<SEC-DOCUMENT>0001193125-18-219178.txt : 20180717
<SEC-HEADER>0001193125-18-219178.hdr.sgml : 20180717
<ACCEPTANCE-DATETIME>20180717073106
ACCESSION NUMBER:		0001193125-18-219178
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20180716
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180717
DATE AS OF CHANGE:		20180717

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:		18955507

	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>d535381d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported) July&nbsp;16, 2018 </B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>TIDEWATER INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact
name of registrant as specified in its charter) </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">1-6311</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">72-0487776</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(State of incorporation)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>6002 Rogerdale Road, Suite 600</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Houston, Texas<BR></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>77072</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(713) <FONT STYLE="white-space:nowrap">470-5300</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>N/A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or
former address, if changed since last report) </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<I>see</I> General Instruction A.2. below): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 (17 CFR <FONT STYLE="white-space:nowrap">&#167;240.12b-2).</FONT> </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Emerging growth company&nbsp;&nbsp; &#9744; </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Events. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On July&nbsp;16, 2018, Tidewater Inc. and GulfMark Offshore, Inc. hosted a joint
conference call to discuss their entry into an Agreement and Plan of Merger, dated as of July&nbsp;15, 2018. A copy of the conference call transcript is attached as Exhibit 99.1 to, and is incorporated by reference into, this Current Report on Form <FONT
STYLE="white-space:nowrap">8-K.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information furnished pursuant to this Item 8.01 shall not be deemed &#147;filed&#148; for purposes of
Section&nbsp;18 of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of
1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="92%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:27.80pt; display:inline; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;No.&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d535381dex991.htm">Conference Call Transcript, dated July&nbsp;16, 2018. </A></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional Information and Where to Find It </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tidewater Inc. (&#147;Tidewater&#148;) will file with the Securities and Exchange Commission (&#147;SEC&#148;) a Registration Statement on Form <FONT
STYLE="white-space:nowrap">S-4</FONT> (the &#147;Joint Proxy Statement/Prospectus&#148;) which will include a registration statement and prospectus with respect to Tidewater&#146;s shares of common stock to be issued in the proposed transaction
between Tidewater and GulfMark Offshore, Inc. (&#147;GulfMark&#148;) (the &#147;Transaction&#148;) and a joint proxy statement of Tidewater and GulfMark in connection with the Transaction. The definitive Joint Proxy Statement/Prospectus will contain
important information about the proposed Transaction and related matters. STOCKHOLDERS ARE URGED AND ADVISED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS CAREFULLY WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. The Joint
Proxy Statement/Prospectus and other relevant materials (when they become available) and any other documents filed by Tidewater or GulfMark with the SEC may be obtained free of charge at the SEC&#146;s website, at www.sec.gov. In addition, security
holders will be able to obtain free copies of the Joint Proxy Statement/Prospectus from Tidewater by contacting Investor Relations by mail at 6002 Rogerdale Road, Suite 600, Houston, TX, 77072, Attn: Investor Relations, by telephone at <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-713-470-5292,</FONT></FONT></FONT> or by going to Tidewater&#146;s Investor Relations page on its corporate web site at www.tdw.com, and from GulfMark by
contacting Investor Relations by mail at 842 West Sam Houston Parkway North, Suite 400, Houston, TX, 77024, Attn: Investor Relations, by telephone at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-713-369-7300,</FONT></FONT></FONT> or by going to GulfMark&#146;s Investor Relations page on its corporate web site at www.gulfmark.com. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Participants in the Solicitation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tidewater, GulfMark and
their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the proposed Transaction. Information about Tidewater&#146;s directors is set forth in its Transition Report on Form
<FONT STYLE="white-space:nowrap">10-K</FONT> for the transition period from April&nbsp;1, 2017 to December&nbsp;31, 2017, which was filed with the SEC on March&nbsp;15, 2018. Information about GulfMark&#146;s directors and executive officers is set
forth in its Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2017, which was filed with the SEC on April&nbsp;2, 2018. These documents are available free of charge at the SEC&#146;s web
site at www.sec.gov, from Tidewater by contacting Investor Relations by mail at 6002 Rogerdale Road, Suite 600, Houston, TX, 77072, Attn: Investor Relations, or by going to Tidewater&#146;s Investor Relations page on its corporate web site at
www.tdw.com, and from GulfMark by contacting Investor Relations by mail at 842 West Sam Houston Parkway North, Suite 400, Houston, TX, 77024, Attn: Investor Relations, or by going to GulfMark&#146;s Investor Relations page on its corporate web site
at www.gulfmark.com. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed Transaction will be included in the Joint Proxy Statement/Prospectus that Tidewater intends to file
with the SEC. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>No Offer or Solicitation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This announcement is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, any securities or the
solicitation of any vote in any jurisdiction pursuant to the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be
made except by means of a prospectus meeting the requirements of Section&nbsp;10 of the Securities Act of 1933, as amended. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary Statement
Regarding Forward-Looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication contains certain forward-looking statements concerning Tidewater, GulfMark, and the proposed
transaction between Tidewater and GulfMark. The unfolding of future economic or business developments may happen in a way not as anticipated or projected by Tidewater and GulfMark and may involve numerous risks and uncertainties that may cause
Tidewater&#146;s and GulfMark&#146;s actual achievement of any forecasted results 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
Tidewater or GulfMark, include, without limitation, the proposed Transaction and the anticipated synergies with respect to the combination of Tidewater and GulfMark; fluctuations in worldwide energy demand and oil and gas prices; fleet additions by
competitors and industry overcapacity; customer actions including changes in capital spending for offshore exploration, development and production and changes in demands for different vessel specifications; acts of terrorism and piracy; the impact
