Tidewater Inc. announced first quarter net earnings for the period ended June 30, 2007, of $87.5 million, or $1.55 per common share, on revenues of $305.5 million. Included in the current quarter's net earnings are 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.
For the same quarter last year, net earnings were $71.4 million, or $1.23 per common share, on revenues of $269.8 million. The immediately preceding quarter ended March 31, 2007, had net earnings of $87.6 million, or $1.56 per common share, on revenues of $293.5 million. Included in the March 31, 2007, quarterly earnings was a $3.5 million pre-tax charge to vessel operating costs for the Company's share of a deficit in an industry-wide multi-employer retirement fund in the United Kingdom
, the Merchants Navy Officers Pension Fund
Tidewater Inc. owns 455 vessels, the world's largest fleet of vessels serving the global offshore energy industry.