Tidewater Reports 4Q Results

Tidewater Inc. announced fourth quarter net earnings for the period ended March 31, 2005, of $52.4 million, or $.91 per share, on revenues of $179.6 million. For the same quarter last year, there was a net loss of $7.0 million, or $.12 per share, on revenues of $154.2 million. For fiscal year ended March 31, 2005, net earnings were $101.3 million, or $1.78 per share, on revenues of $692.2 million. For the fiscal year ended March 31, 2004, net earnings were $41.7 million, or $.73 per share, on revenues of $652.6 million. Included in both the fourth quarter and year ended March 31, 2005 results is a non-cash tax benefit of $31.8 million ($.55 per share) resulting from the positive tax impact from the American Jobs Creation Act of 2004. Effective March 31, 2005, the Company has reversed all previously recorded deferred tax assets and liabilities related to timing differences, foreign tax credits or prior undistributed earnings of company entities whose future and prior earnings are now anticipated to be indefinitely reinvested abroad. Included in both the fourth quarter and year ended March 31, 2004 results is a non-cash impairment charge of $26.5 million ($17.2 million after tax, or $.30 per share). The impairment charge results from the Company's late March 2004 review of the Gulf of Mexico market for its vessels, and its conclusion that given the expectation at the time of continuing low levels of drilling and exploration activity in the Gulf of Mexico for the foreseeable future, it was unlikely that 83 of its older, lower horsepower, lower cargo capacity supply vessels that were currently cold-stacked at the time would return to active service.