<SEC-DOCUMENT>0001437749-21-006072.txt : 20210315
<SEC-HEADER>0001437749-21-006072.hdr.sgml : 20210315
<ACCEPTANCE-DATETIME>20210315172437
ACCESSION NUMBER:		0001437749-21-006072
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20210315
DATE AS OF CHANGE:		20210315

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06311
		FILM NUMBER:		21742608

	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>DEFA14A
<SEQUENCE>1
<FILENAME>tdw20210315b_defa14a.htm
<DESCRIPTION>FORM DEFA14A
<TEXT>
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	<title>tdw20210315_8k.htm</title>


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<p style="font-family:Times New Roman;font-size:18pt;font-variant:normal;text-align:center;margin:0pt;"><b>UNITED STATES</b></p>

<p style="font-family:Times New Roman;font-size:18pt;font-variant:normal;text-align:center;margin:0pt;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>WASHINGTON, D.C. 20549</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:18pt;font-variant:normal;text-align:center;margin:0pt;"><b>FORM <b>8-K</b></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Current Report</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Date of Report (Date of earliest event reported): <b>March 9, 2021</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:18pt;font-variant:normal;text-align:center;margin:0pt;"><b>TIDEWATER INC.</b></p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">(Exact name of Registrant as specified in its charter)</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="vertical-align:top;width:17.1%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Delaware</b></p>
			</td>
			<td style="vertical-align:bottom;width:1.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:17.1%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>1-6311</b></p>
			</td>
			<td style="vertical-align:bottom;width:1.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:17.1%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>72-0487776</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:17.1%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(State or other jurisdiction of</p>
			</td>
			<td style="vertical-align:bottom;width:1.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:17.1%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Commission file number)</p>
			</td>
			<td style="vertical-align:bottom;width:1.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:17.1%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(I.R.S. Employer</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:17.1%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">incorporation or organization)</p>
			</td>
			<td style="vertical-align:bottom;width:1.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:17.1%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:1.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:17.1%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Identification No.)</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><b>6002 Rogerdale Road, Suite 600</b>, <b>Houston</b>, <b>Texas</b></b> <b>77072</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>(</b>Address of principal executive offices) (zip code<b>)</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Registrant&#8217;s telephone number, including area code:<b> (<b>713</b>) <b>470-5300</b></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Not Applicable</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Former name or former address, if changed since last report)</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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:</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">&#9744; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">&#9746; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">&#9744; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">&#9744; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Securities registered pursuant to Section 12(b) of the Act:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:20.3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Title of each class</b></p>
			</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:0.5%;">&nbsp;</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Trading</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Symbol(s)</b></p>
			</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:0.5%;">&nbsp;</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:24%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Name of each exchange on which registered</b></p>
			</td>
		</tr>
		<tr>
			<td style="border-bottom:solid 1px #000000;vertical-align:top;width:20.3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Common stock, $0.001 par value per share</p>
			</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:0.5%;">&nbsp;</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TDW</p>
			</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:0.5%;">&nbsp;</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:24%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">New York Stock Exchange</p>
			</td>
		</tr>
		<tr>
			<td style="border-bottom:solid 1px #000000;vertical-align:top;width:20.3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Series A Warrants to purchase shares of common stock</p>
