<SEC-DOCUMENT>0001564590-18-029833.txt : 20181119
<SEC-HEADER>0001564590-18-029833.hdr.sgml : 20181119
<ACCEPTANCE-DATETIME>20181119162153
ACCESSION NUMBER:		0001564590-18-029833
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20181113
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181119
DATE AS OF CHANGE:		20181119

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:		181192737

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TIDEWATER MARINE SERVICE INC
		DATE OF NAME CHANGE:	19780724
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tdw-8k_20181113.htm
<DESCRIPTION>8-K
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">UNITED STATES</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SECURITIES AND EXCHANGE COMMISSION</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Washington, D.C. 20549</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">_____________________</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FORM 8-K</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-top:0pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-size:11pt;font-family:Times New Roman;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;">CURRENT REPORT</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to Section 13 or 15(d) of the</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Securities Exchange Act of 1934</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">_____________________</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date of Report <font style="font-style:italic;">(Date of earliest event reported)</font> <font style="font-weight:bold;">November 13, 2018</font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">TIDEWATER INC.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(Exact name of registrant as specified in its charter)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top"  style="width:33%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Delaware<br /><font style="font-style:italic;font-weight:normal;">(State of incorporation)</font></p></td>
<td valign="top"  style="width:34%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1-6311<br /><font style="font-style:italic;font-weight:normal;">(Commission File Number)</font></p></td>
<td valign="top"  style="width:33%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">72-0487776<font style="font-weight:normal;"><br /></font><font style="font-style:italic;font-weight:normal;">(IRS Employer Identification No.)</font></p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:90%;">
<tr>
<td valign="top"  style="width:45%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">6002 Rogerdale Road, Suite 600</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Houston, Texas<font style="font-weight:normal;"><br /></font><font style="font-style:italic;font-weight:normal;">(Address of principal executive offices)</font></p></td>
<td valign="top"  style="width:45%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">77072</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(Zip Code)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(713) 470-5300</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(Registrant's telephone number, including area code)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">N/A</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(Former name or former address, if changed since last report)</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<font style="font-style:italic;">see</font> General Instruction A.2. below):</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;letter-spacing:-0.15pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"><font style="letter-spacing:-0.15pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"></font><font style="font-size:10pt;font-family:'Times New Roman'">&#9744;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;letter-spacing:-0.15pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
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<p style="margin-bottom:0pt;margin-top:0pt;letter-spacing:-0.15pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"><font style="letter-spacing:-0.15pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"></font><font style="font-size:10pt;font-family:'Times New Roman'">&#9744;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;letter-spacing:-0.15pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;letter-spacing:-0.15pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"><font style="letter-spacing:-0.15pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"></font><font style="font-size:10pt;font-family:'Times New Roman'">&#9744;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;letter-spacing:-0.15pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17&#160;CFR 240.14d-2(b))</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;letter-spacing:-0.15pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"><font style="letter-spacing:-0.15pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"></font><font style="font-size:10pt;font-family:'Times New Roman'">&#9744;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;letter-spacing:-0.15pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17&#160;CFR 240.13e-4(c))</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.85%;text-indent:-3.85%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2). <font style="margin-left:18pt;"></font>Emerging growth company [ ]</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act.<font style="margin-left:18pt;">[ ]</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.85%;text-indent:-3.85%;font-size:12pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 7.01.&nbsp;&nbsp;Regulation FD Disclosure.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater Inc. (the &#8220;Company&#8221;) notes that certain statements set forth in this Current Report on Form 8-K provide other than historical information and are forward looking. The actual achievement of any forecasted results, or the unfolding of future economic or business developments in a way anticipated or projected by the Company, involve numerous risks and uncertainties that may cause the Company&#8217;s actual performance to be materially different from that stated or implied in the forward-looking statement. Among those risks and uncertainties, many of which are beyond the control of the Company, include, without limitation<font style="color:#000000;">; the risk that the cost savings and any other synergies from the merger with GulfMark Offshore, Inc. (the &#8220;merger&#8221;) may not be fully realized or may take longer to realize than expected; disruption from the merger making it more difficult to maintain relationships with customers, employees or suppliers; the possibility of litigation (related to the merger); the diversion of management&#8217;s time from day-to-day operations by the merger;&nbsp;&nbsp;incurrence of substantial transaction-related costs associated with the merger; new accounting policies and our consolidation activities; volatility in worldwide energy demand and oil and gas prices, and continuing depressed levels of oil and gas prices without a clear indication of if, or when, prices will recover to a level to support renewed offshore exploration activities; fleet additions by competitors and industry overcapacity; our&#160;limited capital resources available to replenish our asset base, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers in the energy industry and the industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel&#160;construction and maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; the risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by&#160;international conventions;&#160;increased regulatory burdens and oversight;&#160;changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; the effects of asserted and unasserted claims and the extent of available insurance coverage; and the resolution of pending legal proceedings.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following information is being provided under Item 7.01 Regulation FD Disclosure in this Current Report on Form 8-K: a transcript from the Company&#8217;s November 13, 2018 analyst conference call discussing its financial results for the three months ended September 30, 2018.&nbsp;&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The transcript is furnished as Exhibit 99.1 to this Current Report and is incorporated herein by reference as if fully set forth under this item.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p>