of potential information technology, cybersecurity or data security breaches; significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, especially in higher political risk countries where we operate;
labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in law, economic and global financial market conditions, including the effect of enactment of U.S. tax reform or other tax law changes, trade
policy and tariffs, interest and foreign currency exchange rate volatility, commodity and equity prices and the value of financial assets; and enforcement of laws related to the environment, labor and foreign corrupt practices. Readers should
consider all of these risk factors, other factors that are described in &#147;Forward-Looking Statements,&#148; as well as other information contained in Tidewater&#146;s and GulfMark&#146;s Form <FONT STYLE="white-space:nowrap">10-K&#146;s</FONT>
and <FONT STYLE="white-space:nowrap">10-Q&#146;s.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although Tidewater and GulfMark believe the assumptions upon which these forward-looking
statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. These statements are subject to known and unknown risks and uncertainties
that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to: the ability of the parties to consummate the Transaction in a timely manner or at all; satisfaction of the
conditions precedent to consummation of the Transaction, including the ability to secure regulatory approvals in a timely manner or at all, and approval by either company&#146;s stockholders; the possibility of litigation (including related to the
transaction itself); Tidewater&#146;s and GulfMark&#146;s ability to successfully integrate their operations, technology and employees and realize synergies from the Transaction; unknown, underestimated or undisclosed commitments or liabilities; the
conditions in the oil and natural gas industry, including a decline in, or the substantial volatility of, oil or natural gas prices, and changes in the combined companies&#146; customer requirements; the level of demand for the combined
companies&#146; products and services. Neither Tidewater nor GulfMark undertakes any obligation to update any forward-looking statements or to publicly release the results of any revisions to any forward-looking statements that may be made to
reflect events or circumstances that occur, or that either Tidewater or GulfMark becomes aware of, after the date of this communication. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">TIDEWATER INC.</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Bruce D. Lundstrom</P></TD></TR>
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<TD VALIGN="top">Bruce D. Lundstrom</TD></TR>
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<TD VALIGN="top">Executive Vice President, General Counsel and Secretary</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: July&nbsp;17, 2018 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JULY&nbsp;16, 2018 / 3:00PM GMT, Tidewater Inc and GulfMark Offshore Inc Announce Merger Agreement </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JULY 16, 2018 / 3:00PM GMT, Tidewater Inc and GulfMark Offshore Inc Announce Merger Agreement </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CORPORATE PARTICIPANTS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jason Stanley </B><I>Tidewater Inc. - Director of IR </I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>John T. Rynd </B><I>Tidewater Inc. - President, CEO</I><I></I><I>&nbsp;&amp; Director</I> <B> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Quinn P. Fanning </B><I>Tidewater Inc. - Executive VP</I><I></I><I>&nbsp;&amp; CFO </I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Quintin V. Kneen </B><I>Gulfmark Offshore, Inc. - President, CEO</I><I></I><I>&nbsp;&amp; Director </I> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFERENCE CALL PARTICIPANTS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>James Carlyle West
</B><I>ISI Group Inc., Research Division - Former Senior MD and Research Analyst</I> <B> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>James Knowlton Wicklund </B><I>Cr&eacute;dit Suisse AG,
Research Division - MD </I> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Michael William Urban </B><I>Seaport Global Securities LLC, Research Division - MD</I><I></I><I>&nbsp;&amp; Senior
Analyst</I> <B> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Turner Holm </B><I>Clarksons Platou Securities AS, Research Division - Director </I> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRESENTATION </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Good day, ladies and gentlemen, and welcome to the Tidewater/GulfMark Offshore Combination Creates global Offshore Leader call. (Operator Instructions) As a
reminder, this call is being recorded. I would like to turn the call over to Mr.&nbsp;Jason Stanley. You may begin, sir. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jason Stanley </B><B><I>Tidewater Inc. -
Director of IR </I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, Michelle. Hello, and thank you for joining our call today to discuss the proposed combination of Tidewater and
GulfMark. I would direct you to the forward-looking statements slide in the presentation deck we are about to review, which will also be available in the Investor section of the Tidewater website and was issued with the press release earlier this
morning. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I will now turn the call over to Tidewater&#146;s President and CEO, John Rynd. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>John T. Rynd </B><B><I>Tidewater Inc. - President, CEO</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; Director </I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, Jason. I want to thank everyone for joining us for the call, including investors, analysts, customers and employees of both of these great companies
to discuss the creation of a leading global OSV provider. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I am joined today by our CFO, Quinn Fanning and GulfMark&#146;s President and CEO, Quintin
Kneen. Jason covered our forward-looking statements, which I encourage you to read. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Before we get to the slides, I want to invite Quintin Kneen from
GulfMark to offer a few thoughts on the combination. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Quintin V. Kneen </B><B><I>Gulfmark Offshore, Inc. - President, CEO</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; Director </I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, John. GulfMark, and I personally, have been strong advocates for OSV industry consolidation for some time. As a larger company with a strong balance
sheet, I see significant opportunities for both companies&#146; stockholders, employees and customers. Our two companies have been evaluating a potential combination for several months, and I am fully confident the synergy expectations that John
will be outlining today are realistic. </P>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&copy;2018 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuterscontent, including by framing or similarmeans, is prohibited
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JULY 16, 2018 / 3:00PM GMT, Tidewater Inc and GulfMark Offshore Inc Announce Merger Agreement </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have been working on specific synergies related to this combination since the merger discussions began.
