="letter-spacing:-0.1pt;"> </font>focused<font style="letter-spacing:-0.1pt;"> </font>on<font style="letter-spacing:-0.1pt;"> </font>what<font style="letter-spacing:-0.1pt;"> </font>the<font style="letter-spacing:-0.1pt;"> </font>customer's<font style="letter-spacing:-0.1pt;"> </font>budget<font style="letter-spacing:-0.1pt;"> </font>season<font style="letter-spacing:-0.1pt;"> </font>will<font style="letter-spacing:-0.1pt;"> </font>look<font style="letter-spacing:-0.1pt;"> </font>like as<font style="letter-spacing:-0.3pt;"> </font>they<font style="letter-spacing:-0.3pt;"> </font>move<font style="letter-spacing:-0.3pt;"> </font>into<font style="letter-spacing:-0.3pt;"> </font>that.<font style="letter-spacing:-0.3pt;"> </font>I<font style="letter-spacing:-0.3pt;"> </font>think<font style="letter-spacing:-0.3pt;"> </font>many<font style="letter-spacing:-0.3pt;"> </font>of<font style="letter-spacing:-0.3pt;"> </font>the<font style="letter-spacing:-0.3pt;"> </font>customers<font style="letter-spacing:-0.3pt;"> </font>are<font style="letter-spacing:-0.3pt;"> </font>in<font style="letter-spacing:-0.3pt;"> </font>a<font style="letter-spacing:-0.3pt;"> </font>pre-budget<font style="letter-spacing:-0.3pt;"> </font>mode<font style="letter-spacing:-0.3pt;"> </font>right<font style="letter-spacing:-0.3pt;"> </font>now,<font style="letter-spacing:-0.3pt;"> </font>but<font style="letter-spacing:-0.3pt;"> </font>as<font style="letter-spacing:-0.3pt;"> </font>you<font style="letter-spacing:-0.3pt;"> </font>get<font style="letter-spacing:-0.3pt;"> </font>into<font style="letter-spacing:-0.3pt;"> </font>the<font style="letter-spacing:-0.3pt;"> </font>fall,<font style="letter-spacing:-0.3pt;"> </font>when<font style="letter-spacing:-0.3pt;"> </font>they<font style="letter-spacing:-0.3pt;"> </font>set<font style="letter-spacing:-0.3pt;"> </font>2019<font style="letter-spacing:-0.3pt;"> </font>budgets, I think that is really going to be where you see the market heading from there.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Michael William Urban <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Seaport Global Securities LLC, Research Division - MD &amp; Senior Analyst</font></p>
<p style="margin-top:6pt;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;">Got it. That is all for me. Thank you.</p>
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<p style="margin-top:0pt;margin-bottom:0pt;margin-left:0.18%;text-indent:0%;color:#666666;font-size:5.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#169;2018 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without<font style="letter-spacing:-0.1pt;"> </font>the<font style="letter-spacing:-0.1pt;"> </font>prior<font style="letter-spacing:-0.1pt;"> </font>written<font style="letter-spacing:-0.1pt;"> </font>consent<font style="letter-spacing:-0.1pt;"> </font>of<font style="letter-spacing:-0.1pt;"> </font>Thomson<font style="letter-spacing:-0.1pt;"> </font>Reuters.<font style="letter-spacing:-0.1pt;"> </font>'Thomson<font style="letter-spacing:-0.1pt;"> </font>Reuters'<font style="letter-spacing:-0.1pt;"> </font>and<font style="letter-spacing:-0.1pt;"> </font>the<font style="letter-spacing:-0.1pt;"> </font>Thomson<font style="letter-spacing:-0.1pt;"> </font>Reuters<font style="letter-spacing:-0.1pt;"> </font>logo<font style="letter-spacing:-0.1pt;"> </font>are<font style="letter-spacing:-0.1pt;"> </font>registered<font style="letter-spacing:-0.1pt;"> </font>trademarks<font style="letter-spacing:-0.1pt;"> </font>of<font style="letter-spacing:-0.1pt;"> </font>Thomson<font style="letter-spacing:-0.1pt;"> </font>Reuters<font style="letter-spacing:-0.1pt;"> </font>and<font style="letter-spacing:-0.1pt;"> </font>its affiliated<font style="letter-spacing:-0.05pt;"> </font>companies.</p>&nbsp;</p>
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<p style="margin-bottom:4pt;margin-top:4pt;margin-left:4pt;;margin-right:0.73%;text-indent:0pt;;color:#FFFFFF;font-size:12pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">MAY<font style="letter-spacing:-0.75pt;"> </font>15,<font style="letter-spacing:-0.75pt;"> </font>2018<font style="letter-spacing:-0.75pt;"> </font>/<font style="letter-spacing:-0.75pt;"> </font>3:00PM,<font style="letter-spacing:-0.75pt;"> </font>TDW<font style="letter-spacing:-0.75pt;"> </font>&#8211;<font style="letter-spacing:-0.75pt;"> Q1 2018 </font>Tidewater<font style="letter-spacing:-0.75pt;"> </font>Inc<font style="letter-spacing:-0.75pt;"> </font>Earnings<font style="letter-spacing:-0.75pt;"> </font>Call</p></td>
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<p style="margin-bottom:4pt;margin-top:4pt;margin-left:4pt;;margin-right:0.73%;text-indent:0pt;;font-family:Times New Roman;font-size:12pt;">&nbsp;</p></td>
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<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="10._John_T._Rynd"></a>John T. Rynd <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - President, CEO &amp; Director</font></p>
<p style="margin-top:6pt;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;">Thank you.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="11._Operator"></a>Operator</p>
<p style="margin-top:6pt;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;">And the next question comes from Joe Gibney from Capital One.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="12._Joseph_Donough_Gibney"></a><a name="_bookmark4"></a>Joseph Donough Gibney <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Capital One Securities, Inc., Research Division - Senior Analyst</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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="13._Quinn_P._Fanning"></a>Quinn, just a question for you. On the reactivation side, you referenced the four total vessels, two in the Middle East and two in Europe/Med, and I<font style="letter-spacing:-0.15pt;"> </font>believe<font style="letter-spacing:-0.15pt;"> </font>seven<font style="letter-spacing:-0.15pt;"> </font>year-to-date,<font style="letter-spacing:-0.15pt;"> </font>you<font style="letter-spacing:-0.15pt;"> </font>indicated.<font style="letter-spacing:-0.15pt;"> </font>I<font style="letter-spacing:-0.15pt;"> </font>was<font style="letter-spacing:-0.15pt;"> </font>curious,<font style="letter-spacing:-0.15pt;"> </font>is<font style="letter-spacing:-0.15pt;"> </font>this<font style="letter-spacing:-0.15pt;"> </font>deepwater?<font style="letter-spacing:-0.15pt;"> </font>Is<font style="letter-spacing:-0.15pt;"> </font>this<font style="letter-spacing:-0.15pt;"> </font>towing-supply<font style="letter-spacing:-0.15pt;"> </font>vessels?<font style="letter-spacing:-0.15pt;"> </font>And<font style="letter-spacing:-0.15pt;"> </font>just<font style="letter-spacing:-0.15pt;"> </font>can<font style="letter-spacing:-0.15pt;"> </font>you<font style="letter-spacing:-0.15pt;"> </font>give<font style="letter-spacing:-0.15pt;"> </font>us<font style="letter-spacing:-0.15pt;"> </font>some<font style="letter-spacing:-0.15pt;"> </font>sense<font style="letter-spacing:-0.15pt;"> </font>on cost<font style="letter-spacing:-0.6pt;"> </font>to<font style="letter-spacing:-0.6pt;"> </font>reactivate<font style="letter-spacing:-0.6pt;"> </font>here?<font style="letter-spacing:-0.6pt;"> </font>Obviously,<font style="letter-spacing:-0.6pt;"> </font>it is<font style="letter-spacing:-0.6pt;"> </font>palatable<font style="letter-spacing:-0.6pt;"> </font>enough<font style="letter-spacing:-0.6pt;"> </font>to<font style="letter-spacing:-0.6pt;"> </font>bring<font style="letter-spacing:-0.6pt;"> </font>them<font style="letter-spacing:-0.6pt;"> </font>back<font style="letter-spacing:-0.6pt;"> </font>into<font style="letter-spacing:-0.6pt;"> </font>the<font style="letter-spacing:-0.6pt;"> </font>market<font style="letter-spacing:-0.6pt;"> </font>when<font style="letter-spacing:-0.6pt;"> </font>you<font style="letter-spacing:-0.6pt;"> </font>are<font style="letter-spacing:-0.6pt;"> </font>looking<font style="letter-spacing:-0.6pt;"> </font>at<font style="letter-spacing:-0.6pt;"> </font>some<font style="letter-spacing:-0.6pt;"> </font>term<font style="letter-spacing:-0.6pt;"> </font>work<font style="letter-spacing:-0.6pt;"> </font>to<font style="letter-spacing:-0.6pt;"> </font>the<font style="letter-spacing:-0.6pt;"> </font><a name="13._Quinn_P._Fanning"></a>summer season, just a little more color there on cost to bring some of these boats out and what you are seeing maybe specifically in Middle East and Europe/Med that prompts you to do that, outside of typical seasonality.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Quinn P. Fanning <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - CFO</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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="14._Joseph_Donough_Gibney"></a>Yes, the type of equipment will differ as you go market-to-market. We have, as John mentioned, moved a couple of deepwater ships across the Atlantic<font style="letter-spacing:-0.25pt;"> </font>into<font style="letter-spacing:-0.25pt;"> </font>the<font style="letter-spacing:-0.25pt;"> </font>Canadian<font style="letter-spacing:-0.25pt;"> </font>market.