<p style="text-align:center;margin-top:12pt;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The information contained in the transcript, which was prepared by Thomson Reuters, is a textual representation of the Company&#8217;s conference call.&nbsp;&nbsp;There may be material errors, omissions or inaccuracies </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in the reporting of the contents of the conference call.&nbsp;&nbsp;The Company assumes no responsibility to correct or update the third-party transcript.&nbsp;&nbsp;Users are advised to review the Company&#8217;s conference call itself (which is accessible via the Company&#8217;s websit</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">e) and the Company&#8217;s SEC filings before making any investment or other decisions.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 9.01. Financial Statements and Exhibits.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d)<font style="margin-left:22pt;">Exhibits</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following exhibit is furnished with this Form 8-K:</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">99.1</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;"><font style="text-decoration:none;"></font><a href="tdw-ex991_6.htm"><font style="text-decoration:underline;">Transcript from the November 13, 2018 analyst conference call.</font></p></td></tr></table></div>
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<p style="text-align:center;margin-top:12pt;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SIGNATURES</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/ Bruce D. Lundstrom</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;text-align:left;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Bruce D. Lundstrom</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Executive Vice President, </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">General Counsel and Secretary</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date: November 19, 2018</p>
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<p style="Background-color:#00608F;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#FFFFFF;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NOVEMBER 13, 2018 / 4:00PM GMT, Q3 2018 Tidewater Inc Earnings Call</p>
<p style="margin-bottom:10pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#00608F;font-size:14pt;font-family:Calibri;font-style:normal;text-transform:none;font-variant: normal;"><a name="Corporate_Participants"></a><a name="Jason_Stanley_(2_Turns)"></a><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="font-weight:bold;color:#00608F;font-size:14pt;font-family:Calibri;font-style:normal;text-transform:none;font-variant: normal;">CORPORATE PARTICIPANTS</font><font style="font-weight:bold;color:#00608F;font-size:14pt;font-family:Calibri;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-size:11pt;color:#000000;">Jason Stanley </font><font style="font-style:italic;font-size:11pt;font-weight:normal;color:#000000;">Tidewater Inc. - Director of IR</font><font style="font-style:italic;font-size:11pt;font-weight:normal;color:#000000;"></font><font style="font-size:11pt;color:#000000;">John T. Rynd </font><font style="font-style:italic;font-size:11pt;font-weight:normal;color:#000000;">Tidewater Inc. - President, CEO &amp; Director</font><font style="font-style:italic;font-size:11pt;font-weight:normal;color:#000000;"></font><font style="font-size:11pt;color:#000000;">Quinn P. Fanning </font><font style="font-style:italic;font-size:11pt;font-weight:normal;color:#000000;">Tidewater Inc. - Executive VP &amp; CFO</font><font style="font-style:italic;font-size:11pt;font-weight:normal;color:#000000;"></font><font style="font-weight:bold;color:#00608F;font-size:14pt;font-family:Calibri;font-style:normal;text-transform:none;font-variant: normal;">CONFERENCE CALL PARTICIPANTS</font><font style="font-weight:bold;color:#00608F;font-size:14pt;font-family:Calibri;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-size:11pt;color:#000000;">Turner Holm </font><font style="font-style:italic;font-size:11pt;font-weight:normal;color:#000000;">Clarksons Platou Securities AS, Research Division - Director</font><font style="font-style:italic;font-size:11pt;font-weight:normal;color:#000000;"></font><font style="font-weight:bold;color:#00608F;font-size:14pt;font-family:Calibri;font-style:normal;text-transform:none;font-variant: normal;">PRESENTATION</font><font style="font-weight:bold;color:#00608F;font-size:14pt;font-family:Calibri;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-size:11pt;color:#000000;">Operator</font><font style="font-size:11pt;color:#000000;"></font><font style="font-size:11pt;font-weight:normal;color:#000000;">Welcome to the earnings conference call third quarter 2018. My name is Adrien</font><font style="font-size:11pt;font-weight:normal;color:#000000;">ne, and I will be your operator for today's call. (Operator Instructions) Please note this conference is being recorded. I will now turn the call over to Jason Stanley. Jason Stanley, you may begin.</font><font style="font-size:11pt;font-weight:normal;color:#000000;"></font><font style="font-size:11pt;font-weight:normal;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="font-size:11pt;font-weight:normal;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="font-size:11pt;font-weight:normal;"></font><font style="font-size:11pt;color:#000000;">Jason Stanley </font><font style="font-style:italic;font-size:11pt;color:#000000;">Tidewater Inc. - Director of IR</font><font style="font-style:italic;font-size:11pt;color:#000000;"></font><font style="font-size:11pt;font-weight:normal;color:#000000;">Thank you, Adrienne. Good morning, everyone, and welcome to Tidewater's earnings conference call for the period ended September 30, 2018. I am Jason Stanley, Tidewater's Director, I</font><font style="font-size:11pt;font-weight:normal;color:#000000;">nvestor Relations, and I'd like to thank you for your time and interest in Tidewater.</font><font style="font-size:11pt;font-weight:normal;color:#000000;"></font><font style="font-size:11pt;font-weight:normal;color:#000000;">With me this morning on the call are our President and CEO, John Rynd; Quinn Fanning, our Chief Financial Officer; Jeff Gorski, our Chief Operating Officer; and Bruce Lu</font><font style="font-size:11pt;font-weight:normal;color:#000000;">ndstrom, our General Counsel.</font><font style="font-size:11pt;font-weight:normal;color:#000000;"></font><font style="font-size:11pt;font-weight:normal;color:#000000;">Following a few formalities, I'll turn the call over to John, for his initial comments, to be followed by Quinn's financial review. John will then provide some final wrap-up comments, and we'll then open the call for your que</font><font style="font-size:11pt;font-weight:normal;color:#000000;">stions.</font><font style="font-size:11pt;font-weight:normal;color:#000000;"></font><font style="font-size:11pt;font-weight:normal;color:#000000;">During today's conference call, we may make certain comments that are forward-looking and not statements of historical fact. There are risks, uncertainties and other factors that may cause the company's actual future performance to be materially d</font><font style="font-size:11pt;font-weight:normal;color:#000000;">ifferent from that stated or implied by any comment that we make during today's conference call. Please refer to our most recent Form 10-Q for any additional details on these risk factors. This document is available on our website. Also during the call, we</font><font style="font-size:11pt;font-weight:normal;color:#000000;"> will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in last evening's press release.</font><font style="font-size:11pt;font-weight:normal;color:#000000;"></font><font style="font-size:11pt;font-weight:normal;color:#000000;">Finally, with regards to our planned merger with GulfMark, Tidewater and GulfMark have filed a joint proxy </font><font style="font-size:11pt;font-weight:normal;color:#000000;">statement with the SEC. Investors are advised to carefully read the proxy statement, because it contains important information about the transaction, the parties and the associated risks. Investors may obtain a copy from the SEC's website and from each com</font><font style="font-size:11pt;font-weight:normal;color:#000000;">pany.</font><font style="font-size:11pt;font-weight:normal;color:#000000;"></font><font style="font-size:11pt;font-weight:normal;color:#000000;">The stockholders vote is scheduled for November 15, while we're continuing to plan for the integration </font></p>
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<p style="Background-color:#00608F;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#FFFFFF;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NOVEMBER 13, 2018 / 4:00PM GMT, Q3 2018 Tidewater Inc Earnings Call</p>