But in a larger sense, each company has been working on ideas and concepts independently throughout the downturn related to enhancing productivity and shore-based scalability. By leveraging the combined talents of both organizations, I am convinced
no other OSV company in the world will have higher safety and operating performance or operate as efficiently at those levels. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the coming months, John
and I, and our teams will be developing more formal plans for integrating these two great companies. I am confident this combination will create significant value for our respective stockholders as well as create many excellent opportunities for the
GulfMark team. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John, I look forward to working with you and after the prepared remarks, I am happy to answer any questions that analysts or investors may
have today. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>John T. Rynd </B><B><I>Tidewater Inc. - President, CEO</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; Director </I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, Quintin. Moving on to the presentation, we are both very pleased to announce today that Tidewater has entered into a definitive agreement to combine
with GulfMark in an <FONT STYLE="white-space:nowrap">all-stock</FONT> transaction. The combination creates a global offshore support vessel market leader and the company that is best positioned for growth as the sector heads towards recovery. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This transaction expands market access for both companies and increases scale. We believe the combined company will be well-positioned for future top line and
bottom line growth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The transaction is expected to be accretive for 2019 EBITDA and is anticipated to deliver approximately $30&nbsp;million in annual
run rate cost synergies by the fourth quarter of 2019 as well as potential revenue synergies resulting from redeploying under-utilized assets across the combined company&#146;s broad operating footprint. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Importantly, the transaction provides both GulfMark and Tidewater stockholders with the opportunity to participate in the upside potential of the combined
company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At Tidewater, we have been saying for some time that we believe we are uniquely positioned to both lead and benefit from the consolidation of
the offshore support vessel industry. We are one of only few companies with both the operational and financial profile to provide cost-effective global solutions to our customers through the ups and downs of the oilfield cycle. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GulfMark is another such company. </P>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&copy;2018 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuterscontent, including by framing or similarmeans, is prohibited
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JULY 16, 2018 / 3:00PM GMT, Tidewater Inc and GulfMark Offshore Inc Announce Merger Agreement </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since our reorganization last year, one of the key aspects of our strategy has been to optimize our fleet to
enhance safety, meet the increasingly complex needs of our customers, and of course, be in the best position to capitalize on a market recovery. This transaction accelerates our progress towards these goals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This transaction, if consummated, will provide total value to GulfMark security holders of approximately $340&nbsp;million, based on Tidewater&#146;s
July&nbsp;13 closing price of $30.62 per share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In particular, 11&nbsp;million Tidewater common shares will be issued to, or set aside for, holders of
GulfMark common shares and noteholder warrants. The agreed 1.1x exchange ratio is essentially an <FONT STYLE="white-space:nowrap">at-market</FONT> deal based on Friday&#146;s close. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tidewater shares issued to GulfMark stockholders and holders of GulfMark noteholder warrants will represent a 27% beneficial ownership in the combined
company, or 26% ownership on a fully diluted basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Holders of GulfMark&#146;s noteholder warrants will receive rights to receive Tidewater&#146;s common
shares on essentially the same basis as GulfMark stockholders, but like Tidewater&#146;s existing creditor warrants, exercise will be subject to Jones <FONT STYLE="white-space:nowrap">Act-related</FONT> restrictions on maximum ownership of shares by
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> citizens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Concurrent with closing, we expect to repay $100&nbsp;million of existing GulfMark debt. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Quite simply, this transaction creates the largest and strongest global OSV company by all key metrics, including fleet size, fleet quality, operating
footprint, enterprise and equity value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moving to Slide 2. The combined company will be a leader in the global OSV market and will be well exposed to the
recovering North Sea market. The transaction is not predicated upon the North Sea led OSV recovery, but clearly the combined company will be a primary beneficiary if that is how things play out over the coming quarters. In particular, through this
business combination, Tidewater will add 21 Tier 1 vessels and together the company will own and operate 102 Tier 1 vessels with an average age of approximately 6.5 years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The total owned and operated fleet of the combined company will include approximately 275 vessels, approximately 175 of which are currently active. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe this transaction significantly enhances our ability to compete and to win business globally. The <FONT STYLE="white-space:nowrap">all-equity</FONT>
transaction preserves our balance sheet strength and liquidity, thereby buffering us against further market volatility. We believe that the proposed transaction also enhances our ability to grow organically and pursue possible additional
acquisitions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The combined company&#146;s broad operating footprint should also facilitate improved utilization over time. </P>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&copy;2018 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuterscontent, including by framing or similarmeans, is prohibited
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JULY 16, 2018 / 3:00PM GMT, Tidewater Inc and GulfMark Offshore Inc Announce Merger Agreement </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We also see an opportunity to achieve significant cost and operational synergies as we continue to
rationalize shore-based support and capitalize on the combined Tidewater/GulfMark operating footprint. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe the similarities between our
businesses, our shared commitment to safe operations, cost-efficiency and financial discipline will result in a straightforward integration process that will quickly yield tangible benefits. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As Quintin noted, we have had detailed discussions about integration, and believe the majority of identified cost synergies can be realized within a couple of
quarters following closing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As shown on Slide 3, with the completion of this transaction, we will have the industry&#146;s largest OSV fleet. We believe
