Exhibit 99.1

Tidewater Reports Third Quarter Results For Fiscal 2008

NEW ORLEANS, February 1, 2008 – Tidewater Inc. (NYSE:TDW) announced today third quarter net earnings for the period ended December 31, 2007, of $89.4 million, or $1.66 per common share, on revenues of $314.2 million. For the same quarter last year, net earnings were $93.4 million, or $1.67 per common share, on revenues of $287.9 million. The immediately preceding quarter ended September 30, 2007, had net earnings of $86.5 million, or $1.56 per common share, on revenues of $319.0 million.

Included in net earnings for the quarter ended December 31, 2006, was a gain of $6.0 million ($3.7 million after tax, or $0.07 per common share) related to the sale of three of the Company’s offshore tug vessels for a total sales price of $8.9 million.

As previously announced, Tidewater will hold a conference call to discuss December quarterly earnings on Friday, February 1, 2008, at 10:00 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” call just prior to the scheduled start. A replay of the conference call will be available beginning at 10:00 a.m. CST on February 2, 2008, and will continue until 11:59 p.m. CST on February 3, 2008. To hear the replay, call 1-800-642-1687 (1-706-645-9291 if calling from outside the US). The conference call ID number is 29303510.

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 March 1, 2008. 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 over 460 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 beginning on the next page.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and par value data)
ASSETS	December 31, 2007		March 31, 2007
Current assets:
Cash and cash equivalents	$	228,602	393,806
Trade and other receivables, net		320,667	286,808
Marine operating supplies		44,205	44,902
Other current assets		6,859	6,033
Total current assets		600,333	731,549
Investments in, at equity, and advances to unconsolidated companies		23,485	24,423
Properties and equipment:
Vessels and related equipment		2,829,525	2,609,324
Other properties and equipment		81,967	51,955
		2,911,492	2,661,279
Less accumulated depreciation and amortization		1,244,493	1,179,182
Net properties and equipment		1,666,999	1,482,097
Goodwill		328,754	328,754
Other assets		91,127	82,475
Total assets	$	2,710,698	2,649,298
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities on capitalized lease obligations		36,217	2,194
Accounts payable		79,542	75,217
Accrued expenses		62,673	45,880
Accrued property and liability losses		5,973	6,130
Other current liabilities		35,206	17,259
Total current liabilities		219,611	146,680
Long-term debt		300,000	300,000
Capitalized lease obligations		---	19,712
Deferred income taxes		186,356	179,687
Accrued property and liability losses		13,995	15,510
Other liabilities and deferred credits		123,751	101,699
Stockholders’ equity:
Common stock of $.10 par value, 125,000,000 shares authorized, issued 52,585,099 shares at December and 57,476,898 shares at March		5,259	5,748
Other stockholders’ equity		1,861,726	1,880,262
Total stockholders’ equity		1,866,985	1,886,010
Total liabilities and stockholders’ equity	$	2,710,698	2,649,298

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share and per share data)
	Quarter Ended December 31,					Nine Months Ended December 31,
	2007			2006		2007		2006
Revenues:
Vessel revenues	$	310,670		280,491		900,929		810,490
Other marine revenues		3,545		7,422		37,814		21,222
		314,215		287,913		938,743		831,712
Costs and expenses:
Vessel operating costs		148,731		123,997		429,578		366,327
Costs of other marine revenues		1,747		6,544		32,979		18,406
Depreciation and amortization		31,123		29,912		89,156		86,272
General and administrative		31,112		24,924		93,304		72,591
Gain on sales of assets		(660	)	(8,803	)	(9,692	)	(39,955	)
		212,053		176,574		635,325		503,641
		102,162		111,339		303,418		328,071
Other income (expenses):
Foreign exchange loss		(159	)	(468	)	(543	)	(1,202	)
Equity in net earnings of unconsolidated companies		3,141		1,879		10,252		7,704
Interest income and other, net		4,077		5,103		13,779		13,385
Interest and other debt costs		(1,535	)	(2,464	)	(5,713	)	(7,389	)
		5,524		4,050		17,775		12,498
Earnings before income taxes		107,686		115,389		321,193		340,569
Income taxes		18,316		21,980		57,815		71,520
Net earnings	$	89,370		93,409		263,378		269,049
Basic earnings per common share	$	1.67		1.69		4.80		4.80
Diluted earnings per common share	$	1.66		1.67		4.76		4.75
Weighted average common shares outstanding		53,498,846		55,211,834		54,896,999		56,034,160
Incremental common shares from stock options		315,409		604,569		403,158		613,952
Adjusted weighted average common shares		53,814,255		55,816,403		55,300,157		56,648,112
Cash dividends declared per common share	$	0.15		0.15		0.45		0.45