<p style="margin-bottom:10pt;margin-top:0pt;text-indent:0%;font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a><a name="_AEIOULastRenderedPageBreakAEIOU4"></a><a name="_AEIOULastRenderedPageBreakAEIOU5"></a><a name="_AEIOULastRenderedPageBreakAEIOU6"></a><a name="_AEIOULastRenderedPageBreakAEIOU7"></a><a name="_AEIOULastRenderedPageBreakAEIOU8"></a><a name="_AEIOULastRenderedPageBreakAEIOU9"></a><a name="_AEIOULastRenderedPageBreakAEIOU10"></a><a name="_AEIOULastRenderedPageBreakAEIOU11"></a><a name="_AEIOULastRenderedPageBreakAEIOU12"></a><a name="_AEIOULastRenderedPageBreakAEIOU13"></a><a name="_AEIOULastRenderedPageBreakAEIOU14"></a><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of GulfMark, pending required approvals, our comments related to the transaction will be limited to our prepared remarks. If there are updates re</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">lated to the deal, we will announce them broadly. With that, I will turn the call over to John.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#00608F;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="color:#00608F;"></font><font style="font-weight:bold;">John T. Rynd </font><font style="font-weight:bold;font-style:italic;">Tidewater Inc. - President, CEO &amp; Director</font><font style="font-weight:bold;font-style:italic;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Thank you, Jason. </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Good morning, everyone, and thank you for joining the Tidewater call. For the third quarter of 2018, we reported a net loss of approximately $31 million on revenues of approximately $99 million.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Consolidated EBITDA for the quarter-ended September 30 was a</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">pproximately $8 million, which excludes approximately $17 million in non-cash asset (corrected by company after the call) impairments, but includes approximately $4 million of stock-based compensation expense and approximately $3 million in general and adm</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">inistrative expenses related to the proposed combination with GulfMark. Excluding these two items, adjusted EBITDA for the September quarter was approximately $15 million.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Quinn will discuss our financial results in more detail in a few minutes.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Before I</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> get into our operating results for the quarter, I'd like to provide an update on our pending deal with GulfMark.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We anticipate favorable outcomes to both companies' stockholder votes on November 15, and we hope to close the transaction on November 15 as </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">well. Post-closing, our combined team looks forward to executing the integration plan that has been refined over the last four months. Our intent is to quickly and fully realize cost and other synergies that have been identified, and to collectively capita</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">lize upon what we believe to be a recovering offshore market.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">With a large, young and high-specification OSV fleet and strong positions in key markets such as the North Sea, the U.S., Mexico and Brazil, West Africa, the Mediterranean Sea and the Middle Ea</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">st, the combined company will be a global offshore leader that is well-positioned to support our customers in any geo-market or in any water depth. Overall, Tidewater's increased scale and scope of operations, strong financial position and more efficient c</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ost structure should be a competitive advantage for the company. We are confident that the combination of Tidewater and GulfMark (corrected by company after the call) will benefit all stakeholders. High-quality, idle assets and a strong cash position pre- </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and post-combination with GulfMark also allows us to support sensible vessel reactivations as the market continues to improve, provided our customers can help us make the business case to do so. In particular, a combined Tidewater/GulfMark will have approx</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">imately 30 vessels that are available for reactivation, generally within 60 days, if it is economically rational to add capacity to the OSV market.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition to expectations for better utilization of the active fleet and future, market-recovery-driven m</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">omentum in average day rates, currently idle equipment should be a source of organic revenue growth for Tidewater.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For the just-completed September quarter, market dynamics generally fell in line with our expectations. Overall activity levels, while sligh</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">tly down from the June quarter, seemed to be on a generally positive trajectory. Rate pressure in several regions, primarily driven by continuing overcapacity in the OSV sector, contributed to lower sequential revenue and vessel operating margin.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ongoing </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">cost reduction efforts, however, have allowed the company to generate reasonable margins in percentage terms and to generate positive EBITDA and cash flow from operating activities for both the quarter and nine months ended September 30.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As to outlook, wh</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ile the trend in commodity prices since early October has been negative, the longer-term supply-demand story for oil remains supportive of offshore development. As a result, a number of industry analysts indicate that offshore spending should continue to r</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ise through 2022, with incremental offshore CapEx largely driven, at least in the intermediate term, by non-domestic deepwater development. Despite the recent volatility in commodity prices, the global offshore working rig count has been relatively stable,</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> and analysts expect the pace of FIDs to accelerate, commencing sometime in 2019.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">While next year's budgets remain a work-in-progress, tendering activity, request for quotes and recent dialogue with key customers and drilling contractors lead us to expect</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> at least a modest uptick in the working offshore rig count as we move into the second half of 2019. An increase in the working rig count will obviously drive an improvement in OSV utilization and ultimately an improvement in OSV day rates.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For Tidewater,</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> our long-standing relationships with the leading national oil companies and IOCs have remained strong, if not improved, during the difficult offshore market of the last couple of years, with recent and expected contract awards giving us confidence that Ti</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">dewater will be a primary beneficiary of an increase in offshore activity by companies such as Pemex, Petrobras and Saudi Aramco, as well as BP, Chevron, Equinor, ExxonMobil, Shell and Total. The offshore market is moving in the right direction, but contin</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ues to be highly fragmented and burdened with excess capacity, as demonstrated by continued rate pressure in the otherwise improving markets.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As a result, we think the pace and improvement will be gradual. History also suggests that the path toward a broa</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">d-based industry recovery will likely include a number of twists and turns. Industry costs and financial leverage remain too high and access to capital, particularly debt capital, will likely remain very limited for the foreseeable future.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As to the world</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">wide operating results, vessel revenue was down approximately 7% sequentially. On average, we had 140 active vessels during the September quarter, or down 1 vessel quarter-to-quarter. Active vessel utilization and average day rates were down approximately </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3 percentage points and down approximately 4%, respectively. Vessel operating expenses were down approximately 4% sequentially and vessel operating margin was down approximately 2 percentage points sequentially to approximately 33%. As of September 30, our</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> stacked fleet was 62 vessels, down 4 vessels quarter-to-quarter.