<font style="letter-spacing:-0.25pt;"> </font>We<font style="letter-spacing:-0.25pt;"> </font>backfilled<font style="letter-spacing:-0.25pt;"> </font>with<font style="letter-spacing:-0.25pt;"> </font>the<font style="letter-spacing:-0.25pt;"> </font>reactivation<font style="letter-spacing:-0.25pt;"> </font>of<font style="letter-spacing:-0.25pt;"> </font>some<font style="letter-spacing:-0.25pt;"> </font>ships<font style="letter-spacing:-0.25pt;"> </font>from<font style="letter-spacing:-0.25pt;"> </font>the<font style="letter-spacing:-0.25pt;"> </font>North<font style="letter-spacing:-0.25pt;"> </font>Sea,<font style="letter-spacing:-0.25pt;"> </font>replacing<font style="letter-spacing:-0.25pt;"> </font>those<font style="letter-spacing:-0.25pt;"> </font>vessels.<font style="letter-spacing:-0.25pt;"> </font>As<font style="letter-spacing:-0.25pt;"> </font>you<font style="letter-spacing:-0.25pt;"> </font>move<font style="letter-spacing:-0.25pt;"> </font>into the Middle East, that is more of a towing-supply market, at least for the Arabian Gulf. The Red Sea has potential to be a deepwater market, but I would<font style="letter-spacing:-0.3pt;"> </font>say<font style="letter-spacing:-0.3pt;"> </font>that<font style="letter-spacing:-0.3pt;"> </font>is<font style="letter-spacing:-0.3pt;"> </font>2019<font style="letter-spacing:-0.3pt;"> </font>and<font style="letter-spacing:-0.3pt;"> </font>beyond,<font style="letter-spacing:-0.3pt;"> </font>maybe<font style="letter-spacing:-0.3pt;"> </font>even<font style="letter-spacing:-0.3pt;"> </font>2020<font style="letter-spacing:-0.3pt;"> </font>depending<font style="letter-spacing:-0.3pt;"> </font>upon<font style="letter-spacing:-0.3pt;"> </font>what<font style="letter-spacing:-0.3pt;"> </font>Aramco<font style="letter-spacing:-0.3pt;"> </font>and<font style="letter-spacing:-0.3pt;"> </font>others<font style="letter-spacing:-0.3pt;"> </font>decide<font style="letter-spacing:-0.3pt;"> </font>to<font style="letter-spacing:-0.3pt;"> </font>do<font style="letter-spacing:-0.3pt;"> </font>on<font style="letter-spacing:-0.3pt;"> </font>that<font style="letter-spacing:-0.3pt;"> </font>side.<font style="letter-spacing:-0.3pt;"> </font>And<font style="letter-spacing:-0.3pt;"> </font>so,<font style="letter-spacing:-0.3pt;"> </font>I<font style="letter-spacing:-0.3pt;"> </font>would<font style="letter-spacing:-0.3pt;"> </font>not<font style="letter-spacing:-0.3pt;"> </font>say, it isn&#8217;t a deepwater-only lead recovery or a towing-supply only led recovery. We are just very pleased to see some step-up in activity in a couple different markets and hopefully that is the early signs of good things to come... Again, a lot can get lost in the averages. It may be helpful to direct you to some of the geography-based operating statistic disclosures at the back of our press release. If you focus on either individual markets or the consolidated fleet, you can see what we were spending and the trends in that. And I think we have spent $9-10 million on reactivations in<font style="letter-spacing:-1.3pt;"> </font>the just completed quarter. That is probably up $5 million, $6 million from the previous quarter. But that is going to bounce around, as you would suspect, based on scheduled dry docks and our perception of the economics of reactivation. I think John makes the right point, which <a name="14._Joseph_Donough_Gibney"></a>is the customer is going to have to help us make the business case to reactivate equipment. If they can do that, I think Tidewater is in a unique position to<font style="letter-spacing:-0.4pt;"> </font>fund<font style="letter-spacing:-0.4pt;"> </font>sensible<font style="letter-spacing:-0.4pt;"> </font>reactivations,<font style="letter-spacing:-0.4pt;"> </font>and<font style="letter-spacing:-0.4pt;"> </font>we<font style="letter-spacing:-0.4pt;"> </font>are<font style="letter-spacing:-0.4pt;"> </font>probably<font style="letter-spacing:-0.4pt;"> </font>in<font style="letter-spacing:-0.4pt;"> </font>a<font style="letter-spacing:-0.4pt;"> </font>better<font style="letter-spacing:-0.4pt;"> </font>position<font style="letter-spacing:-0.4pt;"> </font>than<font style="letter-spacing:-0.4pt;"> </font>anybody<font style="letter-spacing:-0.4pt;"> </font>to<font style="letter-spacing:-0.4pt;"> </font>throw<font style="letter-spacing:-0.4pt;"> </font>more<font style="letter-spacing:-0.4pt;"> </font>iron<font style="letter-spacing:-0.4pt;"> </font>at<font style="letter-spacing:-0.4pt;"> </font>the<font style="letter-spacing:-0.4pt;"> </font>recovering<font style="letter-spacing:-0.4pt;"> </font>market.<font style="letter-spacing:-0.4pt;"> </font>So<font style="letter-spacing:-0.4pt;"> </font>in<font style="letter-spacing:-0.4pt;"> </font>that<font style="letter-spacing:-0.4pt;"> </font>sense, we have probably got organic growth opportunities that others may not have.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Joseph Donough Gibney <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Capital One Securities, Inc., Research Division - Senior Analyst</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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="15._Quinn_P._Fanning"></a>Sure. Understood. On the resale market, just curious in exclusive of vessels being sold to scrap, are you seeing a lift in other asset prices per sale for<font style="letter-spacing:-0.1pt;"> </font>quality<font style="letter-spacing:-0.1pt;"> </font>tonnage?<font style="letter-spacing:-0.1pt;"> </font>Are<font style="letter-spacing:-0.1pt;"> </font>you<font style="letter-spacing:-0.1pt;"> </font>beginning<font style="letter-spacing:-0.1pt;"> </font>to<font style="letter-spacing:-0.1pt;"> </font>see<font style="letter-spacing:-0.1pt;"> </font>some<font style="letter-spacing:-0.1pt;"> </font>movement<font style="letter-spacing:-0.1pt;"> </font>on<font style="letter-spacing:-0.1pt;"> </font>that<font style="letter-spacing:-0.1pt;"> </font>side<font style="letter-spacing:-0.1pt;"> </font>of<font style="letter-spacing:-0.1pt;"> </font>the<font style="letter-spacing:-0.1pt;"> </font>fence?<font style="letter-spacing:-0.1pt;"> </font>Just<font style="letter-spacing:-0.1pt;"> </font>kind<font style="letter-spacing:-0.1pt;"> </font>of<font style="letter-spacing:-0.1pt;"> </font>curious<font style="letter-spacing:-0.1pt;"> </font>on<font style="letter-spacing:-0.1pt;"> </font>some<font style="letter-spacing:-0.1pt;"> </font>perspective<font style="letter-spacing:-0.1pt;"> </font>there.<font style="letter-spacing:-0.1pt;"> </font>Outside of the scrap market, what are some of the puts and takes on there on asset price?</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Quinn P. Fanning <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - CFO</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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 others have commented on the trend on secondhand vessel pricing, it is kind of like you need utilization before you can see traction in day rates. I would say it is positive from my perspective, you have seen more transaction in the S&amp;P market. I would not say that there has been a dramatic<font style="letter-spacing:-0.1pt;"> </font>movement,<font style="letter-spacing:-0.1pt;"> </font>if<font style="letter-spacing:-0.1pt;"> </font>you<font style="letter-spacing:-0.1pt;"> </font>normalized<font style="letter-spacing:-0.1pt;"> </font>the<font style="letter-spacing:-0.1pt;"> </font>type<font style="letter-spacing:-0.1pt;"> </font>of<font style="letter-spacing:-0.1pt;"> </font>assets<font style="letter-spacing:-0.1pt;"> </font>that<font style="letter-spacing:-0.1pt;"> </font>are<font style="letter-spacing:-0.1pt;"> </font>being<font style="letter-spacing:-0.1pt;"> </font>sold<font style="letter-spacing:-0.1pt;"> </font>and<font style="letter-spacing:-0.1pt;"> </font>overall<font style="letter-spacing:-0.1pt;"> </font>secondhand<font style="letter-spacing:-0.1pt;"> </font>vessel<font style="letter-spacing:-0.1pt;"> </font>pricing.<font style="letter-spacing:-0.1pt;"> </font>But<font style="letter-spacing:-0.1pt;"> </font>clearly<font style="letter-spacing:-0.1pt;"> </font>more<font style="letter-spacing:-0.1pt;"> </font>transactions and<font style="letter-spacing:-0.1pt;"> </font>more<font style="letter-spacing:-0.1pt;"> </font>interest<font style="letter-spacing:-0.1pt;"> </font>in<font style="letter-spacing:-0.1pt;"> </font>the<font style="letter-spacing:-0.1pt;"> </font>space<font style="letter-spacing:-0.1pt;"> </font>should<font style="letter-spacing:-0.1pt;"> </font>lead<font style="letter-spacing:-0.1pt;"> </font>to<font style="letter-spacing:-0.1pt;"> </font>higher<font style="letter-spacing:-0.1pt;"> </font>prices<font style="letter-spacing:-0.1pt;"> </font>and<font style="letter-spacing:-0.1pt;"> </font>I<font style="letter-spacing:-0.1pt;"> </font>think<font style="letter-spacing:-0.1pt;"> </font>that<font style="letter-spacing:-0.1pt;"> </font>has<font style="letter-spacing:-0.1pt;"> </font>been<font style="letter-spacing:-0.1pt;"> </font>addressed<font style="letter-spacing:-0.1pt;"> </font>on<font style="letter-spacing:-0.1pt;"> </font>some<font style="letter-spacing:-0.1pt;"> </font>other<font style="letter-spacing:-0.1pt;"> </font>folks&#8217;<font style="letter-spacing:-0.1pt;"> </font>calls,<font style="letter-spacing:-0.1pt;"> </font>and<font style="letter-spacing:-0.1pt;"> </font>I<font style="letter-spacing:-0.1pt;"> </font>would<font style="letter-spacing:-0.1pt;"> </font>not<font style="letter-spacing:-0.1pt;"> </font>disagree with those characterizations, but I think it is a very limited number of data points at this point.</p>
