Tidewater (TDW) 8-K Tidewater Reports First Quarter Results For Fiscal 2010

Exhibit 99.1

Tidewater Reports First Quarter Results For Fiscal 2010

NEW ORLEANS, LA. July 29, 2009 — Tidewater Inc. (NYSE:TDW) announced today first quarter net earnings for the period ended June 30, 2009, of $44.5 million, or $0.86 per share, on revenues of $326.6 million. Included in net earnings for the June 2009 quarter is a non-cash charge totaling $48.6 million ($47.7 million after-tax, or $0.93 per common share) related to the company’s Venezuelan operations. As a result of the seizure of 11 vessels and certain other assets during the June quarter in Venezuela pursuant to a May 2009 Venezuelan law and the continued nonpayment of outstanding receivables from Petroleos de Venezuela, S.A. (PDVSA) and an affiliate of PDVSA, the company recorded a $3.8 million charge equal to the net book value of the assets seized and a $44.8 million provision to fully reserve accounts receivable due from PDVSA-related entities.

For the same quarter last year, net earnings were $84.8 million, or $1.64 per share, on revenues of $340.0 million. The immediately preceding quarter ended March 31, 2009, had net earnings of $109.7 million, or $2.13 per common share, on revenues of $341.6 million.

As previously announced, Tidewater will hold a conference call to discuss June quarterly earnings on Wednesday, July 29, 2009, at 10:00 a.m. CDT. 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 12:00 p.m. CDT on July 29, 2009, and will continue until 11:59 p.m. CDT on July 31, 2009. To hear the replay, call 1-800-642-1687 or (1-706-645-9291 if calling from outside the U.S.). The conference call ID number is 18964052.

A simultaneous webcast of the conference call will be accessible online at the Tidewater Inc. website, (www.tdw.com). The online replay will be available until August 29, 2009. Upon completion of the conference call, the company will also file a Form 8-K with the SEC, which will include a transcript of the conference call.

Tidewater Inc. owns 403 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, Executive Vice President and Chief Investor Relations Officer

504-566-4506

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,
	2009			2008
Revenues:
Vessel revenues	$	310,436		328,371
Other marine revenues		16,173		11,683
		326,609		340,054
Costs and expenses:
Vessel operating costs		153,651		176,728
Costs of other marine revenues		14,700		10,429
Depreciation and amortization		31,649		30,621
General and administrative		34,388		35,108
Provision for Venezuelan operations		48,553		—
Gain on asset dispositions, net		(12,538	)	(10,387	)
		270,403		242,499
Operating income		56,206		97,555
Other income (expenses):
Foreign exchange loss		(2,586	)	(1,190	)
Equity in net earnings of unconsolidated companies		5,415		4,196
Interest income and other, net		3,168		1,899
Interest and other debt costs		(77	)	(320	)
		5,920		4,585
Earnings before income taxes		62,126		102,140
Income taxes		17,644		17,364
Net earnings	$	44,482		84,776
Basic earnings per common share	$	0.87		1.65
Diluted earnings per common share	$	0.86		1.64
Weighted average common shares outstanding		51,362,308		51,519,584
Dilutive effect of stock options and restricted stock		199,264		295,455
Adjusted weighted average common shares		51,561,572		51,815,039
Cash dividends declared per common share	$	0.25		0.25

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TIDEWATER INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

ASSETS	June 30, 2009		March 31, 2009
Current assets:
Cash and cash equivalents	$	314,906	250,793
Trade and other receivables, net		334,309	328,566
Marine operating supplies		47,627	48,727
Other current assets		16,999	6,365
Total current assets		713,841	634,451
Investments in, at equity, and advances to unconsolidated companies		41,649	37,221
Properties and equipment:
Vessels and related equipment		3,186,468	3,238,674
Other properties and equipment		81,919	81,689
		3,268,387	3,320,363
Less accumulated depreciation and amortization		1,253,558	1,307,038
Net properties and equipment		2,014,829	2,013,325
Goodwill		328,754	328,754
Other assets		81,521	60,053
Total assets	$	3,180,594	3,073,804
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		52,800	51,530
Accrued expenses		129,331	111,153
Accrued property and liability losses		5,988	5,521
Other current liabilities		43,202	35,146
Total current liabilities		231,321	203,350
Long-term debt		300,000	300,000
Deferred income taxes		205,473	201,200
Accrued property and liability losses		12,550	8,035
Other liabilities and deferred credits		151,186	116,541
Commitment and contingencies
Stockholders’ equity:
Common stock of $.10 par value, 125,000,000 shares authorized, issued 51,702,721 shares at June and 51,696,245 shares at March		5,170	5,169
Other stockholders’ equity		2,274,894	2,239,509
Total stockholders’ equity		2,280,064	2,244,678
Total liabilities and stockholders’ equity	$	3,180,594	3,073,804