that, like the global scope of Tidewater&#146;s operations, scale matters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For over 60 years, we have been successful in delivering an exceptional record
of safe operations and responsible environmental stewardship. We maintain - and will continue to maintain - a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">best-in-class</FONT></FONT> global compliance program as these values are
shared by GulfMark. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition to overhead absorption benefits, scale also allows us to sustain our commitment to maintaining an industry-leading fleet
that is well-suited to our customer&#146;s offshore exploration, development and production activities, which are increasingly moving into deeper waters and more remote regions of the world. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Scale also enables us to better anticipate and adapt to changes in the global oil and gas markets. The combined company will be better positioned to achieve
and sustain market leadership during both healthy and challenging market conditions, allowing us to operate with an enhanced focus on longer-term trends. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In particular, we believe that targeted investments and strategic growth opportunities will drive value for all stakeholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As you can see on it Slide 4, we will have the industry&#146;s broadest global operating footprint. The combination of GulfMark with our Norway-based Troms
operation will establish Tidewater as a bigger player in the key North Sea market, both in regards to the U.K. and Norwegian sectors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As we have both
discussed in our respective earnings conference calls, the North Sea is seeing improved activity levels. It is expected to continue to benefit from an industry recovery given its large development fields and further decommissioning activity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tidewater&#146;s global operating footprint should also allow for the redeployment of under-utilized GulfMark vessels, particularly in regards to the <FONT
STYLE="white-space:nowrap">mid-water</FONT> vessels historically operated within GulfMark&#146;s Americas region. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JULY 16, 2018 / 3:00PM GMT, Tidewater Inc and GulfMark Offshore Inc Announce Merger Agreement </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While the enhancement to Tidewater&#146;s North Sea operation is the primary geo market benefit of the
transaction, this deal will also strengthen our footprint in the Americas, particularly in the U.S. Gulf of Mexico, the Caribbean Sea and offshore areas along the northern coast of South America. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Slide 5 profiles the company&#146;s combined fleet and highlights the addition of 21 vessels that we consider to be Tier 1 equipment, which are the larger,
newer and more technically sophisticated vessels. These vessels generally support exploration and development drilling activities and, as a result, should have the greatest upside potential in improving OSV sector. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As Tidewater has considered potential acquisitions and business combinations, accretion to asset quality has been a primary objective. We think the
acquisition of GulfMark fleet very much checks this box. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our analysis of the GulfMark fleet suggests that implied price for Tier 1 vessels acquired of
$12&nbsp;million to $13&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This price per ship is obviously well below replacement cost. It is also at or below current charter-free,
second-hand vessel values. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The deal is a needle mover for Tidewater, and we believe the cost per acquired ship is compelling. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While Tidewater currently trades well south of these levels, it is unlikely that Tidewater could acquire significant tonnage at these prices if it was done on
a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">vessel-by-vessel</FONT></FONT> basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A GulfMark combination also comes with contract
cover, customer relationships and a high quality onshore and offshore team. The proposed combination also brings with it scope for significant cost and other synergies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Turning to Slide 6, given the volatility of the OSV business, it is also important to underscore that we will continue to have the strongest financial
position in the OSV sector. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are pleased that, concurrent with closing, we will be in a position to repay $100&nbsp;million of GulfMark debt. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As noted in our press release, the combined company will have an equity value of approximately $1.25&nbsp;billion, based on Tidewater&#146;s closing price
last Friday. Pro forma net debt should be approximately $100&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Net debt and net book capital will be less than 10%, and our only significant
debt maturity will be in 2022. Pro forma cash is expected to be in excess of $300&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We also believe that, in due course, the combined company
will have access to the capital and credit markets on more favorable terms than the two companies would likely be able to achieve on a stand-alone basis. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&copy;2018 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuterscontent, including by framing or similarmeans, is prohibited
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JULY 16, 2018 / 3:00PM GMT, Tidewater Inc and GulfMark Offshore Inc Announce Merger Agreement </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As you all know, both companies completed financial restructurings last year, so maintaining financial
strength and financial flexibility is important, and by doing so, we are well positioned to lead the market in a recovery, both in regards to organic growth and the ability to pursue additional acquisitions or other opportunities that may arise.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are in the same core business and both companies are headquartered in Houston. As a result, we believe the combination of Tidewater and GulfMark
carried the lowest integration risk relative to other potentially available opportunities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As detailed on Slide 7, both companies will continue to
execute on stand-alone cost-reduction initiatives. In addition to these ongoing efforts, we see the opportunity to achieve approximately $30&nbsp;million of incremental, transaction-related cost synergies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The combination of stand-alone cost reductions and transaction-related synergies should allow us to reduce run rate G&amp;A, excluding stock-based
compensation expense, to approximately $100&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We look forward to collaborating with the GulfMark team to establish best practice processes
and systems for the combined company going forward. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Let me walk you through how we are thinking about the ability to deliver strong results in regards to
vessel operating margin. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As you will see on Slide 8, the two companies&#146; combined vessel operating margin for the 12 months ended March&nbsp;21,