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Moving on to the reporting segment-level operating results, average active vessels in the Americas--segment, at 27 vessels, was unchanged quarter-to-quarter. Vessel revenue for the segment,</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> however, was sequentially down about 14%, primarily reflecting the completion of several projects utilizing larger Tidewater vessels at attractive rates. In addition, as we discussed on our last earnings conference call, a number of vessel charters with P</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">emex in Mexico were extended at lower average day rates. As a result, active vessel utilization and average day rates for the Americas segment were sequentially down, approximately 1 percentage point and down approximately 13%, respectively.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vessel operat</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ing margin, which had been at relatively high levels in recent quarters, was down approximately $4 million, or about 8 percentage points quarter-to-quarter. Americas vessel operating margin for the September quarter was approximately 35%. For the Middle Ea</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">st/Asia Pac segment, which is driven by larger Middle East operations, vessel revenue in the September quarter was down by about 11% sequentially. As we discussed in our last earnings conference call, this was expected and was driven primarily by pressure </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on average day rates, particularly in Saudi Arabia. More recently, we have also observed a pull-back in construction activity and other shorter-term work across the Arabian Gulf. This also contributes to a sequentially weaker quarter, with the average acti</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ve fleet down 1 vessel and utilization of active vessels down about 4 percentage points quarter-to-quarter.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Looking forward, our active fleet count, active utilization and average (corrected by company after the call) day rates should be at least stable, </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">with shorter-term construction-related contracts providing some potential upside. For our Europe/Mediterranean Sea segment, vessel revenue was off approximately 6% sequentially and operating expenses were essentially flat quarter-to-quarter. As a result, v</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">essel operating margin was off approximately $800,000 quarter-to-quarter, or approximately 5 percentage points.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Within the European/Mediterranean Sea segment, North Sea activity remained relatively robust in the third quarter as anticipated with average d</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ay rates in the September quarter were up approximately 14% relative to the March quarter. Unfortunately, vessel reactivations and return of additional tonnage to the North Sea for the summer months stalled anticipated seasonal momentum in rates. As a resu</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">lt, vessel revenue and average day rates were relatively flat sequentially. While we have a reasonable mix of term and spot vessels in the North Sea, active utilization and average day rates should be seasonally weaker for a couple of quarters and we will </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">look to selectively move equipment to other markets until the 2019 summer season.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In our view, this will be a difficult winter for a number of the more highly-levered, North Sea-centric vessel owners.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Moving to the Mediterranean Sea, vessel revenue for t</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">he September quarter was off 10% sequentially. Like the Middle East, construction-related activity was somewhat softer than expected. Scheduled and unscheduled repairs also contributed to lower utilization of active vessels and higher-than-expected operati</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ng costs for the September quarter.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">With vessel operating margin at or below 20% in recent quarters, the Europe/Mediterranean Sea segment has been challenging for the last couple of quarters.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The recent commencement of new charters for a handful of our la</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rger vessels should, however, support a positive trend for vessel revenue and vessel operating margin generated in the Med, at least, for the next quarter or two.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition, incremental scale in the North Sea resulting from a proposed combination of Gul</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">fMark should provide opportunities for better cost absorption and improved profitability, particularly as we move into the seasonally warmer second and third quarters of 2019.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Overall, our West African operations were a relative bright spot for the Septem</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ber quarter, with modest increases in vessel revenue and modest reductions in operating expenses, each contributing to sequentially better vessel operating margin, both in dollar and percentage terms.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vessel operating margin for the West Africa segment in</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> the September quarter was approximately 37%.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Nigeria and Angola are generally term markets for Tidewater, and activity levels in those markets are generally expected to be flat in the near-to-intermediate term. As we discussed during our last call, upsid</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">e or downside in vessel revenue for our West African operations will likely be driven by better or worse-than-expected utilization and/or average day rates on vessels that are pursuing short-term charters in markets other than Nigeria and Angola along the </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">West African coast.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Turning now to our ongoing focus on expense management, G&amp;A was again in line with our quarterly target of $25 million, and run rate, cash G&amp;A for the September quarter, which excludes stock-based compensation expense and professional </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">service costs related to the proposed combination with GulfMark, was less than $19 million, or a bit less than $75 million annualized.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-size:9pt;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">And now, I will turn the call over to Quinn, to cover some additional details on our financial performance during the ju</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">st completed September quarter.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#00608F;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="color:#00608F;"></font><font style="font-weight:bold;">Quinn P. Fanning </font><font style="font-weight:bold;font-style:italic;">Tidewater Inc. - Executive VP &amp; CFO</font><font style="font-weight:bold;font-style:italic;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Thank you, John. Good morning, everyone.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-size:9pt;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As was highlighted in our earnings press re</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">lease and 10-Q, concurrent with the completion of our financial restructuring, the company adopted, "fresh-start accounting" and will continue to report its financial position and results of operations through July 31, 2017, as "Predecessor" activities. We</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> will report our financial position and results of operations subsequent to July 31, 2017, as "Successor" activities.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-size:9pt;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">I'll also call to your attention to the financial tables included with last evening's press release. Financial results, balance sheet dat</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a and select operating statistics are presented covering five quarters (or </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">equivalent periods), straddling both Predecessor and Successor activities. Similarly, operating and financial detail is presented by asset class and based on our four geography-base</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">d reporting segments. We have also included consolidated EBITDA as a non-GAAP performance and liquidity measure as well as reconciliations to the most directly comparable GAAP financial measures.