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TIDEWATER INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Three Months Ended June 30,
	2009			2008
Operating activities:
Net earnings	$	44,482		84,776
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		31,649		30,621
Provision for deferred income taxes		(7,934	)	(9,874	)
Gain on asset dispositions, net		(12,538	)	(10,387	)
Provision for Venezuelan operations		48,553		—
Equity in earnings of unconsolidated companies, net of dividends		(4,428	)	1,462
Compensation expense—stock-based		2,468		2,945
Excess tax benefit on stock options exercised		(162	)	(1,408	)
Changes in assets and liabilities, net:
Trade and other receivables		(51,471	)	(20,373	)
Marine operating supplies		1,100		(1,385	)
Other current assets		(10,634	)	(7,875	)
Accounts payable		1,270		(1,918	)
Accrued expenses		17,827		1,751
Accrued property and liability losses		467		(105	)
Other current liabilities		7,930		20,043
Other, net		1,771		2,724
Net cash provided by operating activities		70,350		90,997
Cash flows from investing activities:
Proceeds from sales of assets		14,615		12,093
Proceeds from sales/leaseback of assets		83,275		—
Additions to properties and equipment		(92,172	)	(129,657	)
Other		—		312
Net cash provided by (used in) investing activities		5,718		(117,252	)
Cash flows from financing activities:
Principal payments on capitalized lease obligations		—		(283	)
Proceeds from issuance of common stock		815		6,096
Cash dividends		(12,932	)	(12,867	)
Stock repurchases		—		(53,634	)
Excess tax benefits on stock options exercised		162		1,408
Net cash used in financing activities		(11,955	)	(59,280	)
Net change in cash and cash equivalents		64,113		(85,535	)
Cash and cash equivalents at beginning of period		250,793		270,205
Cash and cash equivalents at end of period	$	314,906		184,670
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	131		238
Income taxes	$	15,087		13,706

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The company’s revenues and operating expenses and its related percentage of vessel revenues for the quarters ended June 30, 2009 and 2008 and for the quarter ended March 31, 2009, were as follows:

	Quarter Ended June 30,							Quarter Ended March 31,
(In thousands)	2009		%		2008	%		2009	%
Vessel revenues:
International	$	285,988	92	%	288,269	88	%	304,453	91	%
United States		24,448	8	%	40,102	12	%	29,680	9	%
Vessel revenues		310,436	100	%	328,371	100	%	334,133	100	%
Vessel operating costs:
Crew costs	$	82,752	27	%	93,152	28	%	82,785	25	%
Repair and maintenance		25,634	8	%	35,848	11	%	22,134	7	%
Insurance and loss reserves		4,676	2	%	5,473	2	%	847	0	%
Fuel, lube and supplies		12,842	4	%	15,166	5	%	15,133	5	%
Vessel operating leases		1,749	1	%	1,749	1	%	1,749	1	%
Other		25,998	8	%	25,340	8	%	24,809	7	%
Vessel operating costs		153,651	49	%	176,728	54	%	147,457	44	%
Vessel operating margin (A)	$	156,785	51	%	151,643	46	%	186,676	56	%

Note (A): The following table reconciles vessel operating margin as presented above to operating income for the quarters ended June 30, 2009 and 2008 and for the quarter ended March 31, 2009:

(In thousands)
	Quarter Ended June 30,					Quarter Ended March 31,
	2009			2008		2009
Vessel operating margin	$	156,785		151,643		186,676
Other marine services revenues		16,173		11,683		7,484
Costs of other marine revenues		(14,700	)	(10,429	)	(6,191	)
Depreciation and amortization		(31,649	)	(30,621	)	(32,780	)
General and administrative		(34,388	)	(35,108	)	(34,136	)
Provision for Venezuelan operations		(48,553	)	—		—
Gain on asset dispositions, net		12,538		10,387		6,253
Operating income	$	56,206		97,555		127,306