2018, was approximately $127&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In a market recovery, utilization should improve to approximately 85% for active vessels, including 82 Tier 1
vessels and 91 <FONT STYLE="white-space:nowrap">non-Tier</FONT> 1 vessels. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With an increase in offshore drilling activity, the combined company should
also be able to quickly reactivate 20 currently-idle Tier 1 vessels. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The combination of higher active vessel utilization and additional active vessels
could yield in excess of $100&nbsp;million in additional annual vessel operating margin. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With potentially higher average day rates in a recovering
market, the impact on vessel operating margin could also be significant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To give you a sense of the sensitivity of operating margins to higher
industry-wide average day rates, if we were to assume overall active utilization of 85% and 20 incremental working vessels over and above the two companies&#146; respective active fleets during the 12 months ended March&nbsp;31, 2018, and also
assume no OpEx inflation, each $1,000 day of rate increase on the Tier 1 vessels could result in an annual incremental vessel operating margin of approximately $45&nbsp;million. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JULY 16, 2018 / 3:00PM GMT, Tidewater Inc and GulfMark Offshore Inc Announce Merger Agreement </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This analysis also assumes $500 day increase in average day rate for the active <FONT
STYLE="white-space:nowrap">non-Tier</FONT> 1 vessels. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If we were to assume somewhat stronger market conditions, a $5,000 a day increase in average day
rates on the Tier 1 vessels (and a $2,500 per day increase in average day rates on the <FONT STYLE="white-space:nowrap">non-Tier</FONT> 1 vessels), would put the combined company on a path towards more than $450&nbsp;million of annual vessel
operating margin, or about 50% of the company&#146;s combined vessel operating margin at the last industry peak in 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For context, in the intermediate
term, we estimate the combined company&#146;s pro forma fixed charge burden, including $100&nbsp;million of G&amp;A, interest expense, taxes and dry dock costs to be approximately $150&nbsp;million to $175&nbsp;million. So while recent results
suggest essentially a cash flow breakeven, free cash flow in a better OSV market could be significant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Obviously, there are no guarantees that we can get
back to either the levels of vessel operating margin presented in the sensitivity analysis on Slide 8, or those realized by the two companies in 2014, but this sensitivity analysis should give you a sense of the combined company&#146;s significant
operating leverage in recovering OSV sector. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Turning to Slide 9, the offshore support vessel business remains highly fragmented, and it is still
characterized by broad-based financial distress. If rationality prevails, additional consolidation should take place in the coming years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Given the
strong pro forma financial profile of the combined Tidewater and GulfMark, the combined company will be well positioned to consider additional M&amp;A in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Whether or not additional consolidation happens, the combined company is well positioned for organic growth, given our ability to fund the reactivation of
currently-idle vessels. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The combined company will retain the Tidewater brand and will be led by me as President and CEO. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As we noted in our press release, the Board of Directors will be expanded from seven to ten seats, with GulfMark selecting three new members for the combined
company&#146;s expanded board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The transaction is subject to Tidewater and GulfMark stockholder approvals and other customary closing conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As to timing, we plan to report earnings and make requisite SEC filings in August and we hope to be able the deal will close in the fourth quarter. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JULY 16, 2018 / 3:00PM GMT, Tidewater Inc and GulfMark Offshore Inc Announce Merger Agreement </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our last slide reiterates our view of the benefits of the transaction we announced this morning. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In particular, we think this transaction provides long-term benefits to employees, customers and stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Speaking of employees, our success is (and will continue to be) made possible by our highly-trained and experienced people. We are excited to be able to offer
expanded professional growth opportunities for both the Tidewater and GulfMark teams. We are, and will continue to be, the industry leader, with unparalleled financial strength, at least within the OSV industry. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We remain committed to recruiting, training and retaining the best people in an increasingly competitive industry. Our corporate cultures have a lot in
common, and we look forward to collaborating to execute on our shared mission to operate safely, in compliance with all applicable laws, and with a commitment to minimizing environmental impacts of our operational activities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We expect to be leaders in the development of the next generation of specialized marine support vessels, and are committed to preserving our financial
strength through a focus on cash generation, maintaining a strong financial profile and disciplined capital management. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe high quality people,
high quality assets, a global operating footprint and a strong financial profile will positively differentiate Tidewater as both a service provider and a contract counterparty with our customers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This transaction expands market access for both companies and increases scale. As a result, the combined company will be well-positioned for differentiated
growth as the sector recovers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The transaction is expected to be accretive to EBITDA in 2019 and is anticipated to deliver significant synergies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Importantly, this transaction provides GulfMark stockholders with the opportunity to participate in the upside potential of the combined company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At Tidewater, we recognize that in today&#146;s competitive and dynamic environment, continued industry leadership demands not just the operating excellence
we have demonstrated in the past, but experience, creativity and continuous drive for safe operations and exceptional customer service. These values have served the company well for over 60 years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Together, we will have a young, large fleet and the broadest global operating footprint. We also believe that we will have the best team in the industry to
execute our business plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe we will see improved vessel utilization over the coming quarters and the potential to materially expand margins as
the market recovers. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&copy;2018 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuterscontent, including by framing or similarmeans, is prohibited