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-size:9pt;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As John noted, vessel revenue was down approximately 7% qua</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rter-over-quarter. The average active fleet was down 1 vessel sequentially to 140 vessels. Active vessel utilization was off approximately 3 percentage points to approximately 78% and average day rates were down approximately 4% quarter-over-quarter to app</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">roximately $9,600.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-size:9pt;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Active utilization in each of the Middle East/Asia Pac, European/Mediterranean Sea and West Africa segments was off between 2 and 4 percentage points, but active utilization in each of our four reporting segments was no worse than the h</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">igh-70s in percentage terms.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-size:9pt;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In each of the U.S. Gulf of Mexico, Mediterranean Sea and Arabian Gulf, we had assets mobilizing to known work or in dry-dock in advance of starting or restarting contracts, so the negative quarter-over-quarter trend and activ</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">e utilization for those markets should be somewhat self-correcting in the December quarter or in early 2019.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Less clear in the early stages of a market recovery will be utilization of vessels chasing shorter-term contracts, which for Tidewater, is general</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ly in the North Sea, the Middle East and along the West African coast. As we work our way through the December quarter, seasonal weakness in average day rates and markets such as the North Sea and the U.S. Gulf of Mexico should be somewhat mitigated by oth</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">er markets where we see some modestly positive trends in vessel pricing.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are continually evaluating the profitability of spot vessels and we'll relocate or idle additional vessels if we can't consistently generate reasonable cash margin based on utiliz</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ation-adjusted day rates in a particular geo-market or region.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As John noted, we are also trying to be disciplined in our reactivation of currently idle equipment. While recovery of 100% of our reactivation costs is not always feasible on the initial char</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ter for a previously stacked vessel, particularly on a shorter-term charter, we do try to preserve current vessel operating margins and recover a reasonable portion of reactivation costs that will be incurred by the company to bring stacked vessels back in</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to active service. In some cases, the customer may reimburse the company for all or a portion of the reactivation costs as a lump sum mobilization fee. In other cases, cost recovery is built into the agreed day rate.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The negative quarter-over-quarter tren</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">d in average day rates was most pronounced in the Americas reporting segment.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As John highlighted, a number of larger vessels rolled off of relatively high day rate contracts in U.S. Gulf of Mexico and in Canada during the September quarter. Results for t</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">he September quarter also reflect </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the re-pricing of vessels working for Pemex in connection with contract extensions that were agreed to earlier in the year.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">With the exception of lower average day rates in the Middle East, which like Mexico, reflect prev</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">iously disclosed rate concessions, rates were generally flat quarter-over-quarter in our other operating areas.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total vessel operating expenses were down approximately 4% quarter-over-quarter with lower insurance and loss costs somewhat offsetting higher </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">crew costs as a percentage of vessel revenue, again, driven by recent rate concessions.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">With that context, we reported a net loss for the three months ended September 30, 2018, of $30.9 million, or $1.16 per common share. The net loss includes $16.9 milli</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on, or $0.63 per share, in non-cash asset impairments that resulted from the impairment reviews that were undertaken during the just-completed quarter. In addition, general and administrative expense in the September quarter of $25.5 million included $3.2 </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">million, or $0.12 per share, of professional services costs related to proposed combination with GulfMark.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-size:9pt;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Also noted in our earnings press release was an updated mix of common shares and Jones Act Warrants outstanding, which reflects continued progress i</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">n the conversion of Jones Act Warrants into common shares. As discussed in our last earnings conference call, we consider the Jones Act Warrants, each of which is exercisable to acquire a share of common stock at a price of $0.001, to be the economic </font><font style="font-size:9pt;">equiv</font><font style="font-size:9pt;">alent to common shares.</font><font style="font-size:9pt;"></font><font style="font-size:9pt;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of September 30, the sum of outstanding common shares and Jones Act Warrants was approximately $30.3 million. I call this to your attention, in part, to highlight that the reported loss per share is based on weighted average com</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">mon shares outstanding of $26.6 million, and generally excludes outstanding Jones Act Warrants.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Returning to operating results, vessel revenue and vessel operating margin for the quarter ended September 30 was $97 million and $31.8 million, respectively. </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As a percentage of vessel revenue, vessel operating margin for the quarter was approximately 33%. Vessel operating margin was down approximately $4.4 million quarter-over-quarter and vessel operating margin, as a percentage of vessel revenue, was lower by </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">approximately 2 percentage points quarter-over-quarter.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As John noted, consolidated EBITDA for the three months ended September 30 was $7.9 million. EBITDA in the September quarter excludes $16.9 million in asset impairment charges, but includes $3.8 mill</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ion of stock-based compensation expense, and $3.2 million of professional services costs related to our proposed combination with GulfMark. Excluding these two items, adjusted EBITDA for the September quarter was $14.9 million.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For the nine months ended S</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">eptember 30, 2018, adjusted EBITDA was $28.8 million. Tables reconciling EBITDA to our net loss and cash provided by, or used in, operating activities are on Page 31 of our press </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">release.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Looking at the fleet, the average number of vessels in our fleet fo</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">r the September quarter was 201 vessels, which is down 4 vessels from the average number of vessels for the three-month period ended June 30, 2018. Average active vessels in the September quarter were 140 vessels, which is down 1 vessel quarter-over-quarte</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">r. The stacked fleet at quarter-end was 62 vessels, or down 4 vessels quarter-over-quarter, reflecting 7 vessel dispositions, 6 newly stacked vessels and 3 vessel reactivations.