The company’s operating income and other components of earnings before income taxes and its related percentage of total revenues for the quarters ended June 30, 2009 and 2008 and March 31, 2009, were as follows:

	Quarter Ended June 30,									Quarter Ended March 31,
(In thousands)	2009			%		2008		%		2009		%
Vessel operating profit:
International	$	49,892		15	%	88,181		26	%	123,558		36	%
United States		2,629		1	%	8,534		3	%	5,803		2	%
		52,521		16	%	96,715		28	%	129,361		38	%
Corporate expenses		(9,901	)	(3	%)	(10,572	)	(3	%)	(9,395	)	(3	%)
Gain on asset dispositions, net		12,538		4	%	10,387		3	%	6,253		2	%
Other marine services		1,048		<1	%	1,025		<1	%	1,087		<1	%
Operating income	$	56,206		17	%	97,555		29	%	127,306		37	%
Foreign exchange loss		(2,586	)	(1	%)	(1,190	)	(<1	%)	(1,998	)	(1	%)
Equity in net earnings of unconsolidated companies		5,415		2	%	4,196		1	%	4,905		1	%
Interest income and other, net		3,168		1	%	1,899		1	%	2,370		1	%
Interest and other debt costs		(77	)	(<1	%)	(320	)	(<1	%)	(188	)	(<1	%)
Earnings before income taxes	$	62,126		19	%	102,140		30	%	132,395		39	%

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The company’s revenues, vessel utilization percentages and average day rates by vessel class for the quarters ended June 30, 2009 and 2008 and March 31, 2009, were as follows:

	Quarter Ended June 30,				Quarter Ended March 31,
	2009			2008	2009
REVENUE BY VESSEL CLASS (In thousands):
International-based fleet:
Deepwater vessels	$	66,398		58,284	68,821
Towing-supply/supply		182,896		184,959	194,074
Crew/utility		25,570		27,369	24,145
Offshore tugs		10,557		15,826	15,688
Other		567		1,831	1,725
Total	$	285,988		288,269	304,453
United States-based fleet:
Deepwater vessels	$	13,297		16,932	12,818
Towing-supply/supply		9,515		17,675	13,742
Crew/utility		1,636		5,495	3,120
Total	$	24,448		40,102	29,680
Worldwide fleet:
Deepwater vessels	$	79,695		75,216	81,639
Towing-supply/supply		192,411		202,634	207,816
Crew/utility		27,206		32,864	27,265
Offshore tugs		10,557		15,826	15,688
Other		567		1,831	1,725
Total	$	310,436		328,371	334,133
UTILIZATION:
International-based fleet:
Deepwater vessels		77.6	%	83.6	81.5
Towing-supply/supply		74.1		77.2	74.6
Crew/utility		75.7		86.1	71.0
Offshore tugs		54.2		53.4	66.8
Other		79.2		41.8	97.8
Total		73.2	%	76.6	74.0
United States-based fleet:
Deepwater vessels		92.4	%	94.9	98.5
Towing-supply/supply		39.4		49.8	42.3
Crew/utility		45.4		77.3	74.0
Total		49.0	%	63.0	56.3
Worldwide fleet:
Deepwater vessels		79.9	%	85.9	84.1
Towing-supply/supply		70.3		73.6	70.9
Crew/utility		72.6		84.7	71.4
Offshore tugs		54.2		53.4	66.8
Other		79.2		41.8	97.8
Total		70.7	%	74.8	72.1
AVERAGE VESSEL DAY RATES:
International-based fleet:
Deepwater vessels	$	26,287		24,728	27,628
Towing-supply/supply		12,518		11,660	12,787
Crew/utility		5,224		4,965	5,316
Offshore tugs		7,744		8,931	8,457
Other		9,679		9,893	9,802
Total	$	12,194		11,221	12,559
United States-based fleet:
Deepwater vessels	$	24,178		24,514	24,095
Towing-supply/supply		10,071		11,633	12,402
Crew/utility		4,997		6,010	5,352
Total	$	13,418		12,835	13,351
Worldwide fleet:
Deepwater vessels	$	25,910		24,679	27,006
Towing-supply/supply		12,396		11,658	12,760
Crew/utility		5,210		5,114	5,321
Offshore tugs		7,744		8,931	8,457
Other		9,679		9,893	9,802
Total	$	12,282		11,396	12,626

