Tidewater Reports 2Q Results

Friday, October 26, 2007
Tidewater Inc. announced second quarter net earnings for the period ended September 30, 2007, of $86.5 million, or $1.56 per common share, on revenues of $319.0 million. For the same quarter last year, net earnings were $104.2 million, or $1.86 per common share, on revenues of $274.0 million. The immediately preceding quarter ended June 30, 2007, had net earnings of $87.5 million, or $1.55 per common share, on revenues of $305.5 million.

Included in net earnings for the quarter ended September 30, 2006, was a gain of $28.2 million ($17.2 million after tax, or $0.31 per common share) related to the August 2006 sale of 11 of the company's offshore tug vessels for a total cash price of $34.8 million. Included in net earnings for the quarter ended June 30, 2007, were after-tax charges totaling $3.5 million, or $.06 per common share, related to the settlement of a recent class action in California related to certain wage and hour claims of certain former and current employees, retirement costs of a senior executive and legal costs associated with the Company's ongoing previously disclosed investigation of its Nigerian operations.

Tidewater Inc. owns 456 vessels, the world's largest fleet of vessels serving the global offshore energy industry.

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