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As we've reported throughout the year, our team continues to prune our stacke</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">d fleet to ensure our core asset base remains relevant and best-positioned to support our customers around the world. Year-to-date, Tidewater has disposed of 34 stacked vessels, 20 of which were sold as scrap. An additional 13 Tidewater vessels are in the </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">process of being sold, 5 of which will be sold as scrap. Following the combination with GulfMark, this fleet rationalization process is expected to continue.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We covered the importance of scale in the offshore services market during our last call. Tidewate</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">r will remain well-positioned to further lead consolidation in the OSV sector post-combination with GulfMark, and will continue to actively evaluate additional asset acquisitions and corporate M&amp;A opportunities. Dialogue in regards to acquisition opportuni</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ties seems to have picked up in the last couple of months, particularly with a number of our Europe and Asia-based competitors in the midst of financial restructurings. We are evaluating a number of situations that may make sense to more seriously pursue.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As with GulfMark, we will pursue additional acquisitions or investments to the extent such acquisitions or investments are accretive to asset quality, improve absorption of shore-based costs, do not materially re-</font><font style="font-size:9pt;">lever the balance sheet and do not materia</font><font style="font-size:9pt;">lly deplete available liquidity.</font><font style="font-size:9pt;"></font><font style="font-size:9pt;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We maintain the view that sustained improvement in day rates will require higher utilization of at least the plus or minus 2,400 OSVs in the industry that are currently active, available for work, or idle, but not official</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ly designated as in lay-up status with relevant classification societies. These vessels, which generally should not require significant recertification and other maintenance costs, tend to be the vessels that are no more than 15 years old and are considere</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">d to be the vessels that are most relevant to the end-user customers.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-size:9pt;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In regards to the quarter-end balance sheet, as mentioned on our last earnings conference call and again at the top of my remarks today, balance sheet values as of September 30 reflect </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the de-levering associated with our Plan of Reorganization and "fresh-start" accounting adjustments. Our cash balance at the end of the third quarter, at $469 million, continued to grow sequentially. Net debt was a negative $26 million at 9/30. Net working</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> capital excluding cash, was approximately $146 million at quarter-end. Amounts due from related parties, net of amounts due to related parties at 9/30 was approximately $126 million, which is down approximately $8 million quarter-over-quarter.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash provi</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ded by operating activities during the nine month period ended September 30 was $22 million. Excluding GulfMark-related professional services costs, adjusted CFFO for September 30 was </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">approximately $27 million.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Investing activities generated approximately</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> $7 million of cash during the nine month period ended September 30, as year-to-date disposition proceeds exceeded additions to property and equipment. Financing activities used approximately $14 million of cash and primarily reflects approximately $8 mill</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ion in cash paid to creditors during the March quarter pursuant to our now completed financial restructuring, and scheduled principal payments on our term debt at our Norwegian subsidiary of approximately $4 million.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As noted on previous earnings conferen</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ce calls, we have no significant debt maturities until 2022. At September 30, we had no remaining unfunded capital commitments, with the delivery of our final newbuild PSV on July 31.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Looking at long-term assets, net properties and equipment, which primar</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ily reflects the carrying value of 198 ships owned at September 30, was $775 million, which equates to approximately $4.7 million per active ship and approximately $2.2 million per stacked ship.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As additional data points, I'll further note that, on averag</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">e, the carrying value of our 42 deepwater PSVs with cargo carrying capacities above 3,800 deadweight tons is approximately $8.6 million per vessel. Twenty-two of those 42 vessels are less than five years old and have an average carrying value of approximat</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ely $9.5 million per vessel. Sixteen of the 42 vessels are between five and 10 years old and have an average carrying value of approximately $9 million per vessel, and the remaining 4 vessels, which are plus-10 years old, have an average carrying value of </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">approximately $2 million per vessel.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On average, the carrying value of our sixty-one 5,500 to 10,000 brake horsepower AHTS vessels was approximately $2.3 million per vessel. Forty-one of those 61 vessels are less than 10 years old and at September 30, had</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> an average carrying value of approximately $2.6 million per vessel.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In sum, our leverage is low, our liquidity is strong, our assets are carried at an aggregate value that we believe to be significantly less than both replacement cost and current market </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">values, and we have generated positive EBITDA and cash flow from operating activities for the quarter ended September 30 as well as year-to-date.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Stockholders' equity at September 30 was approximately $943 million, or approximately $31 per common share an</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">d Jones Act-related warrant outstanding.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Based on the trading range this morning of approximately $24 to $25 per share, we seemed to trade at a plus or minus-20% discount to book equity. If we are in the early stages of an offshore recovery, I suspect tha</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">t the recent pullback will provide an attractive entry point for longer-term investors based upon both our stand-alone NAV and the incremental value that we believe can be secured through a combination with GulfMark.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">With that, I will turn the call back o</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ver to John.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#00608F;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="color:#00608F;"></font><font style="font-weight:bold;">John T. Rynd </font><font style="font-weight:bold;font-style:italic;">Tidewater Inc. - President, CEO &amp; Director</font><font style="font-weight:bold;font-style:italic;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Thanks, Quinn. Based on our conversations with customers and the volume of requests for tenders and q</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">uotes, we think the offshore market is moving in the right direction. However, we expect this to be a gradual improvement. Additional offshore activity will lead to additional vessel demand and higher vessel utilization, but further rationalization of the </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">global OSV fleet is required to support materially higher average day rates.