Tidewater Reports Fourth Quarter Results and Record Year End Earnings For Fiscal 2007.

NEW ORLEANS -- Tidewater Inc. (NYSE:TDW) announced today fourth quarter net earnings for the period ended March 31, 2007, of $87.6 million, or $1.56 per share, on revenues of $293.5 million. For the same quarter last year, net earnings were $64.7 million, or $1.11 per share, on revenues of $246.5 million. For fiscal year ended March 31, 2007, net earnings were $356.6 million, or $6.31 per share, on revenues of $1,125.3 million. For the fiscal year ended March 31, 2006, net earnings were $235.8 million, or $4.07 per share, on revenues of $877.6 million.

Included in the year ended March 31, 2007, results is an after-tax gain of $20.8 million, or $.37 per common share, (recorded in the second and third fiscal quarters), related to the sale of 14 of its offshore tugs for a total cash price of $43.7 million.

Also included in the fiscal 2007 results (recorded in the fourth fiscal quarter), is 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). This is in addition to a $3.8 million pre-tax charge taken by the company during the second quarter of fiscal 2006 related to the then deficit in this same fund. These charges, which relate primarily to the employment of certain U.K. employees in prior years, were the result of information presented in the fund's valuation reports issued during the respective time periods.

Included in the year ended March 31, 2006, results is an after-tax gain of $42.8 million, or $.74 per common share (recorded in the second fiscal quarter of 2006), related to the July 2005, sale of six of its KMAR 404 class of Anchor Handling Towing Supply vessels to Deep Sea Supply ASA for a total cash price of $188 million.

"With another quarter of outstanding financial results, this fiscal year ended March 31, 2007, was the very best in the 51-year history of this company," commented Dean E. Taylor, Chairman, President and CEO. "These results are reflective of our recent efforts to execute on our strategic plan to renew and upgrade our fleet to be better positioned to service the growing international marine transportation needs of our customers."

As previously announced, Tidewater will hold a conference call to discuss March quarterly and annual earnings on Thursday, April 26, 2007, at 10:00 a.m. CDST promptly following the Company's release of quarterly and annual 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 April 26, 2007, and will continue until 11:59 p.m. CDST on April 27, 2007. 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 5152515.

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 May 26, 2007. 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 463 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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Further details of the Company's vessel revenues and vessel operating costs for the quarters and years ended March 31, 2007 and 2006 are as follows:

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Further details of the Company's vessel operating profit for the quarters and years ended March 31, 2007 and 2006 are as follows:

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The Company's actual vessel count by vessel class at March 31, 2007, and vessel utilization percentages and average dayrates by vessel class for the quarter and year ended March 31, 2007, were as follows:

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Tidewater's vessel commitments by vessel class and type as of March 31, 2007, were as follows:

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