Tidewater (TDW) 8-K Tidewater Reports Second Quarter Results For Fiscal 2005

Exhibit 99.1

Tidewater Reports Second Quarter Results For Fiscal 2005

NEW ORLEANS, October 21, 2004 — Tidewater Inc. (NYSE:TDW) announced today second quarter net earnings for the period ended September 30, 2004, of $16.3 million, or $.29 per share, on revenues of $166.8 million. For the same quarter last year, net earnings were $12.3 million, or $.22 per share, on revenues of $164.2 million. Net earnings in the immediately preceding quarter ended June 30, 2003, were $12.9 million, or $.23 per share, on revenues of $158.1 million.

As previously announced, Tidewater will hold a conference call to discuss September quarter earnings on Thursday, October 21, at 10:00 a.m. CDST promptly following the Company’s release of quarterly earnings. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-388-7493 if calling from the U.S. or Canada (1-706-679-8348 if calling from outside the U.S.) and ask for the “Tidewater Inc.” call just prior to the scheduled start. A replay of the conference call will be available beginning at 1:00 p.m. CDST on October 21, 2004, and will continue until 11:59 p.m. CDST on October 22, 2003. To hear the replay, call 1-800-642-1687 (1-706-645-9291 if calling from outside the U.S.). The conference call ID number is 1032025.

A simultaneous Webcast of the conference call will be accessible online at the Tidewater Inc. Website,www.tdw.com, and at the CCBN Website,www.streetevents.com. The online replay will be available until November 21, 2004.

Tidewater Inc. owns and operates nearly 570 vessels, the world’s largest fleet of vessels serving the global offshore energy industry.

Note: all per-share amounts are stated on a diluted basis.

Contact: Keith Lousteau (504) 568-1010

Financial information is displayed on the next page.

TIDEWATER INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

	September 30, 2004		March 31, 2004
ASSETS
Current assets:
Cash and cash equivalents	$	11,819	17,636
Trade and other receivables, net		171,035	165,762
Marine operating supplies		39,090	37,919
Other current assets		6,659	3,320
Total current assets		228,603	224,637
Investments in, at equity, and advances to unconsolidated companies		33,763	33,722
Properties and equipment:
Vessels and related equipment		2,286,390	2,195,863
Other properties and equipment		41,156	41,494
		2,327,546	2,237,357
Less accumulated depreciation and amortization		920,878	894,863
Net properties and equipment		1,406,668	1,342,494
Goodwill		328,754	328,754
Other assets		166,232	152,183
Total assets	$	2,164,020	2,081,790
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses		71,147	59,788
Accrued property and liability losses		9,684	9,125
Income taxes		2,208	3,139
Total current liabilities		83,039	72,052
Long-term debt		380,000	325,000
Deferred income taxes		223,784	211,982
Accrued property and liability losses		32,414	31,031
Other liabilities and deferred credits		63,123	75,615
Stockholders’ equity:
Common stock of $.10 par value, 125,000,000 shares authorized, issued 60,633,245 shares at September and 60,699,438 shares at March		6,063	6,070
Other stockholders’ equity		1,375,597	1,360,040
Total stockholders’ equity		1,381,660	1,366,110
Total liabilities and stockholders’ equity	$	2,164,020	2,081,790

TIDEWATER INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share and per share data)

	Quarter Ended September 30,					Six Months Ended September 30,
	2004			2003		2004		2003
Revenues:
Vessel revenues	$	161,206		159,052		311,000		319,388
Other marine revenues		5,621		5,167		13,944		9,641
		166,827		164,219		324,944		329,029
Costs and expenses:
Vessel operating costs		98,261		103,862		196,825		202,179
Costs of other marine revenues		4,093		4,273		10,907		7,453
Depreciation and amortization		24,713		24,371		48,638		48,492
General and administrative		17,702		17,237		35,304		33,506
Gain on sales of assets		(1,247	)	(2,304	)	(7,680	)	(4,590	)
		143,522		147,439		283,994		287,040
		23,305		16,780		40,950		31,989
Other income (expenses):
Foreign exchange gain (loss)		13		(55	)	450		(543	)
Equity in net earnings of unconsolidated companies		1,639		1,631		3,332		3,424
Minority interests		53		(34	)	13		(91	)
Interest and miscellaneous income		611		972		1,192		1,686
Interest and other debt costs		(1,636	)	(1,004	)	(3,010	)	(1,244	)
		680		1,510		1,977		3,232
Earnings before income taxes		23,985		18,290		42,927		45,221
Income taxes		7,676		6,036		13,737		14,923
Net earnings	$	16,309		12,254		29,190		30,298
Earnings per common share	$	29		22		51		54
Diluted earnings per common share	$	29		22		51		53
Weighted average common shares outstanding		56,937,688		56,640,767		56,919,397		56,631,518
Incremental common shares from stock options		142,302		82,030		114,583		113,544
Adjusted weighted average common shares		57,079,990		56,722,797		57,033,980		56,745,062
Cash dividends declared per common share	$	.15		.15		.30		.30