			</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:0.5%;">&nbsp;</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TDW.WS.A</p>
			</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:0.5%;">&nbsp;</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:24%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">New York Stock Exchange</p>
			</td>
		</tr>
		<tr>
			<td style="border-bottom:solid 1px #000000;vertical-align:top;width:20.3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Series B Warrants to purchase shares of common stock</p>
			</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:0.5%;">&nbsp;</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TDW.WS.B</p>
			</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:0.5%;">&nbsp;</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:24%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">New York Stock Exchange</p>
			</td>
		</tr>
		<tr>
			<td style="border-bottom:solid 1px #000000;vertical-align:top;width:20.3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Warrants to purchase shares of common stock</p>
			</td>
			<td style="vertical-align:bottom;width:0.5%;">&nbsp;</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TDW.WS</p>
			</td>
			<td style="vertical-align:bottom;width:0.5%;">&nbsp;</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:24%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">NYSE American</p>
			</td>
		</tr>
		<tr>
			<td style="border-bottom:solid 1px #000000;vertical-align:top;width:20.3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Preferred stock purchase rights</p>
			</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:0.5%;">&nbsp;</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">N/A</p>
			</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:0.5%;">&nbsp;</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:24%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">New York Stock Exchange</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;&#8201;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;&#8201;240.12b-2 of this chapter).</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Emerging growth company &#9744;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><meta charset="utf-8"><meta name="format-detection" content="telephone=no"><!--Created on 3/15/2021 12:13:08 PM --><meta name="generator" content="RDG HTML Converter 3.4.3.0"></p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">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 financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&#9744;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Item 5.02</b> <b>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">(c) On March 9, 2021, the board of directors (the &#8220;Board&#8221;) of Tidewater Inc. (the &#8220;Company&#8221; or &#8220;Tidewater&#8221;) appointed Sam R. Rubio, who currently serves as the Company&#8217;s Vice President, Chief Accounting Officer and Controller, as the Company&#8217;s Executive Vice President and Chief Financial Officer and David E. Darling, who currently serves as Vice President and Chief Human Resources Officer, as the Company&#8217;s Executive Vice President and Chief Operating Officer.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">Mr. Rubio, age 61, has been promoted to Executive Vice President and Chief Financial Officer, following his accomplishments serving as the Company&#8217;s Chief Accounting Officer and Controller since joining the Company following the combination with GulfMark Offshore, Inc. (&#8220;GulfMark Offshore&#8221;) in 2018. Mr. Rubio successfully led the transformation of the Company&#8217;s accounting functions, including financial planning and budgeting, preparation of financial statements, SEC reporting, and tax preparation, that have helped the Company maintain its industry-leading balance sheet and liquidity that have positioned the Company for future growth. Previous to joining the Company, he served as GulfMark&#8217;s Senior Vice President and Chief Financial Officer, after holding the position of Chief Accounting Officer for over 10 years. Mr. Rubio earned a Bachelor of Business Administration degree from Sul Ross State University and is a Certified Public Accountant and a member of both the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants. In addition, he has 40 years of experience in accounting at both operating division and corporate levels as well as the management of accounting organizations.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">Mr. Darling, age 66, has been promoted to Executive Vice President and Chief Operating Officer, after leading the Company&#8217;s substantial organizational restructuring in the role of Chief Human Resources Officer since joining the Company in early 2018. He has contributed to the development and implementation of numerous operational and performance enhancing initiatives over the past several years, and in his new role he will be responsible for global vessel operational uptime and cost efficiency, including dry dock activities and the optimization of the fleet in lay-up. Mr. Darling has over 25 years of domestic and international human resources and operations leadership experience, including serving as GulfMark Offshore&#8217;s Chief Human Resources Officer prior to joining the Company for 11 years. He also held various executive human resources roles at Rigdon Marine, a subsidiary of Ford Motor Company and gained offshore vessel industry experience as a vessel master and operations manager. Mr. Darling earned his Bachelor of Science in Human Resources Management from Brenau University and his Master of Science in Human Resources Management and Labor Relations from the New York Institute of Technology.