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<p style="margin-bottom:4pt;margin-top:4pt;margin-left:4pt;;margin-right:0.73%;text-indent:0pt;;color:#FFFFFF;font-size:12pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">MAY<font style="letter-spacing:-0.75pt;"> </font>15,<font style="letter-spacing:-0.75pt;"> </font>2018<font style="letter-spacing:-0.75pt;"> </font>/<font style="letter-spacing:-0.75pt;"> </font>3:00PM,<font style="letter-spacing:-0.75pt;"> </font>TDW<font style="letter-spacing:-0.75pt;"> </font>&#8211;<font style="letter-spacing:-0.75pt;"> Q1 2018 </font>Tidewater<font style="letter-spacing:-0.75pt;"> </font>Inc<font style="letter-spacing:-0.75pt;"> </font>Earnings<font style="letter-spacing:-0.75pt;"> </font>Call</p></td>
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<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="16._Joseph_Donough_Gibney"></a>Joseph Donough Gibney <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Capital One Securities, Inc., Research Division - Senior Analyst</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Okay, fair enough. And last one for me, Quinn. Just on G&amp;A, well understood, are comfortably below $25 million, and a solid 1Q posting. But you sounded<font style="letter-spacing:-0.05pt;"> </font>like<font style="letter-spacing:-0.05pt;"> </font>you<font style="letter-spacing:-0.05pt;"> </font>are<font style="letter-spacing:-0.05pt;"> </font>intimated<font style="letter-spacing:-0.05pt;"> </font>there<font style="letter-spacing:-0.05pt;"> </font>are<font style="letter-spacing:-0.05pt;"> </font>few<font style="letter-spacing:-0.05pt;"> </font>puts<font style="letter-spacing:-0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>takes<font style="letter-spacing:-0.05pt;"> </font>one<font style="letter-spacing:-0.05pt;"> </font>time<font style="letter-spacing:-0.05pt;"> </font>in<font style="letter-spacing:-0.05pt;"> </font>the<font style="letter-spacing:-0.05pt;"> </font>quarter,<font style="letter-spacing:-0.05pt;"> </font>that<font style="letter-spacing:-0.05pt;"> </font>maybe<font style="letter-spacing:-0.05pt;"> </font>don't<font style="letter-spacing:-0.05pt;"> </font>recur<font style="letter-spacing:-0.05pt;"> </font>to<font style="letter-spacing:-0.05pt;"> </font>the<font style="letter-spacing:-0.05pt;"> </font>2Q.<font style="letter-spacing:-0.05pt;"> </font>So<font style="letter-spacing:-0.05pt;"> </font>I<font style="letter-spacing:-0.05pt;"> </font>mean,<font style="letter-spacing:-0.05pt;"> </font>is<font style="letter-spacing:-0.05pt;"> </font>2Q<font style="letter-spacing:-0.05pt;"> </font>nominally higher ex-stock-based compensation expense? Just trying to rationalize here.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="17._Quinn_P._Fanning"></a>Quinn P. Fanning <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - CFO</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">No,<font style="letter-spacing:-0.2pt;"> </font>I<font style="letter-spacing:-0.2pt;"> </font>was<font style="letter-spacing:-0.2pt;"> </font>making<font style="letter-spacing:-0.2pt;"> </font>a<font style="letter-spacing:-0.2pt;"> </font>different<font style="letter-spacing:-0.2pt;"> </font>point,<font style="letter-spacing:-0.2pt;"> </font>Joe.<font style="letter-spacing:-0.2pt;"> </font>I<font style="letter-spacing:-0.2pt;"> </font>am<font style="letter-spacing:-0.2pt;"> </font>sorry.<font style="letter-spacing:-0.2pt;"> </font>We<font style="letter-spacing:-0.2pt;"> </font>had<font style="letter-spacing:-0.2pt;"> </font>some<font style="letter-spacing:-0.2pt;"> </font>unusual<font style="letter-spacing:-0.2pt;"> </font>items<font style="letter-spacing:-0.2pt;"> </font>in<font style="letter-spacing:-0.2pt;"> </font>the<font style="letter-spacing:-0.2pt;"> </font>December<font style="letter-spacing:-0.2pt;"> </font>quarter<font style="letter-spacing:-0.2pt;"> </font>and<font style="letter-spacing:-0.2pt;"> </font>as<font style="letter-spacing:-0.2pt;"> </font>we<font style="letter-spacing:-0.2pt;"> </font>have<font style="letter-spacing:-0.2pt;"> </font>run<font style="letter-spacing:-0.2pt;"> </font>the<font style="letter-spacing:-0.2pt;"> </font>comparison<font style="letter-spacing:-0.2pt;"> </font>of<font style="letter-spacing:-0.2pt;"> </font>the March<font style="letter-spacing:-0.65pt;"> </font>quarter<font style="letter-spacing:-0.65pt;"> </font>to<font style="letter-spacing:-0.65pt;"> </font>the<font style="letter-spacing:-0.65pt;"> </font>December<font style="letter-spacing:-0.65pt;"> </font>quarter<font style="letter-spacing:-0.65pt;"> </font>made<font style="letter-spacing:-0.65pt;"> </font>for<font style="letter-spacing:-0.65pt;"> </font>a<font style="letter-spacing:-0.65pt;"> </font>more<font style="letter-spacing:-0.65pt;"> </font>positive<font style="letter-spacing:-0.65pt;"> </font>quarter-over-quarter<font style="letter-spacing:-0.65pt;"> </font>trend.<font style="letter-spacing:-0.65pt;"> </font>And<font style="letter-spacing:-0.65pt;"> </font>I<font style="letter-spacing:-0.65pt;"> </font>think<font style="letter-spacing:-0.65pt;"> &#8230;</font>I<font style="letter-spacing:-0.65pt;"> </font>would<font style="letter-spacing:-0.65pt;"> </font>not<font style="letter-spacing:-0.65pt;"> </font>want<font style="letter-spacing:-0.65pt;"> </font>people<font style="letter-spacing:-0.65pt;"> </font>to<font style="letter-spacing:-0.65pt;"> </font>extrapolate, but<font style="letter-spacing:-0.3pt;"> </font>I<font style="letter-spacing:-0.3pt;"> </font>think<font style="letter-spacing:-0.3pt;"> </font>if<font style="letter-spacing:-0.3pt;"> </font>you<font style="letter-spacing:-0.3pt;"> </font>look<font style="letter-spacing:-0.3pt;"> </font>at<font style="letter-spacing:-0.3pt;"> </font>quarter's<font style="letter-spacing:-0.3pt;"> </font>G&amp;A,<font style="letter-spacing:-0.3pt;"> </font>ex-stock-based<font style="letter-spacing:-0.3pt;"> </font>compensation<font style="letter-spacing:-0.3pt;"> </font>expense,<font style="letter-spacing:-0.3pt;"> </font>which<font style="letter-spacing:-0.3pt;"> </font>potentially<font style="letter-spacing:-0.3pt;"> </font>creates<font style="letter-spacing:-0.3pt;"> </font>volatility<font style="letter-spacing:-0.3pt;"> </font>as<font style="letter-spacing:-0.3pt;"> </font>the<font style="letter-spacing:-0.3pt;"> </font>share<font style="letter-spacing:-0.3pt;"> </font>price<font style="letter-spacing:-0.3pt;"> </font>moves<font style="letter-spacing:-0.3pt;"> </font>around, you are at $21 million, which again puts us comfortably below the $25 million target articulated in previous calls. And I am comfortable that we will remain at or around that level on a go-forward basis.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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="18._Joseph_Donough_Gibney"></a>The other comment I made is that we continue to look at ways to reorganize the business, not just to reduce cost, but create scope for margin expansion in a recovery. And there may be friction costs as we get there from here. Most notably, the possibility for having to book restructuring charges<font style="letter-spacing:-0.75pt;"> </font>related<font style="letter-spacing:-0.75pt;"> </font>to<font style="letter-spacing:-0.75pt;"> </font>lease<font style="letter-spacing:-0.75pt;"> </font>liabilities<font style="letter-spacing:-0.75pt;"> </font>on<font style="letter-spacing:-0.75pt;"> </font>offices<font style="letter-spacing:-0.75pt;"> </font>that<font style="letter-spacing:-0.75pt;"> </font>we<font style="letter-spacing:-0.75pt;"> </font>may<font style="letter-spacing:-0.75pt;"> </font>close.<font style="letter-spacing:-0.75pt;"> </font>There<font style="letter-spacing:-0.75pt;"> </font>is<font style="letter-spacing:-0.75pt;"> </font>some<font style="letter-spacing:-0.75pt;"> </font>relatively<font style="letter-spacing:-0.75pt;"> </font>a<font style="letter-spacing:-0.75pt;"> </font>detailed<font style="letter-spacing:-0.75pt;"> </font>accounting<font style="letter-spacing:-0.75pt;"> </font>guidance<font style="letter-spacing:-0.75pt;"> </font>as<font style="letter-spacing:-0.75pt;"> </font>to<font style="letter-spacing:-0.75pt;"> </font>when<font style="letter-spacing:-0.75pt;"> </font>you<font style="letter-spacing:-0.75pt;"> </font>can<font style="letter-spacing:-0.75pt;"> </font>recognize restructuring cost like that, and we have not met those tests at the point. Activities like office closings and downsiz<a name="18._Joseph_Donough_Gibney"></a>ing is an ongoing part of what we are doing.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Joseph Donough Gibney <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Capital One Securities, Inc., Research Division - Senior Analyst</font></p>