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JULY 16, 2018 / 3:00PM GMT, Tidewater Inc and GulfMark Offshore Inc Announce Merger Agreement </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We very much look forward to collaborating with the GulfMark team to capitalize on the opportunities this
transaction creates for both our employees and our customers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As managers of a public company, we recognize that we are stewards, tasked with managing
capital and assets on behalf of others. Our focus is on delivering strong financial results and through-cycle growth for our stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our intent is
to be a &#147;must own&#148; stock for investors that are focused on the offshore energy space and to deliver results for those that have entrusted their capital to the combined company&#146;s Board of Directors and executive management team. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Again, thank you for joining the call. Quintin, Quinn and I are available to address your questions. Michelle, please open the line for questions. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>QUESTIONS AND ANSWERS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Operator Instructions) Our first question comes from James West of Evercore ISI. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>James Carlyle West </B><B><I>ISI Group Inc.,
Research Division - Former Senior MD and Research Analyst </I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks and good morning. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Rynd: Thank you, and good morning. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>James Carlyle West </B><B><I>ISI Group Inc.,
Research Division - Former Senior MD and Research Analyst </I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Congratulations on the transaction. So, John, I guess, my first question is,
there are a lot of companies out there, there are some &#151; that are in various stages of distress and you chose GulfMark. I am curious, I understand the asset quality and the certain geographic positioning that they provide that perhaps it is of
a benefit to Tidewater. Why GulfMark? Why not someone else? Or is it just a, I mean, maybe they are willing at this point? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>John T. Rynd </B><B><I>Tidewater Inc. -
President, CEO</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; Director </I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">James, I think, good question. I think that obviously, we
touched on it in the prepared remarks. Accretive to asset quality, does not impair the balance sheet, does not eat up our liquidity, and gives more liquidity in the stock. So I think, overall, it&#146;s expanding the footprint, which will drive a
lot of synergies throughout the combined companies. It is a very compelling transaction. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>James Carlyle West </B><B><I>ISI Group Inc.,
Research Division - Former Senior MD and Research Analyst </I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. Fair enough. And then, John, maybe Quintin, you want to jump in here, but
on the North Sea, that is the the offshore market in the world that is really tight and significantly at least for in Norway and the Norwegian sector for rigs and I assume so for supply vessels. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JULY 16, 2018 / 3:00PM GMT, Tidewater Inc and GulfMark Offshore Inc Announce Merger Agreement </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
We have heard some vessel spot rates moving up significantly during the summer season here. Just maybe comment on what you are seeing in that market and how you expect that market to play out
over the next couple of quarters and the setup for early 2019? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Quintin V. Kneen </B><B><I>Gulfmark Offshore, Inc. - President, CEO</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; Director </I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So this is Quintin. I will take that one, and of course, Quinn and John can add in accordingly. But, we are definitely seeing progressive recovery in the North
Sea market. On the last GulfMark earnings conference call, I indicated an expectation of day rates going up 20% quarter-over-quarter, on a sequential quarter basis. And it is probably closer to the <FONT STYLE="white-space:nowrap">mid-teens,</FONT>
but still a significant increase and more of an increase than we are seeing anywhere else in the world in today&#146;s OSV market. I would say that like every recovering market, there is going to be ebbs and flows. We had more vessels coming out of
layup than I anticipated in Q2, and that has dampened prices for a period in <FONT STYLE="white-space:nowrap">mid-May,</FONT> but as you indicated, we are starting to see that market tighten up again. You may recall, in Q3 of last year, the markets
spiked in the North Sea. We would not be surprised if we see that again. What prevents the North Sea market from tightening, are additional vessels coming out of layup, it&#146;s getting very late in the work season for rational operators to bring
vessels out of layup. And so my belief is that we may actually see a Q3 that is nicely stronger than Q2. Now as we go into Q4 - so I will take your question literally in the next couple of quarters - as we go into Q4, I do expect the typical
calendar year seasonality in the North Sea and we might even find it a bit more pronounced this year, just because so many vessels have come out of layup in the North Sea this year. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>James Carlyle West </B><B><I>ISI Group Inc., Research Division - Former Senior MD and Research Analyst </I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. That is very helpful. And then, I guess just to finish up here with the North Sea, the ebbs and flows that you mentioned Quintin there, we obviously have
an election coming up in Brazil but that could lead to... well get past the election, we got a lot of activity coming in &#146;19. If we firm Brazil up in &#146;19, does that not firm up the North Sea and West Africa all at the same time and lead to
kind of what could be a very robust recovery next year? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Quintin V. Kneen </B><B><I>Gulfmark Offshore, Inc. - President, CEO</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; Director </I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Well, you definitely know that the sophisticated drilling that goes on in offshore Brazil is very similar to offshore West Africa and in the North Sea. And
where they are going to find the vessels to do the work in Brazil is from West Africa and the North Sea, and yes, I do expect strengthening Brazil to help both of those markets going forward. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>James Carlyle West </B><B><I>ISI Group Inc., Research Division - Former Senior MD and Research Analyst </I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay, got it. Thanks guys, and congratulations, again. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John
Rynd: Thank you. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our next question comes from Turner Holm of
Clarksons Platou. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JULY 16, 2018 / 3:00PM GMT, Tidewater Inc and GulfMark Offshore Inc Announce Merger Agreement </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Turner Holm </B><B><I>Clarksons Platou Securities AS, Research Division - Director </I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Congratulations on the deal. I think it makes a ton of sense and glad to see it come to fruition. Maybe Quinn, I will start with you for the first question.