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">There are no arrangements or understandings between Mr. Rubio and any other persons pursuant to which he was selected as Chief Financial Officer. There are also no family relationships between Mr. Rubio and any director or executive officer of the Company and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">There are no arrangements or understandings between Mr. Darling and any other persons pursuant to which he was selected as Chief Operating Officer. There are also no family relationships between Mr. Darling and any director or executive officer of the Company and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(e)<meta charset="utf-8"><meta name="format-detection" content="telephone=no"><!--Created on 3/15/2021 1:58:21 PM --><meta name="generator" content="RDG HTML Converter 3.4.3.0"></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><i>New Combined Severance and Change of Control Agreements</i>. Effective March 9, 2021 the Board approved a new form of severance and change of control agreement to be entered into with each of the named executive officers of the Company, consisting of Messrs. Rubio and Darling, and Quintin V. Kneen, President and Chief Executive Officer, and Daniel A. Hudson, Executive Vice President, General Counsel and Corporate Secretary (the &#8220;Agreement&#8221;). Previously, the Company had entered into employment agreements with Mr. Kneen and Mr. Rubio that expire in December 2021, and the Company had entered into separate change of control agreements with Messrs. Kneen, Rubio, Hudson and Darling. The Board approved a new form of combined severance and change of control agreement. The severance payment multiples for Mr. Kneen did not change under the new combined agreement, and the severance payment multiples for Messrs. Rubio, Hudson, and Darling reflect their promotion to Executive Vice President.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Agreement has an initial term through December 31, 2021 but is subject to&nbsp;one-year&nbsp;&#8220;evergreen&#8221; renewal periods unless the Company provides written notice to officer by June&nbsp;30 of a given year that it does not wish to extend the Agreement past its current term.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Agreement provides each officer with certain employment protections for a&nbsp;two-year&nbsp;period following a change in control of the Company. If the officer experiences a qualifying termination during that&nbsp;two-year&nbsp;protected period (if either the Company terminates him without cause or the officer terminates his own employment with good reason), he will be entitled to receive certain payments and benefits, including : (1)&nbsp;a cash severance payment equal to a specific multiple (three times for the chief executive officer,&nbsp;two&nbsp;times for the executive vice presidents, and one time for vice president) of the sum of (a)&nbsp;his base salary in effect at the time of termination and (b)&nbsp;the greater of his average bonus over the last three years and his target bonus; (2)&nbsp;a&nbsp;pro-rata&nbsp;cash bonus for the fiscal year in which the termination occurs; (3) a cash payment equal to any unpaid bonus with respect to a completed fiscal year as calculated by the Agreement; (4)&nbsp;a lump sum cash payment for continuation coverage under the Company&#8217;s health benefit plans; (5)&nbsp;immediate vesting of any outstanding but unvested equity awards as of the termination date, including retention of unexercised stock options to term; and (7) treatment of any performance conditions to have been achieved at target level for any equity awards for which vesting or payout is subject to performance conditions.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">In addition, the Agreement provides that if the officer experiences a qualifying termination (if either the Company terminates him without cause or the officer terminates his own employment with good reason) during the term of the Agreement but outside of any change of control protected period, he will be entitled to receive, among other benefits: (1)&nbsp;a cash severance payment equal to a specific multiple (two times for the chief executive officer,&nbsp;one-and-a-half&nbsp;times for the executive vice presidents, and a half time for vice president) of the sum of (a)&nbsp;his base salary in effect at the time of termination and (b)&nbsp;his target bonus, to be paid over a specified number of months following the termination date; (2)&nbsp;a&nbsp;pro-rata&nbsp;cash bonus for the fiscal year in which the termination occurs; (3)&nbsp;a lump sum cash payment for continuation coverage under the Company&#8217;s health benefit plans; (4)&nbsp;immediate vesting of any unvested portion of his time-based equity awards which was scheduled to vest within 12 months of the termination date; and (5) retainment of unvested portion of his performance-based equity awards vesting within 12 months of the termination date, subject to the original performance conditions and payout timing.