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Since emerging from our financial restructuring last year, our team has worked to create a more nimble organization with an intense focus on both cost management and preparation </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">for an offshore recovery, which (again) we expect to get some traction as 2019 unfolds.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-size:9pt;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our combination with GulfMark furthers this strategy, ensuring we have the right assets, cost structure, financial profile and operating footprint. I look forward to c</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ompleting the deal with GulfMark and to leading our combined team as we build upon the two companies' respective strengths and market positions. We will work together over the coming months to quickly and fully realize identified synergies and to create lo</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ng-term value for our stockholders.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-size:9pt;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Thank you again for joining us on the call today. Adrienne, we can now open the lines for questions.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#00608F;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="color:#00608F;"></font><font style="font-weight:bold;color:#00608F;font-size:9pt;"></font><font style="font-weight:bold;color:#00608F;">QUESTIONS AND ANSWERS</font><font style="font-weight:bold;color:#00608F;"></font><font style="font-weight:bold;">Operator</font><font style="font-weight:bold;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Operator Instructions) And our first question comes from Turner Holm from Clarksons.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#00608F;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="color:#00608F;"></font><font style="font-weight:bold;">Turner Holm </font><font style="font-weight:bold;font-style:italic;">Clarksons Platou Securities AS, Research Division - Director</font><font style="font-weight:bold;font-style:italic;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Quinn, in y</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our prepared remarks, you talked about some modestly positive trends in vessel day rates. But then in, I guess, the press release, you talked about not expecting any meaningful improvements in day rates until second half of '19 or potentially later. So I j</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ust wanted to dig into that -- those 2 statements and maybe you can help me understand how they co-exist?</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#00608F;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="color:#00608F;"></font><font style="font-weight:bold;">Quinn P. Fanning </font><font style="font-weight:bold;font-style:italic;">Tidewater Inc. - Executive VP &amp; CFO</font><font style="font-weight:bold;font-style:italic;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Sure. We sa</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">w your note this morning, we think, you're basically on the trail here in the sense that there is probably a distinction that needs to be made between average day rates and leading-edge day rates. Obviously, every market is a little different. We have the </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">North Sea, obviously, where you've got a lot of experience and exposure to, is a unique place as well. We can get to that in a second. And also, there is a contract phasing to use your term. We have seen relatively significant fleets that have been re-pric</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ed within the last couple of quarters. We had called these out on our prior earnings call that was in regards to Mexico, where essentially re-pricing of the fleet lagged the market as a whole, primarily because of the political season in Mexico. So I would</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> say that we were operating at essentially above market rates in </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mexico for at least a couple of quarters, and that's kind of, worked its way through the wash at this point. Saudi Arabia, where we had another re-pricing exercise on a relatively large fleet</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, I would say primarily reflects both a customer with high expectations (and certainly no shyness in terms of continuing to grind rates down) and I would say the influx of Asian competition in the Middle East largely was a cause for rates to move down, bec</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ause essentially Saudi Aramco was able to press rates given the excess supply there. I think those are two interesting markets in the sense that we see an upswing in activity in both markets and ultimately made the decision to preserve market share in anti</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">cipation of incremental activity coming on shorter-term contracts, which will allow us to blend rates upwards.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If you look at the North Sea, which is a market, you probably know as well or better than we do, our rates&nbsp;&nbsp;year-to-date, if you look at 3Q rela</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">tive to 1Q, are up 14%, which is relatively consistent with Clarksons Platou's global survey. And so I guess, that's a positive.&nbsp;&nbsp;Quite frankly, we would have expected rates to be up significantly higher than that during the summer season of '19, but obvio</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">usly, with the number of reactivations that took place that served as a bit of a party pooper, if you will, in terms of the North Sea.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">So I guess, we see some positives and we see some negatives out there. Africa is an interesting market for us in the sen</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">se that we perceive some vessel tightness, which is generally conducive to positive rate trajectory, but it's going to be tough to pick a quarter where you see active fleet move up. But my gut tells me it's going to be within the next couple of quarters.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">So to reconcile that back to our comments in the press release and John's comments, we have a lot of dialogue going on with customers and the drilling contractors. I think the real needle mover here is when you're going to see the floater count move up and</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, at least where we sit today, we think that that's more likely than not to happen in the second half of '19.&nbsp;&nbsp;That doesn't mean we can't make some progress towards better utilization and rates between now and then. But at least our sense is the needle mov</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">es when the floater activity steps up, and obviously, the recent selloff in commodity prices is not helpful during the budget season.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">But at the end of the day, you can't wish away decline curves, and we think that the big guys i.e. at the NOCs, the IOCs </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are going to start their deepwater drilling programs in '19.&nbsp;&nbsp;Ultimately that flows to the drilling contractors and the OSV companies and we think we'll be a primary beneficiary. Hopefully that's responsive to your question, but...</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#00608F;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="color:#00608F;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="color:#00608F;"></font><font style="font-weight:bold;">Turner Holm </font><font style="font-weight:bold;font-style:italic;">Clarksons Platou Securities AS, Research Division - Director</font><font style="font-weight:bold;font-style:italic;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Yes, I think so. I guess, one more thing to clarify is Mexico and Saudi, that -- the two markets that you called out that</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> they, kind of, had an impact here in the third quarter on global day rates. Is that impact fully priced in to the third quarter numbers? Or is there going to be some continuing, kind of, rolling onto lower prices in those markets that might have an impact</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> on the total over the next couple of quarters?