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The average day rates and utilization percentages for the company’s new vessels (defined as vessels acquired or constructed since calendar year 2000 as part of its new build and acquisition program) and its older, more traditional vessels for the quarters ended June 30, 2009 and 2008 and March 31, 2009, were as follows:

	Quarter Ended June 30,				Quarter Ended March 31,
	2009			2008	2009
AVERAGE VESSEL DAY RATES:
International-based fleet:
New vessels	$	16,452		16,242	17,343
Traditional vessels		8,819		8,608	9,361
Total International-based fleet	$	12,194		11,221	12,559
United States-based fleet:
New vessels	$	17,896		14,647	15,074
Traditional vessels		10,055		11,017	11,863
Total U.S.-based fleet	$	13,418		12,835	13,351
Total Worldwide Fleet	$	12,282		11,396	12,626
UTILIZATION:
International-based fleet:
New vessels		86.5	%	91.1	87.6
Traditional vessels		65.3		70.7	67.0
Total International-based fleet		73.2	%	76.6	74.0
United States-based fleet:
New vessels		66.5	%	83.9	83.2
Traditional vessels		41.0		50.4	44.0
Total U.S.-based fleet		49.0	%	63.0	56.3
Total Worldwide Fleet		70.7	%	74.8	72.1

The company’s average number of vessels by class and geographic distribution for the quarters ended June 30, 2009 and 2008 and for the quarter ended March 31, 2009, were as follows:

	Quarter Ended June 30,		Quarter Ended March 31,
	2009	2008	2009
International-based fleet:
Deepwater vessels	35	31	34
Towing-supply/supply	217	226	226
Crew/utility	71	70	71
Offshore tugs	28	36	31
Other	1	5	2
Total	352	368	364
United States-based fleet:
Deepwater vessels	7	8	6
Towing-supply/supply	26	34	29
Crew/utility	8	13	9
Total	41	55	44
Owned or chartered vessels included in marine revenues (B)	393	423	408
Vessels withdrawn from service	9	19	11
Joint-venture and other	10	14	10
Total	412	456	429

Note (B): Included in total owned or chartered vessels for the quarters ended June 30, 2009 and 2008 and the quarter ended March 31, 2009, were 66, 51 and 61 vessels, respectively, that were stacked by the company. These vessels were considered to be in service and were included in the calculation of the company’s utilization statistics.

7

The table below summarizes the various vessel commitments by vessel class and type as of June 30, 2009:

	International Built					U. S. Built
Vessel class and type	Number of Vessels	Total Cost		Expended Through 6/30/09		Number of Vessels	Total Cost		Expended Through 6/30/09
		(In thousands)					(In thousands)
Deepwater vessels:
Anchor handling towing supply	4	$	117,944	$	73,222	—		—		—
Platform supply vessels	17	$	460,143	$	147,596	2	$	64,179	$	41,477
Replacement Fleet:
Anchor handling towing supply	14	$	226,033	$	70,322	—		—		—
Platform supply vessels	4	$	49,835	$	25,591	—		—		—
Crewboats and offshore tugs:
Crewboats	2	$	18,385	$	12,259	—		—		—
Offshore tugs	2	$	27,991	$	22,171	—		—		—
Totals	43	$	900,331	$	351,161	2	$	64,179	$	41,477

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 along with the expected quarterly cash outlay:

	Quarter Period Ended
Vessel class and type	09/09		12/09	03/10	06/10	09/10	Thereafter
Deepwater vessels:
Anchor handling towing supply		2	—	—	2	—	—
Platform supply vessels		2	4	1	—	—	12
Replacement Fleet:
Anchor handling towing supply		3	1	1	1	—	8
Platform supply vessels		1	2	1	—	—	—
Crewboats and offshore tugs:
Crewboats		—	1	1	—	—	—
Offshore tugs		2	—	—	—	—	—
Totals		10	8	4	3	0	20
(In thousands)
Expected quarterly cash outlay	$	121,052	105,794	45,132	48,157	27,282	224,455	(C)

Note (C): The $224,455 of ‘Thereafter’ vessel construction obligations is expected to be paid out as follows: $77,339 in the remaining quarters of fiscal 2011, $135,394 during fiscal 2012, and $11,722 during fiscal 2013.

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