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Under the Agreement, the officer would not be entitled to any tax&nbsp;gross-ups&nbsp;for excise taxes that may be triggered under Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended. However, the officer would be entitled to receive the &#8220;best net&#8221; treatment, which means that if the total of all change of control payments due him exceeds the threshold that would trigger the imposition of excise taxes, the officer will either (1)&nbsp;receive all payments and benefits due him and be responsible for paying all such taxes or (2)&nbsp;have his payments and benefits reduced such that imposition of the excise taxes is no longer triggered, depending on which method provides him the better&nbsp;after-tax&nbsp;result.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">This description of the Agreement is qualified in its entirety by reference to the full text of the Agreement, a copy of which will be filed with the Company&#8217;s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><i>Increased Annual Target Award Opportunity</i>. Effective March 9, 2021 the Board approved increasing the annual target award opportunity under the Company&#8217;s Short-Term Incentive Plan for each of Messrs. Rubio, Darling and Hudson from 70% to 100% of his base salary for fiscal year 2021.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Important Additional Information</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Tidewater Inc., its directors and certain of its executive officers are deemed to be participants in the solicitation of proxies from Tidewater&#8217;s stockholders in connection with the matters to be considered at Tidewater&#8217;s 2021 Annual Meeting of Stockholders. Information regarding the names of Tidewater&#8217;s directors and executive officers and their respective interests in Tidewater by security holdings or otherwise can be found in Tidewater&#8217;s proxy statement for its 2020 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission (&#8220;<u>SEC</u>&#8221;) on June 18, 2020, and in other filings with the SEC. To the extent holdings of Tidewater&#8217;s securities have changed since the amounts set forth in Tidewater&#8217;s proxy statement for the 2020 Annual Meeting of Stockholders, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. These documents will be available free of charge at the SEC&#8217;s website at <u>www.sec.gov.</u></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Tidewater intends to file a proxy statement and accompanying <b>BLUE </b>proxy card with the SEC in connection with the solicitation of proxies from Tidewater stockholders in connection with the matters to be considered at Tidewater&#8217;s 2021 Annual Meeting of Stockholders. Additional information regarding the identity of participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in Tidewater&#8217;s proxy statement for its 2021 Annual Meeting, including the schedules and appendices thereto. <b>INVESTORS AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND THE ACCOMPANYING BLUE PROXY CARD AND ANY AMENDMENTS AND SUPPLEMENTS THERETO AS WELL AS ANY OTHER DOCUMENTS FILED BY TIDEWATER WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. </b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Stockholders will be able to obtain copies of the proxy statement, any amendments or supplements to the proxy statement, the accompanying <b>BLUE </b>proxy card, and other documents filed by Tidewater with the SEC for no charge at the SEC&#8217;s website at <u>www.sec.gov.</u> Copies will also be available at no charge at the Investor Relations section of Tidewater&#8217;s corporate website at www.tdw.com or by contacting Tidewater&#8217;s Corporate Secretary at Tidewater, Inc., 6002 Rogerdale Road, Suite 600, Houston, Texas 77072, or by calling Tidewater&#8217;s Corporate Secretary at (713) 470-5310.</p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>Item 8.01.</b>&nbsp;<b> Other Events</b></p>

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">On March 15, 2021, the Company issued a press release announcing the appointment of Sam R. Rubio as Executive Vice President and Chief Financial Officer and David E. Darling as the Executive Vice President and Chief Operating Officer. A copy of the press release is filed with this report as Exhibit 99.1 and incorporated herein by reference</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Item 9.01.</b> <b>Financial Statements and Exhibits</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(d) Exhibits</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 27pt;text-indent:-27pt;">99.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="ex_234176.htm" style="-sec-extract:exhibit;">Press release issued March 15, 2021 by Tidewater Inc.</a></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 27pt;text-indent:-27pt;">104&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <meta charset="utf-8"><meta name="format-detection" content="telephone=no"><!--Created on 3/15/2021 11:49:34 AM --><meta name="generator" content="RDG HTML Converter 3.4.3.0">Cover Page Interactive Data File (embedded within the Inline XBRL document)</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>SIGNATURE</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized.</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Date: March 15, 2021</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">TIDEWATER INC.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">/s/ Daniel A. Hudson</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Daniel A. Hudson</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Executive Vice President, General Counsel and Secretary</p>
