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

Exhibit 99.1

Tidewater Reports Third Quarter Results For Fiscal 2005

NEW ORLEANS, January 28, 2005 — Tidewater Inc. (NYSE:TDW) announced today third quarter net earnings for the period ended December 31, 2004, of $19.8 million, or $.34 diluted earnings per common share, on revenues of $187.6 million. For the same quarter last year, net earnings were $18.3 million, or $.32 per share, on revenues of $169.4 million. Net earnings in the immediately preceding quarter ended September 30, 2004, were $16.3 million, or $.29 per share, on revenues of $166.8 million.

As previously announced, Tidewater will hold a conference call to discuss December quarter earnings on Friday, January 28, 2005 at 8:00 a.m. CST 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 11:00 a.m. CST on January 28, 2005, and will continue until 11:59 p.m. CST on January 29, 2005. 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 3215729.

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 February 28, 2005.

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.

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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)

	December 31, 2004		March 31, 2004
ASSETS
Current assets:
Cash and cash equivalents	$	16,042	17,636
Trade and other receivables, net		171,487	165,762
Marine operating supplies		37,517	37,919
Other current assets		4,040	3,320
Total current assets		229,086	224,637
Investments in, at equity, and advances to unconsolidated companies		33,740	33,722
Properties and equipment:
Vessels and related equipment		2,320,426	2,195,863
Other properties and equipment		41,024	41,494
		2,361,450	2,237,357
Less accumulated depreciation and amortization		932,608	894,863
Net properties and equipment		1,428,842	1,342,494
Goodwill		328,754	328,754
Other assets		175,242	152,183
Total assets	$	2,195,664	2,081,790
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses		75,216	59,788
Accrued property and liability losses		9,913	9,125
Income taxes		9,142	3,139
Total current liabilities		94,271	72,052
Long-term debt		375,000	325,000
Deferred income taxes		227,798	211,982
Accrued property and liability losses		35,993	31,031
Other liabilities and deferred credits		66,300	75,615
Stockholders’ equity:
Common stock of $.10 par value, 125,000,000 shares authorized, issued 60,633,245 shares at December and 60,699,438 shares at March		6,063	6,070
Other stockholders’ equity		1,390,239	1,360,040
Total stockholders’ equity		1,396,302	1,366,110
Total liabilities and stockholders’ equity	$	2,195,664	2,081,790

TIDEWATER INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share and per share data)

	Quarter Ended December 31,					Nine Months Ended December 31,
	2004			2003		2004		2003
Revenues:
Vessel revenues	$	170,076		162,097		481,076		481,485
Other marine revenues		17,517		7,310		31,461		16,951
		187,593		169,407		512,537		498,436
Costs and expenses:
Vessel operating costs		101,825		96,815		298,650		298,994
Costs of other marine revenues		15,007		6,022		25,914		13,475
Depreciation and amortization		25,298		24,715		73,936		73,207
General and administrative		18,741		17,137		54,045		50,643
Gain on sales of assets		(2,837	)	(199	)	(10,517	)	(4,789	)
		158,034		144,490		442,028		431,530
		29,559		24,917		70,509		66,906
Other income (expenses):
Foreign exchange gain (loss)		(645	)	(798	)	(195	)	(1,341	)
Equity in net earnings of unconsolidated companies		1,169		1,532		4,501		4,956
Minority interests		(36	)	(70	)	(23	)	(161	)
Interest and miscellaneous income		695		589		1,887		2,275
Interest and other debt costs		(1,694	)	(920	)	(4,704	)	(2,164	)
		(511	)	333		1,466		3,565
Earnings before income taxes		29,048		25,250		71,975		70,471
Income taxes		9,295		6,923		23,032		21,846
Net earnings	$	19,753		18,327		48,943		48,625
Earnings per common share	$	.35		.32		.86		.86
Diluted earnings per common share	$	.34		.32		.86		.86
Weighted average common shares outstanding		57,035,705		56,660,962		56,919,397		56,641,368
Incremental common shares from stock options		233,024		89,376		137,005		106,451
Adjusted weighted average common shares		57,268,729		56,750,338		57,056,402		56,747,819
Cash dividends declared per common share	$	.15		.15		.45		.45