<p style="margin-top:6pt;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;"><a name="19._Quinn_P._Fanning"></a>Understood. I appreciate it guys. I will turn it back.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="20._John_T._Rynd"></a>Quinn P. Fanning <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - CFO</font></p>
<p style="margin-top:6pt;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;">Thanks, Joe.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="21._Operator"></a>John T. Rynd <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - President, CEO &amp; Director</font></p>
<p style="margin-top:6pt;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;">Thanks, Joe</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="22._Turner_Holm"></a><a name="_bookmark5"></a>Operator</p>
<p style="margin-top:6pt;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;">And the next question comes from Turner Holm from Clarkson's.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="23._John_T._Rynd"></a>Turner Holm <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Clarksons Platou Securities AS, Research Division - Director</font></p>
<p style="margin-top:6pt;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;">Good morning, Gentlemen. Thank you very much for taking my call.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">John T. Rynd <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - President, CEO &amp; Director</font></p>
<p style="margin-top:6pt;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;">Good morning.</p>
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<p style="margin-bottom:4pt;margin-top:4pt;margin-left:4pt;;margin-right:0.73%;text-indent:0pt;;color:#FFFFFF;font-size:12pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">MAY<font style="letter-spacing:-0.75pt;"> </font>15,<font style="letter-spacing:-0.75pt;"> </font>2018<font style="letter-spacing:-0.75pt;"> </font>/<font style="letter-spacing:-0.75pt;"> </font>3:00PM,<font style="letter-spacing:-0.75pt;"> </font>TDW<font style="letter-spacing:-0.75pt;"> </font>&#8211;<font style="letter-spacing:-0.75pt;"> Q1 2018 </font>Tidewater<font style="letter-spacing:-0.75pt;"> </font>Inc<font style="letter-spacing:-0.75pt;"> </font>Earnings<font style="letter-spacing:-0.75pt;"> </font>Call</p></td>
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<p style="margin-bottom:4pt;margin-top:4pt;margin-left:4pt;;margin-right:0.73%;text-indent:0pt;;font-family:Times New Roman;font-size:12pt;">&nbsp;</p></td>
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<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="24._Quinn_P._Fanning"></a>Quinn P. Fanning <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - CFO</font></p>
<p style="margin-top:6pt;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;">Hey, Turner.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="25._Turner_Holm"></a>Turner Holm <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Clarksons Platou Securities AS, Research Division - Director</font></p>
<p style="margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Quinn,<font style="letter-spacing:-0.3pt;"> </font>I<font style="letter-spacing:-0.3pt;"> </font>just<font style="letter-spacing:-0.3pt;"> </font>wanted<font style="letter-spacing:-0.3pt;"> </font>to<font style="letter-spacing:-0.3pt;"> </font>confirm,<font style="letter-spacing:-0.3pt;"> </font>to<font style="letter-spacing:-0.3pt;"> </font>make<font style="letter-spacing:-0.3pt;"> </font>sure<font style="letter-spacing:-0.3pt;"> </font>I<font style="letter-spacing:-0.3pt;"> </font>understand<font style="letter-spacing:-0.3pt;"> </font>you<font style="letter-spacing:-0.3pt;"> </font>correctly.<font style="letter-spacing:-0.3pt;"> </font>But<font style="letter-spacing:-0.3pt;"> </font>it<font style="letter-spacing:-0.3pt;"> </font>sounds<font style="letter-spacing:-0.3pt;"> </font>like<font style="letter-spacing:-0.3pt;"> </font>the<font style="letter-spacing:-0.3pt;"> </font>issues<font style="letter-spacing:-0.3pt;"> </font>that<font style="letter-spacing:-0.3pt;"> </font>you<font style="letter-spacing:-0.3pt;"> </font>saw<font style="letter-spacing:-0.3pt;"> </font>in<font style="letter-spacing:-0.3pt;"> </font>the<font style="letter-spacing:-0.3pt;"> </font>first<font style="letter-spacing:-0.3pt;"> </font>quarter<font style="letter-spacing:-0.3pt;"> </font>numbers<font style="letter-spacing:-0.3pt;"> </font>with regards to the Middle East towing segment and perhaps a few other areas are mostly transitory, is that right?</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="26._Quinn_P._Fanning"></a>Quinn P. Fanning <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - CFO</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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 think that is fair, Turner, in fact I probably should have given attribution on the "air gap" comment. But yes, maybe the other thing I would just point<font style="letter-spacing:-0.15pt;"> </font>out<font style="letter-spacing:-0.15pt;"> </font>to<font style="letter-spacing:-0.15pt;"> </font>you<font style="letter-spacing:-0.15pt;"> </font>in<font style="letter-spacing:-0.15pt;"> </font>terms<font style="letter-spacing:-0.15pt;"> </font>of<font style="letter-spacing:-0.15pt;"> </font>statistical<font style="letter-spacing:-0.15pt;"> </font>back-up<font style="letter-spacing:-0.15pt;"> </font>comment,<font style="letter-spacing:-0.15pt;"> </font>I<font style="letter-spacing:-0.15pt;"> </font>think<font style="letter-spacing:-0.15pt;"> </font>we<font style="letter-spacing:-0.15pt;"> </font>had<font style="letter-spacing:-0.15pt;"> </font>19<font style="letter-spacing:-0.15pt;"> </font>vessels<font style="letter-spacing:-0.15pt;"> </font>commencing<font style="letter-spacing:-0.15pt;"> </font>dry<font style="letter-spacing:-0.15pt;"> </font>docks<font style="letter-spacing:-0.15pt;"> </font>in<font style="letter-spacing:-0.15pt;"> </font>the<font style="letter-spacing:-0.15pt;"> </font>March<font style="letter-spacing:-0.15pt;"> </font>quarter.<font style="letter-spacing:-0.15pt;"> </font>That<font style="letter-spacing:-0.15pt;"> </font>compares<font style="letter-spacing:-0.15pt;"> </font>to 10<font style="letter-spacing:-0.15pt;"> </font>vessels<font style="letter-spacing:-0.15pt;"> </font>commencing<font style="letter-spacing:-0.15pt;"> </font>dry<font style="letter-spacing:-0.15pt;"> </font>docks<font style="letter-spacing:-0.15pt;"> </font>in<font style="letter-spacing:-0.15pt;"> </font>the<font style="letter-spacing:-0.15pt;"> </font>December<font style="letter-spacing:-0.15pt;"> </font>quarter.<font style="letter-spacing:-0.15pt;"> </font>That<font style="letter-spacing:-0.15pt;"> </font>is<font style="letter-spacing:-0.15pt;"> </font>not<font style="letter-spacing:-0.15pt;"> </font>a<font style="letter-spacing:-0.15pt;"> </font>perfect<font style="letter-spacing:-0.15pt;"> </font>measure,<font style="letter-spacing:-0.15pt;"> </font>but<font style="letter-spacing:-0.15pt;"> </font>it<font style="letter-spacing:-0.15pt;"> </font>at<font style="letter-spacing:-0.15pt;"> </font>least<font style="letter-spacing:-0.15pt;"> </font>gives<font style="letter-spacing:-0.15pt;"> </font>you<font style="letter-spacing:-0.15pt;"> </font>a<font style="letter-spacing:-0.15pt;"> </font>sense<font style="letter-spacing:-0.15pt;"> </font>of<font style="letter-spacing:-0.15pt;"> </font>relative<font style="letter-spacing:-0.15pt;"> </font>activity<font style="letter-spacing:-0.15pt;"> </font>levels in terms of ship repairs and dry dock activity. So yes, I think it is a transitory issue. We know active utilization was down materially, particularly, in the<font style="letter-spacing:-0.5pt;"> </font>towing-supply<font style="letter-spacing:-0.5pt;"> </font>equipment<font style="letter-spacing:-0.5pt;"> </font>in<font style="letter-spacing:-0.5pt;"> </font>the<font style="letter-spacing:-0.5pt;"> </font>Middle<font style="letter-spacing:-0.5pt;"> </font>East<font style="letter-spacing:-0.5pt;"> </font>and<font style="letter-spacing:-0.5pt;"> </font>in<font style="letter-spacing:-0.5pt;"> </font>the<font style="letter-spacing:-0.5pt;"> </font>deep<font style="letter-spacing:-0.5pt;"> </font>water<font style="letter-spacing:-0.5pt;"> </font>equipment<font style="letter-spacing:-0.5pt;"> </font>in<font style="letter-spacing:-0.5pt;"> </font>the<font style="letter-spacing:-0.5pt;"> </font>Med<font style="letter-spacing:-0.5pt;"> </font>and<font style="letter-spacing:-0.5pt;"> </font>Europe.