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<DESCRIPTION>EXHIBIT 99.1
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<p style="font-family:Times New Roman;font-size:24pt;font-variant:normal;text-align:center;margin:0pt;"><b>PRESS RELEASE</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">FOR IMMEDIATE RELEASE</p>

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<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;margin:0pt;"><b>Tidewater Announces Appointment of Sam Rubio to the Position of Chief Financial Officer and David Darling to the Position of Chief Operating Officer</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><i>Promotions recognize the significant financial and operational improvements achieved by the company since the GulfMark Offshore Merger</i></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">HOUSTON, USA - March 15, 2021 - Tidewater Inc. (NYSE: TDW) (&#8220;Tidewater&#8221; or the &#8220;Company&#8221;), a leading owner and operator of offshore support vessels providing offshore energy transportation services worldwide today announced the promotion of two key members of the company&#8217;s executive team, Sam R. Rubio and David E. Darling.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#8220;I am tremendously proud to announce the promotions of Sam to the position of Chief Financial Officer and David to the position of Chief Operating Officer,&#8221; said Quintin Kneen, Tidewater&#8217;s President and Chief Executive Officer. &#8220;The leadership and ingenuity these two individuals have demonstrated by helping to reshape our operations in response to the pandemic epitomizes the Tidewater culture. For all intents and purposes, Sam and David have been performing in these roles since early 2020 &#8211; and these promotions recognize and reward them for their valuable contributions.&#8221;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#8220;Since the 2018 merger with GulfMark Offshore, Sam has served as the company&#8217;s Chief Accounting Officer and has been instrumental in the design and implementation of our new accounting and financial infrastructure. Sam drove the significant cost savings and increase in administrative efficiency the company has demonstrated following the merger and was instrumental in adjusting the shore base organization to reflect the changing market conditions. The company also reduced long-term debt by over $250 million since the merger, and Sam will lead the continued management of our industry-leading balance sheet. Sam was previously the Chief Financial Officer of GulfMark Offshore and brings 16 years of industry experience, as well as 40 years of accounting and finance experience, to the role.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#8220;David has over 30 years of experience in offshore vessel industry operations. He began his career as a vessel Captain in 1984 and first joined Tidewater upon its merger with Zapata Gulf Marine in 1991. David assumed executive responsibility for our safety program for 2020 and we achieved the best annual safety record in the history of the company with no loss time incidents for the year. He also has been the instrumental in the implementation of our revised geographic footprint, reducing operating locations while simultaneously increasing operational efficiency. David has served in multiple executive roles and has been stationed in multiple countries around the world for Tidewater, GulfMark Offshore, and Zapata Gulf Marine. David is a demonstrated leader in the offshore industry and his experience as a vessel Captain gives him unmatched insight into day-to-day operations.&#8221;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Mr. Rubio has been promoted to Executive Vice President and Chief Financial Officer, following his accomplishments serving as the Company&#8217;s Chief Accounting Officer and Controller since joining Tidewater following the combination with GulfMark Offshore, Inc. in 2018. Previous to joining the Company, he served as GulfMark&#8217;s Senior Vice President and Chief Financial Officer, after holding the position of Chief Accounting Officer for over 10 years. Mr. Rubio earned a Bachelor of Business Administration degree from Sul Ross State University and is a Certified Public Accountant and a member of both the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants. In addition, he has 40 years of experience in accounting at both operating division and corporate levels as well as the management of accounting organizations.