Can you just walk us through the cost synergies and kind of time line that you might expect to achieve that $30&nbsp;million to $45 million? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Quinn P. Fanning </B><B><I>Tidewater Inc. -
Executive VP</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; CFO </I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, Turner. I appreciate you dialing in. Well, as you saw in the
slide that John walked through, we expect run rate G&amp;A for the combined company&#146;s post realization of synergies, which are primarily cost synergies, to be approximately $100&nbsp;million, excluding stock-based compensation expense. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you can just <FONT STYLE="white-space:nowrap">dis-aggregate</FONT> that $45&nbsp;million delta relative to the last 12 months of the two companies, as
Quintin mentioned and John mentioned as well, there continues to be cost rationalization taking place both at GulfMark and Tidewater. We believe as we exit 2018, there is an incremental $15&nbsp;million of cost savings relative to the trailing 12
months. And what we would have you focus on is the $30&nbsp;million of transaction-related synergies that really is a product of the two companies combining, as opposed to ongoing self-help efforts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There are other synergies that we believe will be realized that are not included in that $30&nbsp;million number, the most significant of which, in our view,
is the ability to use the broader Tidewater chess board, if you will, as we think about moving ships to their highest and best use. GulfMark was a significant player in the U.S. Gulf of Mexico, particularly as they completed the Rigdon transaction a
number of years ago. I think, in fairness, those would be considered <FONT STYLE="white-space:nowrap">mid-water</FONT> vessels today, and their highest and best use is probably outside of the Gulf of Mexico. I think what Tidewater brings to the
table is the potential to redeploy some of those vessels - be it to South America, the African coast, or elements of the Middle East. So, I think, the synergies are many here, but the ones that we would probably focus on over the next couple of
quarters, and quite frankly, a big underpinning of this transaction is the $30&nbsp;million of cost savings that we do not think either company could achieve by themselves.Does that answer your question? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Turner Holm </B><B><I>Clarksons Platou Securities AS, Research Division - Director </I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sure. And to follow up on that $30&nbsp;million, if you look at the $100&nbsp;million that you are talking about, maybe achieving by the end of Q4 &#146;19,
and you look at the active fleet that you posted in the presentation here of 173 vessels pro forma at the end of the second quarter, I guess, you come to a SG&amp;A number per active vessel of a little under $600,000. Do you think that is kind of
where it is? Or do you think that there would be a potential to take that down further? Or would that require further moves in terms of consolidation and adding more to your sort of active fleet complement? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Quinn P. Fanning </B><B><I>Tidewater Inc. - Executive VP</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; CFO </I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think the first task at hand is to realize, and realize quickly, the identified cost savings of $30&nbsp;million. Sure, there would be absorption benefits
that you can realize with a large fleet, but at least, as a near-term goal, we would like to get to that $100&nbsp;million run rate and to the extent that there is incremental revenue, be it from adding vessels to the fleet or rate increases flowing
from an industry-wide market recovery, sure, you can certainly see G&amp;A fall as a percentage of revenue or dollars per active vessel, particularly as you start reactivating currently under-utilized, or inactive equipment. But at least as an
interim goal we want to realize the $30&nbsp;million of synergies. And obviously between today and closing, the companies will continue to reduce cost as appropriate on their own. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JULY 16, 2018 / 3:00PM GMT, Tidewater Inc and GulfMark Offshore Inc Announce Merger Agreement </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Turner Holm </B><B><I>Clarksons Platou Securities AS, Research Division - Director </I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sure. That $30&nbsp;million would be fantastic achievement in itself. And with regards to the revenue synergies that you mentioned and the potential revenue
synergies, it sounds like you have taken a look at that. Is there any sense of that under-utilized kind of <FONT STYLE="white-space:nowrap">mid-water</FONT> fleet. I think it is 24, 25 vessels maybe, I do not know - high-teens are stacked now. How
many of those you think you might be able to get back to work? And what kind of time frame do you have in mind? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Quinn P. Fanning </B><B><I>Tidewater Inc. -
Executive VP</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; CFO </I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think we will sort through that during the integration planning.
What we do know is that &#151; at least as a common view, I should say, between GulfMark and Tidewater -- that the vessels that are currently in the U.S. Gulf of Mexico and owned my GulfMark may have a better chance of working elsewhere. The timing,
what number of those vessels go back to work I think is ultimately a function of supply and demand. But we think it is real, and we think it is something that we could execute upon relatively quickly if there is demand to put the vessels to work.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Turner Holm </B><B><I>Clarksons Platou Securities AS, Research Division - Director </I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. Very Good. Thank you very much. And again, congratulations on the deal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Quinn P. Fanning: Thank you, Turner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Rynd: Thank you.
</P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our next question comes from Jim Wicklund of
Cr&eacute;dit Suisse. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>James Knowlton Wicklund </B><B><I>Cr&eacute;dit Suisse AG, Research Division - MD </I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Congratulations. Well done. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Rynd: Thank you. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>James Knowlton Wicklund </B><B><I>Cr&eacute;dit Suisse AG, Research Division - MD </I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It looks like revenues bottomed in the first quarter. So you have caught your timing beautifully in this, so congratulations. The commentary about the North
Sea is interesting. Can you talk about which is the worst market? Obviously, as a total bottom line company, things have improved but do we have any markets where things are still getting worse? </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JULY 16, 2018 / 3:00PM GMT, Tidewater Inc and GulfMark Offshore Inc Announce Merger Agreement </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>John T. Rynd </B><B><I>Tidewater Inc. - President,
CEO</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; Director </I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I would say Southeast Asia probably leads the pack of being the worst.