<font style="letter-spacing:-0.5pt;"> </font>And<font style="letter-spacing:-0.5pt;"> </font>we<font style="letter-spacing:-0.5pt;"> </font>know<font style="letter-spacing:-0.5pt;"> </font>the<font style="letter-spacing:-0.5pt;"> </font>specific<font style="letter-spacing:-0.5pt;"> </font>circumstances around those dry docks, and we know that many of the vessels that were in dry dock are now working or expected to be working shortly.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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="27._Turner_Holm"></a>So as I mentioned, we are expecting a better revenue trajectory in the June quarter and really <a name="27._Turner_Holm"></a>every one of the four reporting segments. I do not think I will comment at this point in terms of magnitude of that, but I would expect that the active fleet utilization that you saw in the December quarter and prior to that, is kind of the zip code that we should be in in the June quarter and beyond. And I think we will just take a wait-to-see approach in regards to the knock-on effects on day rates. But transitory is probably a good characterization.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;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 AS, Research Division - Director</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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="28._Quinn_P._Fanning"></a>Sure,<font style="letter-spacing:-0.05pt;"> </font>that<font style="letter-spacing:-0.05pt;"> </font>is<font style="letter-spacing:-0.05pt;"> </font>helpful.<font style="letter-spacing:-0.05pt;"> </font>And<font style="letter-spacing:-0.05pt;"> </font>just<font style="letter-spacing:-0.05pt;"> </font>given<font style="letter-spacing:-0.05pt;"> </font>the<font style="letter-spacing:-0.05pt;"> </font>nature<font style="letter-spacing:-0.05pt;"> </font>of<font style="letter-spacing:-0.05pt;"> </font>the<font style="letter-spacing:-0.05pt;"> </font>business,<font style="letter-spacing:-0.05pt;"> </font>I<font style="letter-spacing:-0.05pt;"> </font>guess,<font style="letter-spacing:-0.05pt;"> </font>a<font style="letter-spacing:-0.05pt;"> </font>lot<font style="letter-spacing:-0.05pt;"> </font>of<font style="letter-spacing:-0.05pt;"> </font>what<font style="letter-spacing:-0.05pt;"> </font>you<font style="letter-spacing:-0.05pt;"> </font>see<font style="letter-spacing:-0.05pt;"> </font>the<font style="letter-spacing:-0.05pt;"> </font>numbers<font style="letter-spacing:-0.05pt;"> </font>for<font style="letter-spacing:-0.05pt;"> </font>the<font style="letter-spacing:-0.05pt;"> </font>first<font style="letter-spacing:-0.05pt;"> </font>quarter<font style="letter-spacing:-0.05pt;"> </font>is<font style="letter-spacing:-0.05pt;"> </font>frankly<font style="letter-spacing:-0.05pt;"> </font>a<font style="letter-spacing:-0.05pt;"> </font>reflection of what was happening late in 2017. Just sort of given the rolling nature of c<a name="28._Quinn_P._Fanning"></a>ontracts, do you have any sense based on recent rates that you have been<font style="letter-spacing:-0.4pt;"> </font>booking<font style="letter-spacing:-0.4pt;"> </font>or<font style="letter-spacing:-0.4pt;"> </font>tenders<font style="letter-spacing:-0.4pt;"> </font>or<font style="letter-spacing:-0.4pt;"> </font>the<font style="letter-spacing:-0.4pt;"> </font>opportunities<font style="letter-spacing:-0.4pt;"> </font>set<font style="letter-spacing:-0.4pt;"> </font>that<font style="letter-spacing:-0.4pt;"> </font>looking<font style="letter-spacing:-0.4pt;"> </font>at,<font style="letter-spacing:-0.4pt;"> </font>that<font style="letter-spacing:-0.4pt;"> </font>as<font style="letter-spacing:-0.4pt;"> </font>we<font style="letter-spacing:-0.4pt;"> </font>move<font style="letter-spacing:-0.4pt;"> </font>through<font style="letter-spacing:-0.4pt;"> </font>the<font style="letter-spacing:-0.4pt;"> </font>year,<font style="letter-spacing:-0.4pt;"> </font>that<font style="letter-spacing:-0.4pt;"> </font>we<font style="letter-spacing:-0.4pt;"> </font>will<font style="letter-spacing:-0.4pt;"> </font>see<font style="letter-spacing:-0.4pt;"> </font>any<font style="letter-spacing:-0.4pt;"> </font>kind<font style="letter-spacing:-0.4pt;"> </font>of<font style="letter-spacing:-0.4pt;"> </font>meaningful<font style="letter-spacing:-0.4pt;"> </font>change in either utilization or day rates relative to what you reported in the first quarter?</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Quinn P. Fanning <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - CFO</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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="29._Turner_Holm"></a>I would say, we are more comfortable with the positive utilization trend than I am in the day rates trends. Yes, sure, there are going to be markets that you and others have written on, that we see day rates comfortably moving in the right direction and how that plays out around the globe, I think is just to be seen.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;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 AS, Research Division - Director</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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="30._Quinn_P._Fanning"></a>Sure. Fair point. Fair point, and last one for me, just on the consolidation that you referenced in your prepared remarks or John referred in his prepared<font style="letter-spacing:-0.2pt;"> </font>remarks.<font style="letter-spacing:-0.2pt;"> </font>Clearly,<font style="letter-spacing:-0.2pt;"> </font>Tidewater<font style="letter-spacing:-0.2pt;"> </font>is<font style="letter-spacing:-0.2pt;"> </font>in<font style="letter-spacing:-0.2pt;"> </font>a<font style="letter-spacing:-0.2pt;"> </font>privileged<font style="letter-spacing:-0.2pt;"> </font>position<font style="letter-spacing:-0.2pt;"> </font>from<font style="letter-spacing:-0.2pt;"> </font>a<font style="letter-spacing:-0.2pt;"> </font>balance<font style="letter-spacing:-0.2pt;"> </font>sheet<font style="letter-spacing:-0.2pt;"> </font>perspective<font style="letter-spacing:-0.2pt;"> </font>and<font style="letter-spacing:-0.2pt;"> </font>also<font style="letter-spacing:-0.2pt;"> </font>from<font style="letter-spacing:-0.2pt;"> </font>an<font style="letter-spacing:-0.2pt;"> </font>operating<font style="letter-spacing:-0.2pt;"> </font>platform<font style="letter-spacing:-0.2pt;"> </font>perspective. One<font style="letter-spacing:-0.15pt;"> </font>of<font style="letter-spacing:-0.15pt;"> </font>your<font style="letter-spacing:-0.15pt;"> </font>public<font style="letter-spacing:-0.15pt;"> </font>competitors<font style="letter-spacing:-0.15pt;"> </font>made<font style="letter-spacing:-0.15pt;"> </font>a<font style="letter-spacing:-0.15pt;"> </font>move<font style="letter-spacing:-0.15pt;"> </font>on<font style="letter-spacing:-0.15pt;"> </font>consolidation<font style="letter-spacing:-0.15pt;"> </font>this<font style="letter-spacing:-0.15pt;"> </font>quarter,<font style="letter-spacing:-0.15pt;"> </font>albeit<font style="letter-spacing:-0.15pt;"> </font>small.<font style="letter-spacing:-0.15pt;"> </font>What<font style="letter-spacing:-0.15pt;"> </font>is<font style="letter-spacing:-0.15pt;"> </font>it<font style="letter-spacing:-0.15pt;"> </font>that<font style="letter-spacing:-0.15pt;"> </font>the<font style="letter-spacing:-0.15pt;"> </font>Tidewater's<font style="letter-spacing:-0.15pt;"> </font>really<font style="letter-spacing:-0.15pt;"> </font>looking<font style="letter-spacing:-0.15pt;"> </font>for,<font style="letter-spacing:-0.15pt;"> </font>to<font style="letter-spacing:-0.15pt;"> </font>sort<font style="letter-spacing:-0.15pt;"> </font>of get comfortable to make a move like that?</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Quinn P. Fanning <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - CFO</font></p>
<p style="margin-top:6pt;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;">Well, I think my crystal ball may be no clearer than anybody else's, but you know what we look for in an acquisition opportunity and I would characterize<font style="letter-spacing:-0.35pt;"> </font>ourselves<font style="letter-spacing:-0.35pt;"> </font>as<font style="letter-spacing:-0.35pt;"> </font>aggressive<font style="letter-spacing:-0.35pt;"> </font>window<font style="letter-spacing:-0.35pt;"> </font>shoppers<font style="letter-spacing:-0.35pt;"> </font>right<font style="letter-spacing:-0.35pt;"> </font>now.<font style="letter-spacing:-0.35pt;"> </font>We<font style="letter-spacing:-0.35pt;"> </font>want<font style="letter-spacing:-0.35pt;"> </font>to<font style="letter-spacing:-0.35pt;"> </font>do<font style="letter-spacing:-0.35pt;"> </font>something<font style="letter-spacing:-0.35pt;"> </font>that<font style="letter-spacing:-0.35pt;"> </font>is<font style="letter-spacing:-0.35pt;"> </font>accretive<font style="letter-spacing:-0.35pt;"> </font>or<font style="letter-spacing:-0.35pt;"> </font>at<font style="letter-spacing:-0.35pt;"> </font>least<font style="letter-spacing:-0.35pt;"> </font>not<font style="letter-spacing:-0.35pt;"> </font>dilutive<font style="letter-spacing:-0.35pt;"> </font>to<font style="letter-spacing:-0.35pt;"> </font>asset<font style="letter-spacing:-0.35pt;"> </font>quality.</p>