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Mr. Darling has been promoted to Executive Vice President and Chief Operating Officer, after leading the Company&#8217;s substantial organizational restructuring in the role of Chief Human Resources Officer since joining Tidewater in early 2018. He has contributed to the development and implementation of numerous operational and performance enhancing initiatives over the past several years, and in his new role he will be responsible for global vessel operational uptime and cost efficiency, including dry dock activities and the optimization of the fleet in lay-up. Mr. Darling has over 25 years of domestic and international human resources and operations leadership experience, including serving as GulfMark Offshore&#8217;s Chief Human Resources Officer prior to joining Tidewater. He also held various executive human resources roles at Rigdon Marine, a subsidiary of Ford Motor Company and gained offshore vessel industry experience as a vessel master and operations manager. Mr. Darling earned his Bachelor of Science in Human Resources Management from Brenau University and his Master of Science in Human Resources Management and Labor Relations from the New York Institute of Technology.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>About Tidewater</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Tidewater owns and operates the largest fleets of offshore support vessels in the industry, with over 65 years of experience supporting offshore energy exploration and production activities worldwide. To learn more, visit www.tdw.com.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Forward-Looking Statements</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater notes that certain statements set forth in this press release contain certain forward-looking statements which reflect our current view with respect to future events and future financial performance. Forward-looking statements are all statements other than statements of historical fact. All such forward-looking statements are subject to risks and uncertainties, many of which are beyond the control of the Company, and our future results of operations could differ materially from our historical results or current expectations reflected by such forward-looking statements. Investors should carefully consider the risk factors described in detail in the Company&#8217;s most recent Form 10-K, most recent Form 10-Q, and in similar sections of other filings made by the Company with the SEC from time to time. The Company&#8217;s filings can be obtained free of charge on the SEC&#8217;s website at <u>www.sec.gov</u>. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this press release to reflect any change in the Company&#8217;s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports filed by the Company with the SEC.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Important Additional Information</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Tidewater Inc., its directors and certain of its executive officers are deemed to be participants in the solicitation of proxies from Tidewater&#8217;s stockholders in connection with the matters to be considered at Tidewater&#8217;s 2021 Annual Meeting of Stockholders. Information regarding the names of Tidewater&#8217;s directors and executive officers and their respective interests in Tidewater by security holdings or otherwise can be found in Tidewater&#8217;s proxy statement for its 2020 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission (&#8220;<u>SEC</u>&#8221;) on June 18, 2020, and in other filings with the SEC. To the extent holdings of Tidewater&#8217;s securities have changed since the amounts set forth in Tidewater&#8217;s proxy statement for the 2020 Annual Meeting of Stockholders, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. These documents will be available free of charge at the SEC&#8217;s website at <u>www.sec.gov.</u></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Tidewater intends to file a proxy statement and accompanying <b>BLUE </b>proxy card with the SEC in connection with the solicitation of proxies from Tidewater stockholders in connection with the matters to be considered at Tidewater&#8217;s 2021 Annual Meeting of Stockholders. Additional information regarding the identity of participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in Tidewater&#8217;s proxy statement for its 2021 Annual Meeting, including the schedules and appendices thereto. <b>INVESTORS AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND THE ACCOMPANYING BLUE PROXY CARD AND ANY AMENDMENTS AND SUPPLEMENTS THERETO AS WELL AS ANY OTHER DOCUMENTS FILED BY TIDEWATER WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. </b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Stockholders will be able to obtain copies of the proxy statement, any amendments or supplements to the proxy statement, the accompanying <b>BLUE </b>proxy card, and other documents filed by Tidewater with the SEC for no charge at the SEC&#8217;s website at <u>www.sec.gov.</u> Copies will also be available at no charge at the Investor Relations section of Tidewater&#8217;s corporate website at www.td<u>w.com</u> or by contacting Tidewater&#8217;s Corporate Secretary at Tidewater, Inc., 6002 Rogerdale Road, Suite 600, Houston, Texas 77072, or by calling Tidewater&#8217;s Corporate Secretary at (713) 470-5310.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Contact</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Jason Stanley</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Vice President ESG &amp; Investor Relations</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">+1.713.470.5292</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ir@tdw.com</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Source</b>: Tidewater Inc.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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