Tidewater (TDW) 8-K Tidewater Reports First Quarter Results for Fiscal 2008

Exhibit 99.1

Tidewater Reports First Quarter Results for Fiscal 2008

NEW ORLEANS—(BUSINESS WIRE)—July 26, 2007—Tidewater Inc. (NYSE:TDW) announced today 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 (MNOPF).

As previously announced, Tidewater will hold a conference call to discuss June quarterly earnings on Thursday, July 26, 2007, at 10:00 a.m. CDST, 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” call just prior to the scheduled start. A replay of the conference call will be available beginning at 11:00 a.m. CDST on July 27, 2007, and will continue until 11:59 p.m. CDST on July 28, 2007. 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 6074499.

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 August 26, 2007.

Tidewater Inc. owns 455 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: Tidewater Inc., New Orleans

Joe Bennett, Senior Vice President, Principal Accounting Officer and Chief Investor Relations Officer

504-566-4506

SOURCE: Tidewater Inc.

Financial information is displayed on the next page.

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TIDEWATER INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share and per share data)

	Three Months Ended
	June 30,
	2007			2006
Revenues:
Vessel revenues	$	292,891		258,685
Other marine revenues		12,591		11,135
		305,482		269,820
Costs and expenses:
Vessel operating costs		138,540		119,762
Costs of other marine revenues		11,747		9,914
Depreciation and amortization		28,197		27,797
General and administrative		31,512		23,692
Gain on sales of assets		(6,930	)	(2,713	)
		203,066		178,452
		102,416		91,368
Other income (expenses):
Foreign exchange loss		(525	)	(769	)
Equity in net earnings of unconsolidated companies		3,386		2,449
Minority interests		(44	)	20
Interest and miscellaneous income		5,685		4,777
Interest and other debt costs		(2,842	)	(2,580	)
		5,660		3,897
Earnings before income taxes		108,076		95,265
Income taxes		20,534		23,816
Net earnings	$	87,542		71,449
Basic earnings per common share	$	1.56		1.25
Diluted earnings per common share	$	1.55		1.23
Weighted average common shares outstanding		56,072,548		57,296,433
Incremental common shares from stock options		446,798		711,830
Adjusted weighted average common shares		56,519,346		58,008,263
Cash dividends declared per common share	$	.15		.15

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The company’s revenues and operating costs for the quarters ended June 30, 2007 and 2006 and for the quarter ended March 31, 2007, were as follows:

	Quarter Ended			Quarter Ended
	June 30,			March 31,
(In thousands)	2007		2006	2007
Revenues:
Vessel revenues:
United States	$	43,072	61,808	48,615
International		249,819	196,877	238,477
		292,891	258,685	287,092
Other marine revenues		12,591	11,135	6,456
	$	305,482	269,820	293,548
Operating costs:
Vessel operating costs:
Crew costs	$	76,245	63,409	74,744
Repair and maintenance		24,558	24,989	25,126
Insurance and loss reserves		6,038	4,548	375
Fuel, lube and supplies		11,316	11,365	11,174
Vessel operating leases		766	254	346
Other		19,617	15,197	19,719
		138,540	119,762	131,484
Costs of other marine revenues		11,747	9,914	5,713
	$	150,287	129,676	137,197

The company’s vessel operating profit and other components of earnings before income taxes for the quarters ended June 30, 2007 and 2006 and for the quarter ended March 31, 2007, were as follows:

	Quarter Ended					Quarter Ended
	June 30,					March 31,
(In thousands)	2007			2006		2007
Vessel activity:
United States	$	10,365		25,924		16,392
International		95,910		68,116		90,109
		106,275		94,040		106,501
Gain on sales of assets		6,930		2,713		2,832
Other marine services		735		1,100		552
Operating profit	$	113,940		97,853		109,885
Equity in net earnings of unconsolidated companies		3,386		2,449		3,229
Interest and other debt costs		(2,842	)	(2,580	)	(2,268	)
Corporate general and administrative		(11,097	)	(6,295	)	(6,109	)
Other income		4,689		3,838		5,529
Earnings before income taxes	$	108,076		95,265		110,266

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The company’s vessel utilization percentages and average day rates by vessel class and in total for the quarter periods ended June 30, 2007 and 2006 and for the quarter ended March 31, 2007, were as follows:

	Quarter Ended				Quarter Ended
	June 30,				March 31,
	2007			2006	2007
UTILIZATION:
United States-based fleet:
Deepwater vessels		91.3	%	93.8	100.0
Towing-supply/supply		61.0		64.2	55.9
Crew/utility		88.3		96.4	87.8
Offshore tugs		—		39.8	—
Total		70.3	%	68.0	67.6
International-based fleet:
Deepwater vessels		96.3	%	89.3	96.7
Towing-supply/supply		77.4		77.4	79.7
Crew/utility		86.2		83.8	85.7
Offshore tugs		63.4		72.1	70.7
Other		54.7		45.8	54.4
Total		79.0	%	78.4	81.0
Worldwide fleet:
Deepwater vessels		95.5	%	90.2	97.3
Towing-supply/supply		75.0		74.8	75.9
Crew/utility		86.5		85.8	86.0
Offshore tugs		63.4		63.9	70.6
Other		54.7		45.8	54.4
Total		77.8	%	76.4	79.1
AVERAGE VESSEL DAY RATES:
United States-based fleet:
Deepwater vessels	$	23,432		21,380	28,305
Towing-supply/supply		11,951		11,645	12,461
Crew/utility		5,992		6,457	6,104
Offshore tugs		—		15,920	—
Total	$	12,001		11,987	13,297
International-based fleet:
Deepwater vessels	$	23,175		18,216	21,893
Towing-supply/supply		9,478		8,076	9,142
Crew/utility		4,663		3,748	4,375
Offshore tugs		7,044		5,964	6,501
Other		5,653		3,615	4,132
Total	$	9,557		7,833	9,062
Worldwide fleet:
Deepwater vessels	$	23,218		18,856	23,111
Towing-supply/supply		9,774		8,671	9,531
Crew/utility		4,855		4,229	4,636
Offshore tugs		7,044		7,534	6,505
Other		5,653		3,615	4,132
Total	$	9,852		8,540	9,577

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The company’s average number of vessels by class and geographic distribution for the quarters ended June 30, 2007 and 2006 and for the quarter ended March 31, 2007, were as follows:

	Quarter Ended		Quarter Ended
	June 30,		March 31,
	2007	2006	2007
United States-based fleet:
Deepwater vessels	6	7	7
Towing-supply/supply	38	50	41
Crew/utility	12	13	13
Offshore tugs	—	13	—
Total	56	83	61
International-based fleet:
Deepwater vessels	30	29	29
Towing-supply/supply	218	207	215
Crew/utility	74	71	74
Offshore tugs	37	38	37
Other	5	7	5
Total	364	352	360
Owned or chartered vessels included in marine revenues	420	435	421
Vessels withdrawn from service	25	62	32
Joint-venture and other	13	21	13
Total	458	518	466

Tidewater’s vessel commitments by vessel class and type as of June 30, 2007, were as follows:

	U. S. Built					International Built
Vessel class and type	Number of Vessels	Total Cost Commitment		Expended Through 6/30/07		Number of Vessels	Total Cost Commitment		Expended Through 6/30/07
		(In thousands)					(In thousands)
Deepwater vessels:
Anchor handling towing supply	—		—		—	6	$	151,776	$	20,770
Platform supply vessels	2	$	35,031	$	23,139	4	$	98,437	$	22,848
Replacement Fleet:
Anchor handling towing supply	—		—		—	18	$	267,258	$	95,892
Platform supply vessels	2	$	28,251	$	16,474	6	$	77,308	$	13,211
Crewboats and offshore tugs:
Crewboats	2	$	15,079	$	2,579	2	$	17,310		—
Offshore tugs	—		—		—	3	$	34,062	$	6,008
Totals	6	$	78,361	$	42,192	39	$	646,151	$	158,729

The table below summarizes by vessel class and vessel type the number of vessels expected to be delivered by quarter of the various vessel commitments as discussed above:

	Quarter Period Ended
Vessel class and type	9/07	12/07	03/08	06/08	9/08	Thereafter
Deepwater vessels:
Anchor handling towing supply	—	—	—	—	—	6
Platform supply vessels	1	1	—	—	—	4
Replacement Fleet:
Anchor handling towing supply	3	4	4	1	4	2
Platform supply vessels	—	1	1	—	1	5
Crewboats and offshore tugs:
Crewboats	—	2	—	—	—	2
Offshore tugs	1	—	—	—	—	2
Totals	5	8	5	1	5	21

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