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<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:10.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<font style="letter-spacing:-0.75pt;"> </font>have<font style="letter-spacing:-0.75pt;"> </font>no<font style="letter-spacing:-0.75pt;"> </font>interest<font style="letter-spacing:-0.75pt;"> </font>in<font style="letter-spacing:-0.75pt;"> </font>consolidating<font style="letter-spacing:-0.75pt;"> </font>the<font style="letter-spacing:-0.75pt;"> </font>global<font style="letter-spacing:-0.75pt;"> </font>stacked<font style="letter-spacing:-0.75pt;"> </font>fleet.<font style="letter-spacing:-0.75pt;"> </font>Contract<font style="letter-spacing:-0.75pt;"> </font>backlog,<font style="letter-spacing:-0.75pt;"> </font>while<font style="letter-spacing:-0.75pt;"> </font>less<font style="letter-spacing:-0.75pt;"> </font>prevalent<font style="letter-spacing:-0.75pt;"> </font>in<font style="letter-spacing:-0.75pt;"> </font>the<font style="letter-spacing:-0.75pt;"> </font>OSV<font style="letter-spacing:-0.75pt;"> </font>space<font style="letter-spacing:-0.75pt;"> </font>than<font style="letter-spacing:-0.75pt;"> </font>in<font style="letter-spacing:-0.75pt;"> </font>the<font style="letter-spacing:-0.75pt;"> </font>rig<font style="letter-spacing:-0.75pt;"> </font>space,<font style="letter-spacing:-0.75pt;"> </font>obviously, is<font style="letter-spacing:-0.1pt;"> </font>a<font style="letter-spacing:-0.1pt;"> </font>net<font style="letter-spacing:-0.1pt;"> </font>positive.<font style="letter-spacing:-0.1pt;"> </font>We<font style="letter-spacing:-0.1pt;"> </font>want<font style="letter-spacing:-0.1pt;"> </font>to<font style="letter-spacing:-0.1pt;"> </font>do<font style="letter-spacing:-0.1pt;"> </font>something<font style="letter-spacing:-0.1pt;"> </font>that<font style="letter-spacing:-0.1pt;"> </font>is<font style="letter-spacing:-0.1pt;"> </font>ultimately<font style="letter-spacing:-0.1pt;"> </font>not<font style="letter-spacing:-0.1pt;"> </font>going<font style="letter-spacing:-0.1pt;"> </font>to<font style="letter-spacing:-0.1pt;"> </font>re-lever<font style="letter-spacing:-0.1pt;"> </font>the<font style="letter-spacing:-0.1pt;"> </font>balance<font style="letter-spacing:-0.1pt;"> </font>sheet<font style="letter-spacing:-0.1pt;"> </font>or<font style="letter-spacing:-0.1pt;"> </font>deplete<font style="letter-spacing:-0.1pt;"> </font>in<font style="letter-spacing:-0.1pt;"> </font>any<font style="letter-spacing:-0.1pt;"> </font>significant<font style="letter-spacing:-0.1pt;"> </font>fashion<font style="letter-spacing:-0.1pt;"> </font>available liquidity<font style="letter-spacing:-0.35pt;"> </font>because<font style="letter-spacing:-0.35pt;"> </font>I<font style="letter-spacing:-0.35pt;"> </font>think<font style="letter-spacing:-0.35pt;"> </font>that<font style="letter-spacing:-0.35pt;"> </font>is<font style="letter-spacing:-0.35pt;"> </font>an<font style="letter-spacing:-0.35pt;"> </font>important<font style="letter-spacing:-0.35pt;"> </font>competitive<font style="letter-spacing:-0.35pt;"> </font>strength<font style="letter-spacing:-0.35pt;"> </font>of<font style="letter-spacing:-0.35pt;"> </font>Tidewater,<font style="letter-spacing:-0.35pt;"> </font>particularly<font style="letter-spacing:-0.35pt;"> </font>in<font style="letter-spacing:-0.35pt;"> </font>a<font style="letter-spacing:-0.35pt;"> </font>recovering<font style="letter-spacing:-0.35pt;"> </font>market<font style="letter-spacing:-0.35pt;"> </font>and<font style="letter-spacing:-0.35pt;"> </font>preserving<font style="letter-spacing:-0.35pt;"> </font>our<font style="letter-spacing:-0.35pt;"> </font>ability,<font style="letter-spacing:-0.35pt;"> </font>both to reactivate ships that we currently own in recovering market and potentially ships that we would acquire in an acquisition.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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:-0.45pt;"> </font>think<font style="letter-spacing:-0.45pt;"> </font>the<font style="letter-spacing:-0.45pt;"> </font>other<font style="letter-spacing:-0.45pt;"> </font>thing<font style="letter-spacing:-0.45pt;"> </font>that<font style="letter-spacing:-0.45pt;"> </font>we<font style="letter-spacing:-0.45pt;"> </font>focused<font style="letter-spacing:-0.45pt;"> </font>on<font style="letter-spacing:-0.45pt;"> </font>an<font style="letter-spacing:-0.45pt;"> </font>acquisition<font style="letter-spacing:-0.45pt;"> </font>as<font style="letter-spacing:-0.45pt;"> </font>we<font style="letter-spacing:-0.45pt;"> </font>have<font style="letter-spacing:-0.45pt;"> </font>convinced<font style="letter-spacing:-0.45pt;"> </font>ourselves<font style="letter-spacing:-0.45pt;"> </font>over<font style="letter-spacing:-0.45pt;"> </font>the<font style="letter-spacing:-0.45pt;"> </font>last<font style="letter-spacing:-0.45pt;"> </font>couple<font style="letter-spacing:-0.45pt;"> </font>of<font style="letter-spacing:-0.45pt;"> </font>years,<font style="letter-spacing:-0.45pt;"> </font>we<font style="letter-spacing:-0.45pt;"> </font>are<font style="letter-spacing:-0.45pt;"> </font>pretty<font style="letter-spacing:-0.45pt;"> </font>good<font style="letter-spacing:-0.45pt;"> </font>at<font style="letter-spacing:-0.45pt;"> </font>cutting costs.<font style="letter-spacing:-0.3pt;"> </font>So,<font style="letter-spacing:-0.3pt;"> </font>if<font style="letter-spacing:-0.3pt;"> </font>there<font style="letter-spacing:-0.3pt;"> </font>is<font style="letter-spacing:-0.3pt;"> </font>an<font style="letter-spacing:-0.3pt;"> </font>acquisition<font style="letter-spacing:-0.3pt;"> </font>that<font style="letter-spacing:-0.3pt;"> </font>creates<font style="letter-spacing:-0.3pt;"> </font>an<font style="letter-spacing:-0.3pt;"> </font>opportunity<font style="letter-spacing:-0.3pt;"> </font>to<font style="letter-spacing:-0.3pt;"> </font>take<font style="letter-spacing:-0.3pt;"> </font>additional<font style="letter-spacing:-0.3pt;"> </font>G&amp;A,<font style="letter-spacing:-0.3pt;"> </font>or<font style="letter-spacing:-0.3pt;"> </font>other<font style="letter-spacing:-0.3pt;"> </font>shore-based<font style="letter-spacing:-0.3pt;"> </font>costs,<font style="letter-spacing:-0.3pt;"> </font>out<font style="letter-spacing:-0.3pt;"> </font>of<font style="letter-spacing:-0.3pt;"> </font>the<font style="letter-spacing:-0.3pt;"> </font>system,<font style="letter-spacing:-0.3pt;"> </font>we<font style="letter-spacing:-0.3pt;"> </font>would<font style="letter-spacing:-0.3pt;"> </font>view that as a positive. And quite frankly, trough-type consolidation is more appealing to us. Because the capitalized value of the synergies can be a bigger percentage of the target's enterprise value than if you do the same deal in a cyclical peak. Obviously, we have got a strong balance sheet that should be appealing to counterparties...</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="31._Turner_Holm"></a>Turner Holm <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Clarksons Platou Securities AS, Research Division - Director</font></p>
<p style="margin-top:6pt;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;"><a name="32._Quinn_P._Fanning"></a>Okay. Well, Quinn, I appreciate that.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Quinn P. Fanning <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - CFO</font></p>
<p style="margin-top:6pt;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;"><a name="33._Jason_Stanley"></a>I am saying that we have a strong stock too. I'm sorry, I cut you off, Turner.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Jason Stanley <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - Director, IR</font></p>
<p style="margin-top:6pt;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;"><a name="34._Operator"></a>Turner?</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="35._Ceki_Aluf_Medina"></a><a name="_bookmark6"></a>Operator</p>
<p style="margin-top:6pt;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;">Turner, your line is still open. Okay, we will move on. Our next question is from Ceki Medina from Southpaw.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="36._John_T._Rynd"></a>Ceki Aluf Medina <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Southpaw Asset Management, LP - Partner and MD</font></p>