</P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>James Knowlton Wicklund </B><B><I>Cr&eacute;dit Suisse AG, Research Division - MD </I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That would be right considering how many boats are coming out, or still coming out of the shipyards. Do you have a tally of how many more boats are left to
come into the market from the current order books? </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Quintin V. Kneen </B><B><I>Gulfmark Offshore, Inc. - President, CEO</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; Director </I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At least 100, Jim. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>James Knowlton Wicklund </B><B><I>Cr&eacute;dit
Suisse AG, Research Division - MD </I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. And your note on your Slide 3, under all others, there is about 2,400 vessels and about 400
owners. In a recovery, can you talk about the market dynamics of who wins: the biggest consolidated company in the world, or 400 individual owners who are really anxious to have their boats put back to work? Can you talk about the dynamics and where
do you think that falls out? </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>John T. Rynd </B><B><I>Tidewater Inc. - President, CEO</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; Director </I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jim, I think, that is a very good question. I think that our view is with our financial profile; we will be able to reactivate the vessels in the rising market
with our cash position and our global footprint. So we have got the biggest lens to see the world. I think the challenge for some of the owners as we talked about in the prepared remarks, there is a lot of financial distress still in the OSV market
and they really going to have access to capital to reactivate a vessel that is going to be, pick a number low end of $1&nbsp;million, high end $2 million? And if this thing drags along bottom, some of these vessels now are going to be stacked 5 and
6 years. And so you have got increased cost and then your customer, what is their appetite is going to be when they have other options from high-quality providers of assets to take a chance on a 5 to 6 year old stacked vessel at a smaller less
capitalized company? It is like we said in the prepared remarks, I mean, the counter party risk with Tidewater is excellent and they are assuming counter party risk if they go to some of the other providers. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>James Knowlton Wicklund </B><B><I>Cr&eacute;dit Suisse AG, Research Division - MD </I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. That is helpful. And your commentary on capital discipline and stewards of capital are appreciated. But, I have to say that you have always in your
history shown a good leaning towards that anyway. So that comes as no surprise. Gentlemen, thanks very much. Best of luck. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Rynd: Thank you. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our next question comes from Mike Urban of
Seaport Global. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Michael William Urban </B><B><I>Seaport Global Securities LLC, Research Division - MD</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; Senior Analyst
</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, good morning, and congratulations as well. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JULY 16, 2018 / 3:00PM GMT, Tidewater Inc and GulfMark Offshore Inc Announce Merger Agreement </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Rynd: Good morning. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Michael William Urban </B><B><I>Seaport Global
Securities LLC, Research Division - MD</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; Senior Analyst </I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So, can you kind of talk a good
bit about the cost synergies and a little bit about the potential revenue synergies. Are there other opportunities out there for instance, the markets or customers where you do not overlap, or certain markets where either side does not offer a
certain vessel class to a certain customer, or is that something you could look at as well? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Quinn P. Fanning </B><B><I>Tidewater Inc. -
Executive VP</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; CFO </I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The most significant overlap was in the North Sea. GulfMark had the
three reporting segments, Americas like us, but their business was more concentrated in the U.S. Gulf of Mexico, and to a lesser extent, the Caribbean Sea. Tidewater obviously has significant operations in Mexico and Brazil as well. There is some
overlap in Southeast Asia, but in fairness, both companies I think have migrated equipment westward, particularly as the supply overhang somewhat driven by lot of the Chinese new builds has somewhat overwhelmed that market. So at least from our
perspective, as John mentioned, the North Sea is the geo market that we would point to as the primary benefit of the transaction, over and above what we believe is the cost-reduction opportunities and the associated overhead absorption benefit. I
guess, as you think about customers and things like that, this is a business that I am sure, whether you talk to Exxon, Shell, BP or whatever, when it comes to rig operators and vessel operators, there is a hand full, or maybe a more than a handful,
of companies that they are willing to work with and once you qualify on a technical basis, there is certainly a lot of competition and price-based competition that remains in the business. So I would not say that GulfMark introduces Tidewater to a
new super major, but sure, I mean, they have better relationships in one spot and we may have better relationships in other spot, but it is still a very competitive business, remains highly fragmented. And as John mentioned, we think the combined
company brings with it a couple of points of positive differentiation, which we think ultimately manifests itself in a larger share of the available revenue. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Michael William Urban </B><B><I>Seaport Global
Securities LLC, Research Division - MD</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; Senior Analyst </I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Got you. And are there any
opportunities for additional fleet rationalization above and beyond with the two companies&#146; individually, especially with respect to the stacked <FONT STYLE="white-space:nowrap">non-Tier</FONT> 1 vessels, just given the greater scale and as you
mentioned the ability to migrate assets around the world? So, just wanted to know if this gives you the opportunity to kind of reduce the capacity overhang in the industry? </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>John T. Rynd </B><B><I>Tidewater Inc. -
President, CEO</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; Director </I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, Mike. I think we, <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">year-to-date,</FONT></FONT> have sold or scrapped 23 vessels, and we have more teed up to try to get through the shoot. And I think, Quintin and his team have done a good job of evaluating their assets, which ones need to
be sold or scrapped. And I think as we dig in further in the integration, that number may grow as we look at where we can place our respective assets that may make one of our respective assets no longer at the top of the list and move to the bottom
of the list and go to the sale or scrap pile. So, again, that is part of the <FONT STYLE="white-space:nowrap">early-on</FONT> evaluation as we get into the integration. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JULY 16, 2018 / 3:00PM GMT, Tidewater Inc and GulfMark Offshore Inc Announce Merger Agreement </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Quinn P. Fanning </B><B><I>Tidewater Inc. - Executive
VP</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; CFO </I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If I could add. I mean, one of the things that GulfMark brings to the table
from our perspective, it is not a primary focus of the transaction, but I would say an ancillary benefit, is the vessels that would be likely disposition candidates for GulfMark tend to be the midsize PSVs and, as a result, those are the types of
vessels that have a greater interest outside of the oil and gas market. Small AHTS or towing supply vessels are great ships in the oil and gas business, but their fuel consumption is such that it may not be the best fishing, shrimping, Caribbean
cargo trade, Panama canal support type vessels. And if you were to look at the GulfMark fleet for a potential disposition alternatives, I think, this is consistent with Quintin&#146;s comments on the last earnings conference call that GulfMark had.
Those are the types of vessels that potentially have a broader market as you think about the further pruning of the fleet. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Michael William Urban </B><B><I>Seaport Global
Securities LLC, Research Division - MD</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; Senior Analyst </I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you. That is all for me.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There are no further questions at this time. Ladies and gentlemen, thank you for participating in today&#146;s conference. This does conclude the program
and you may all disconnect. Everyone, have a great day. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>John T. Rynd </B><B><I>Tidewater Inc. - President, CEO</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; Director </I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you very much. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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