</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#00608F;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="color:#00608F;"></font><font style="font-weight:bold;">Quinn P. Fanning </font><font style="font-weight:bold;font-style:italic;">Tidewater Inc. - Executive VP &amp; CFO</font><font style="font-weight:bold;font-style:italic;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">I believe it's worked its way through the numbers at this point. It w</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as partially reflected in the second </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">quarter and then, I think, fully in the third quarter. And as John mentioned, other items of the third quarter impacted those markets i.e. the lower construction activity. But I think the re-pricing both in Mexico and i</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">n Saudi are in the numbers at this point.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#00608F;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="color:#00608F;"></font><font style="font-weight:bold;">Operator</font><font style="font-weight:bold;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Operator Instructions) And we have no further -- Turner Holm is in the queue. He has a question.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#00608F;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="color:#00608F;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="color:#00608F;"></font><font style="font-weight:bold;">Turner Holm </font><font style="font-weight:bold;font-style:italic;">Clarksons Platou Securities AS, Research Division - Director</font><font style="font-weight:bold;font-style:italic;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Sure, I guess, I thought I'd use the opportunity just to get one or two more in. Quinn, you, kind of, called out Afric</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a there in your response and perceived some market tightness there and there has been market talk about some of the suppliers and the OSV operators in that region running short on capacity and that potentially translating into some better day rates. Clearl</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">y, an important market for you guys, I guess, close to 40% of revenue. It sounds like you're seeing the same things, but have you actually seen anyone confirm higher pricing in that market? How do you, sort of, sense the contours about what's happening in </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Africa right now?</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#00608F;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="color:#00608F;"></font><font style="font-weight:bold;">Quinn P. Fanning </font><font style="font-weight:bold;font-style:italic;">Tidewater Inc. - Executive VP &amp; CFO</font><font style="font-weight:bold;font-style:italic;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Yes, I would say, leading-edge rates, though there's not a huge number of data points, point higher</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. Really what we've seen a lot is that there's a one-well program or the short-term work, so somewhat difficult to extrapolate rate trends. Quite frankly, our biggest challenge in Africa in this kind of transition period from the trough to something that's</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> approaching a normal market, is that we're covering a lot of real estate, excluding Nigeria and Angola, trying to play a spot market, where it can be very lucrative to do so, but in the last quarter or so we, kind of, felt the other edge of that blade, wh</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ich was lower utilization. Hopefully, that corrects itself as you get more consistent work and it's less one -well or two-well programs or short-term production-related work. And so I think most signs point to positive trends in Africa, I think, it's going</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> to be choppy for a couple of quarters, though, which may be good news, maybe bad news, but it's very difficult to predict the non-Nigerian, non-Angolan activity levels. That said, Angola and Nigeria have been relatively good stories for us in terms of put</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ting additional capacity work as well.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#00608F;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="color:#00608F;"></font><font style="font-weight:bold;">Turner Holm </font><font style="font-weight:bold;font-style:italic;">Clarksons Platou Securities AS, Research Division - Director</font><font style="font-weight:bold;font-style:italic;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Sure. And then just one more for me on the Gulf of Mexico,</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> one of your competitors has talked about an upswing in activity in that Gulf of Mexico, Caribbean, Northern and South America and Mexico-type of market. -- Talked about actually some improvements on day rates on some of the larger vessels. Are you seeing </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the same things?</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#00608F;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="color:#00608F;"></font><font style="font-weight:bold;">Quinn P. Fanning </font><font style="font-weight:bold;font-style:italic;">Tidewater Inc. - Executive VP &amp; CFO</font><font style="font-weight:bold;font-style:italic;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We've had some contracts roll-off recently that were very good rates. We've got a couple of vessels </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in drydock preparing for additional contracts that I would say are attractive, but I I wouldn't call or declare victory in terms of a market correction in U.S., Gulf of Mexico. But obviously, as you continue to expand to include Mexico, the Caribbean, et c</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">etera, et cetera, you can always expand the definition of the </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">problem in order to find a plausible solution. But I would say, the Gulf of Mexico, as a market, that we are comfortable we'll see additional drilling activity and OSV demand.&nbsp;&nbsp;Where we've said </font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is it seems to be a market that's still structurally oversupplied, which I assume is why some of these other companies that have had calls or at least made public statements are talking about moving the equipment from the Gulf of Mexico to international ma</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rkets, which we agree, are probably going to lead to recovery. I guess, the good news for Tidewater is we actually have 60 years of experience operating overseas and not all of our competitors can say that.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Turner Holmes.&nbsp;&nbsp;Alright.&nbsp;&nbsp;I appreciate it.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Quin</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">n P. Fanning: Thank you, Turner.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#00608F;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="color:#00608F;"></font><font style="font-weight:bold;">Operator</font><font style="font-weight:bold;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">And we have no further questions in the queue. [Instructions operator] And we have no further questions. I'll turn the call back</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> over to Jason Stanley, for final remarks.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#00608F;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="color:#00608F;"></font><font style="font-weight:bold;">Jason Stanley </font><font style="font-weight:bold;font-style:italic;">Tidewater Inc. - Director of IR</font><font style="font-weight:bold;font-style:italic;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Thank you, Adrienne. Thank you, everybody, for your time and interest in Tidewate</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">r today. Have a good rest of the day, and feel free to reach out to myself, if you would like to schedule any further Q&amp;A, at a later time.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#00608F;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="color:#00608F;"></font><font style="font-weight:bold;">Operator</font><font style="font-weight:bold;"></font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Thank you, ladies and</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> gentlemen. This concludes today's conference call. Thank you for participating, and you may now disconnect.</font><font style="font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#00608F;">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font><font style="color:#00608F;"></font></p>
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