<p style="margin-top:6pt;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;">Good morning. Thank you very much. Can you hear me?</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="37._Quinn_P._Fanning"></a>John T. Rynd <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - President, CEO &amp; Director</font></p>
<p style="margin-top:6pt;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;">Yes, we can.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="38._Ceki_Aluf_Medina"></a>Quinn P. Fanning <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - CFO</font></p>
<p style="margin-top:6pt;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;">Yes we can. How are you?</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Ceki Aluf Medina <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Southpaw Asset Management, LP - Partner and MD</font></p>
<p style="margin-top:6pt;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;">Fine. Thank you. Thank you.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
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<p style="margin-bottom:4pt;margin-top:4pt;margin-left:4pt;;margin-right:0.73%;text-indent:0pt;;font-family:Times New Roman;font-size:12pt;">&nbsp;</p></td>
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<p style="margin-bottom:4pt;margin-top:4pt;margin-left:4pt;;margin-right:0.73%;text-indent:0pt;;color:#FFFFFF;font-size:12pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">MAY<font style="letter-spacing:-0.75pt;"> </font>15,<font style="letter-spacing:-0.75pt;"> </font>2018<font style="letter-spacing:-0.75pt;"> </font>/<font style="letter-spacing:-0.75pt;"> </font>3:00PM,<font style="letter-spacing:-0.75pt;"> </font>TDW<font style="letter-spacing:-0.75pt;"> </font>&#8211;<font style="letter-spacing:-0.75pt;"> Q1 2018 </font>Tidewater<font style="letter-spacing:-0.75pt;"> </font>Inc<font style="letter-spacing:-0.75pt;"> </font>Earnings<font style="letter-spacing:-0.75pt;"> </font>Call</p></td>
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<p style="margin-bottom:4pt;margin-top:4pt;margin-left:4pt;;margin-right:0.73%;text-indent:0pt;;font-family:Times New Roman;font-size:12pt;">&nbsp;</p></td>
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<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="39._Ceki_Aluf_Medina"></a>Ceki Aluf Medina <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Southpaw Asset Management, LP - Partner and MD</font></p>
<p style="margin-top:6pt;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;">So on Angola, can you describe what, if any, the latest changes to the AR FX regime mean for your ability to collect on the remaining of your receivables from your joint venture there?</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="40._Quinn_P._Fanning"></a>Quinn P. Fanning <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - CFO</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Sure. I think it is helpful to deconstruct what is on the balance sheet. On the asset side, and this is laid out in the 10-Q that we just filed, but the asset<font style="letter-spacing:-0.4pt;"> </font>includes<font style="letter-spacing:-0.4pt;"> </font>both<font style="letter-spacing:-0.4pt;"> </font>customer<font style="letter-spacing:-0.4pt;"> </font>AR<font style="letter-spacing:-0.4pt;"> </font>that<font style="letter-spacing:-0.4pt;"> </font>is<font style="letter-spacing:-0.4pt;"> </font>reclassified<font style="letter-spacing:-0.4pt;"> </font>as<font style="letter-spacing:-0.4pt;"> </font>due<font style="letter-spacing:-0.4pt;"> </font>from<font style="letter-spacing:-0.4pt;"> </font>affiliate<font style="letter-spacing:-0.4pt;"> </font>because<font style="letter-spacing:-0.4pt;"> </font>of<font style="letter-spacing:-0.4pt;"> </font>the<font style="letter-spacing:-0.4pt;"> </font>expectation<font style="letter-spacing:-0.4pt;"> </font>that<font style="letter-spacing:-0.4pt;"> </font>will<font style="letter-spacing:-0.4pt;"> </font>be<font style="letter-spacing:-0.4pt;"> </font>collected<font style="letter-spacing:-0.4pt;"> </font>through<font style="letter-spacing:-0.4pt;"> </font>the<font style="letter-spacing:-0.4pt;"> </font>joint<font style="letter-spacing:-0.4pt;"> </font>venture. And the liability includes both commissions and other amounts that are due from Tidewater to the joint venture. So, if you look at on net basis, really within the last four to five quarters it has bounced around $129 million or $130 million, or something like that.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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="41._Ceki_Aluf_Medina"></a>When we think about what is behind either the asset or the net asset, Sonatide has a significant amount of cash, a portion of which is U.S. dollar denominated<font style="letter-spacing:-0.2pt;"> </font>and<font style="letter-spacing:-0.2pt;"> </font>a<font style="letter-spacing:-0.2pt;"> </font>portion<font style="letter-spacing:-0.2pt;"> </font>of<font style="letter-spacing:-0.2pt;"> </font>which<font style="letter-spacing:-0.2pt;"> </font>is<font style="letter-spacing:-0.2pt;"> </font>Angola<font style="letter-spacing:-0.2pt;"> </font>kwanza<font style="letter-spacing:-0.2pt;"> </font>denominated<font style="letter-spacing:-0.2pt;"> </font>and<font style="letter-spacing:-0.2pt;"> </font>obviously,<font style="letter-spacing:-0.2pt;"> </font>as<font style="letter-spacing:-0.2pt;"> </font>the<font style="letter-spacing:-0.2pt;"> </font>kwanza<font style="letter-spacing:-0.2pt;"> </font>devalued<font style="letter-spacing:-0.2pt;"> </font>in<font style="letter-spacing:-0.2pt;"> </font>the<font style="letter-spacing:-0.2pt;"> </font>March<font style="letter-spacing:-0.2pt;"> </font>quarter<font style="letter-spacing:-0.2pt;"> </font>from<font style="letter-spacing:-0.2pt;"> </font>I<font style="letter-spacing:-0.2pt;"> </font>guess<font style="letter-spacing:-0.2pt;"> </font>we concluded the quarter at a 20-plus percent devaluation from December. So we have flagged that in the 10-K and obviously we put the charge in the<font style="letter-spacing:-0.5pt;"> </font>March<font style="letter-spacing:-0.5pt;"> </font>quarter.<font style="letter-spacing:-0.5pt;"> </font>Now,<font style="letter-spacing:-0.5pt;"> </font>really<font style="letter-spacing:-0.5pt;"> </font>the<font style="letter-spacing:-0.5pt;"> </font>exposure<font style="letter-spacing:-0.5pt;"> </font>that<font style="letter-spacing:-0.5pt;"> </font>we<font style="letter-spacing:-0.5pt;"> </font>have,<font style="letter-spacing:-0.5pt;"> </font>generally,<font style="letter-spacing:-0.5pt;"> </font>relates<font style="letter-spacing:-0.5pt;"> </font>to<font style="letter-spacing:-0.5pt;"> </font>legacy<font style="letter-spacing:-0.5pt;"> </font>activity,<font style="letter-spacing:-0.5pt;"> </font>which<font style="letter-spacing:-0.5pt;"> </font>manifested<font style="letter-spacing:-0.5pt;"> </font>itself<font style="letter-spacing:-0.5pt;"> </font>in<font style="letter-spacing:-0.5pt;"> </font>large<font style="letter-spacing:-0.5pt;"> </font>kwanza<font style="letter-spacing:-0.5pt;"> </font>denominated balances. And we really need to protect ourselves on a go-forward basis, so we push for contracts structured with higher U.S. dollars splits, so we have had success in doing that. But the other thing I would just point out - and this is also detailed in the 10-Q the number of vessels we have ope<a name="41._Ceki_Aluf_Medina"></a>rating in Angola is substantially down year-over-year, and certainly over the last four years, I think we are down, my recollection is circa 40 vessels over a four year period. So from a market peak to present, the Angola operating footprint is down dramatically, and I think we had 21 or 22 active vessels in Angola, in the just completed the quarter.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Ceki Aluf Medina <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Southpaw Asset Management, LP - Partner and MD</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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="42._Quinn_P._Fanning"></a>So the point of my question was does the liberalization help your collection of the remainder of the receivable? And because now the official<font style="letter-spacing:-1.2pt;"> </font><a name="42._Quinn_P._Fanning"></a>rate is closer, if you will, to the street rate and there is more of a seller buyer, more balance in the dollar market, that's one. And two, due to the efforts of<font style="letter-spacing:-0.2pt;"> </font>the<font style="letter-spacing:-0.2pt;"> </font>new<font style="letter-spacing:-0.2pt;"> </font>President<font style="letter-spacing:-0.2pt;"> </font>to<font style="letter-spacing:-0.2pt;"> </font>make<font style="letter-spacing:-0.2pt;"> </font>the<font style="letter-spacing:-0.2pt;"> </font>country<font style="letter-spacing:-0.2pt;"> </font>more<font style="letter-spacing:-0.2pt;"> </font>investor-friendly,<font style="letter-spacing:-0.2pt;"> </font>in<font style="letter-spacing:-0.2pt;"> </font>your<font style="letter-spacing:-0.2pt;"> </font>judgment<font style="letter-spacing:-0.2pt;"> </font>make<font style="letter-spacing:-0.2pt;"> </font>the<font style="letter-spacing:-0.2pt;"> </font>OSV<font style="letter-spacing:-0.2pt;"> </font>market<font style="letter-spacing:-0.2pt;"> </font>there<font style="letter-spacing:-0.2pt;"> </font>more<font style="letter-spacing:-0.2pt;"> </font>active,<font style="letter-spacing:-0.2pt;"> </font>because<font style="letter-spacing:-0.2pt;"> </font>more<font style="letter-spacing:-0.2pt;"> </font>majors are investing in the country for oil production?</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Quinn P. Fanning <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - CFO</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Well, number one, higher oil price, this will improve dollar denominated liquidity in Angola, and that is a good thing. In terms of the Angolan government<font style="letter-spacing:-0.3pt;"> </font>initiatives,<font style="letter-spacing:-0.3pt;"> </font>which<font style="letter-spacing:-0.3pt;"> </font>I<font style="letter-spacing:-0.3pt;"> </font>think<font style="letter-spacing:-0.3pt;"> </font>are<font style="letter-spacing:-0.3pt;"> </font>reasonably<font style="letter-spacing:-0.3pt;"> </font>well<font style="letter-spacing:-0.3pt;"> </font>publicized,<font style="letter-spacing:-0.3pt;"> </font>particularly<font style="letter-spacing:-0.3pt;"> </font>following<font style="letter-spacing:-0.3pt;"> </font>their<font style="letter-spacing:-0.3pt;"> </font>presentations<font style="letter-spacing:-0.3pt;"> </font>at<font style="letter-spacing:-0.3pt;"> </font>OTC,<font style="letter-spacing:-0.3pt;"> </font>we<font style="letter-spacing:-0.3pt;"> </font>view<font style="letter-spacing:-0.3pt;"> </font>those<font style="letter-spacing:-0.3pt;"> </font>steps<font style="letter-spacing:-0.3pt;"> </font>are<font style="letter-spacing:-0.3pt;"> </font>very positive and hopefully the IOCs view them as positive as well.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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="43._Ceki_Aluf_Medina"></a><a name="43._Ceki_Aluf_Medina"></a>That said, most of the activity in Angola is production-related, the number of working rigs in Angola has come down relatively significantly over the last couple of years. And then I think, really, what you are going to need to see happen is that the operators dial the new fiscal regimes into their thinking and ultimately make new drilling commitments to Angola. And obviously the knock-on effects will be significant, and positive we hope<font style="letter-spacing:-0.15pt;"> </font>for<font style="letter-spacing:-0.15pt;"> </font>the<font style="letter-spacing:-0.15pt;"> </font>OSV<font style="letter-spacing:-0.15pt;"> </font>operators,<font style="letter-spacing:-0.15pt;"> </font>ourselves<font style="letter-spacing:-0.15pt;"> </font>included.<font style="letter-spacing:-0.15pt;"> </font>But<font style="letter-spacing:-0.15pt;"> </font>I<font style="letter-spacing:-0.15pt;"> </font>think<font style="letter-spacing:-0.15pt;"> </font>it<font style="letter-spacing:-0.15pt;"> </font>is<font style="letter-spacing:-0.15pt;"> </font>a<font style="letter-spacing:-0.15pt;"> </font>process<font style="letter-spacing:-0.15pt;"> </font>and<font style="letter-spacing:-0.15pt;"> </font>at<font style="letter-spacing:-0.15pt;"> </font>least<font style="letter-spacing:-0.15pt;"> </font>from<font style="letter-spacing:-0.15pt;"> </font>our<font style="letter-spacing:-0.15pt;"> </font>perspective,<font style="letter-spacing:-0.15pt;"> </font>it<font style="letter-spacing:-0.15pt;"> </font>is<font style="letter-spacing:-0.15pt;"> </font>a<font style="letter-spacing:-0.15pt;"> </font>process<font style="letter-spacing:-0.15pt;"> </font>that<font style="letter-spacing:-0.15pt;"> </font>seems<font style="letter-spacing:-0.15pt;"> </font>to<font style="letter-spacing:-0.15pt;"> </font>be<font style="letter-spacing:-0.15pt;"> </font>moving in the right direction.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Ceki Aluf Medina <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Southpaw Asset Management, LP - Partner and MD</font></p>
<p style="margin-top:6pt;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;">Okay. And my last question is, your major competitor in Angola and really around the world announced some debt restructuring earlier in the month. Have you seen any effects of that in the markets that you complete?</p>
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<p style="margin-bottom:4pt;margin-top:4pt;margin-left:4pt;;margin-right:0.73%;text-indent:0pt;;color:#FFFFFF;font-size:12pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">MAY<font style="letter-spacing:-0.75pt;"> </font>15,<font style="letter-spacing:-0.75pt;"> </font>2018<font style="letter-spacing:-0.75pt;"> </font>/<font style="letter-spacing:-0.75pt;"> </font>3:00PM,<font style="letter-spacing:-0.75pt;"> </font>TDW<font style="letter-spacing:-0.75pt;"> </font>&#8211;<font style="letter-spacing:-0.75pt;"> Q1 2018 </font>Tidewater<font style="letter-spacing:-0.75pt;"> </font>Inc<font style="letter-spacing:-0.75pt;"> </font>Earnings<font style="letter-spacing:-0.75pt;"> </font>Call</p></td>
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<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:0pt;margin-bottom:0pt;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></p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="44._Quinn_P._Fanning"></a>Quinn P. Fanning <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - CFO</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right:0.91%;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">No,<font style="letter-spacing:-0.25pt;"> </font>I<font style="letter-spacing:-0.25pt;"> </font>would<font style="letter-spacing:-0.25pt;"> </font>not<font style="letter-spacing:-0.25pt;"> </font>say.<font style="letter-spacing:-0.25pt;"> </font>On<font style="letter-spacing:-0.25pt;"> </font>a<font style="letter-spacing:-0.25pt;"> </font>day-to-day<font style="letter-spacing:-0.25pt;"> </font>competitive<font style="letter-spacing:-0.25pt;"> </font>basis<font style="letter-spacing:-0.25pt;"> </font>in<font style="letter-spacing:-0.25pt;"> </font>any<font style="letter-spacing:-0.25pt;"> </font>market,<font style="letter-spacing:-0.25pt;"> </font>You're<font style="letter-spacing:-0.25pt;"> </font>referring<font style="letter-spacing:-0.25pt;"> </font>obviously<font style="letter-spacing:-0.25pt;"> </font>to<font style="letter-spacing:-0.25pt;"> </font>Bourbon.<font style="letter-spacing:-0.25pt;"> </font>Bourbon<font style="letter-spacing:-0.25pt;"> </font>is<font style="letter-spacing:-0.25pt;"> </font>a<font style="letter-spacing:-0.25pt;"> </font>big<font style="letter-spacing:-0.25pt;"> </font>company<font style="letter-spacing:-0.25pt;"> </font>with<font style="letter-spacing:-0.25pt;"> </font>a<font style="letter-spacing:-0.25pt;"> </font>high quality fleet. Obviously, they have a somewhat different financial profile than we do, which will create issues for them, we assume, on<font style="letter-spacing:-1.1pt;"> </font>go-forward basis. But I do not want to disparage a customer or a competitor. Bourbon is a fine company with a high-quality asset base, but they have issues to work through on their balance sheet, that we have largely put behind us.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="45._Ceki_Aluf_Medina"></a>Ceki Aluf Medina <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Southpaw Asset Management, LP - Partner and MD</font></p>
<p style="margin-top:6pt;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;">Thank you very much.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;"><a name="46._Operator"></a>Operator</p>
<p style="margin-top:6pt;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;"><a name="47._Jason_Stanley"></a>And we have no further questions at this time. I'll turn the call back over to Jason Stanley for final remarks.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Jason Stanley <font style="font-style:italic;font-family:Calibri;font-weight:normal;">- Tidewater Inc. - Director, IR</font></p>
<p style="margin-top:6pt;margin-bottom:0pt;margin-left:0.91%;margin-right: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="48._Operator"></a><a name="48._Operator"></a>Okay, well, thank you Adrienne, and thank you, everybody for your time and interest in Tidewater. With that, we will conclude today's earnings call.</p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:9pt;font-family:Myriad Pro;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:3.5pt;">&nbsp;</p>
<p style="margin-top:5pt;margin-bottom:0pt;margin-left:0.91%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Myriad Pro;font-style:normal;text-transform:none;font-variant: normal;">Operator</p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