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
		Nine Months Ended December 31,
		2007		2006
Operating activities:
Net earnings	$	263,378		269,049
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		89,156		86,272
Provision for deferred income taxes		3,018		6,329
Gain on sales of assets		(9,692	)	(39,955	)
Equity in earnings of unconsolidated companies, net of dividends		(5,840	)	(3,807	)
Compensation expense - stock-based		8,714		6,144
Excess tax benefits on stock options exercised		(4,335	)	(3,134	)
Changes in assets and liabilities, net:
Trade and other receivables		(33,784	)	(20,987	)
Marine operating supplies		697		(2,393	)
Other current assets		(826	)	(988	)
Accounts payable		3,908		3,240
Accrued expenses		15,848		9,383
Accrued property and liability losses		(232	)	(217	)
Other current liabilities		19,699		13,101
Other, net		3,367		10,846
Net cash provided by operating activities		353,076		332,883
Cash flows from investing activities:
Proceeds from sales of assets		61,201		67,731
Additions to properties and equipment		(291,709	)	(173,350	)
Repayment of advances to unconsolidated companies		---		9,496
Other		---		635
Net cash used in investing activities		(230,508	)	(95,488	)
Cash flows from financing activities:
Debt borrowings		---		5,000
Principal payments on debt		---		(5,000	)
Principal payments on capitalized lease obligations		(19,565	)	(398	)
Proceeds from exercise of stock options		43,580		11,837
Stock repurchases		(291,147	)	(131,735	)
Cash dividends		(24,975	)	(25,529	)
Excess tax benefits on stock options exercised		4,335		3,134
Net cash used in financing activities		(287,772	)	(142,691	)
Net change in cash and cash equivalents		(165,204	)	94,704
Cash and cash equivalents at beginning of period		393,806		246,109
Cash and cash equivalents at end of period	$	228,602		340,813
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	9,791		7,127
Income taxes	$	41,962		55,054
Non-cash financing activities:
Capitalized leases	$	33,876		11,020

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The company’s revenues and operating costs for the quarters and nine-month periods ended December 31, 2007 and 2006 and for the quarter ended September 30, 2007, were as follows:

		Quarter Ended December 31,		Nine Months Ended December 31,		Quarter Ended Sept 30,
(In thousands)		2007	2006	2007	2006	2007
Revenues:
Vessel revenues:
United States	$	36,702	56,552	122,957	180,632	43,183
International		273,968	223,939	777,972	629,858	254,185
		310,670	280,491	900,929	810,490	297,368
Other marine revenues		3,545	7,422	37,814	21,222	21,678
	$	314,215	287,913	938,743	831,712	319,046
Operating costs:
Vessel operating costs:
Crew costs	$	78,749	69,595	231,688	199,252	76,694
Repair and maintenance		28,272	22,784	78,232	73,086	25,402
Insurance and loss reserves		7,548	3,047	18,125	12,002	4,539
Fuel, lube and supplies		12,713	11,285	36,198	33,426	12,169
Vessel operating leases		1,308	522	3,039	1,140	965
Other		20,141	16,764	62,296	47,421	22,538
		148,731	123,997	429,578	366,327	142,307
Costs of other marine revenues		1,747	6,544	32,979	18,406	19,485
	$	150,478	130,541	462,557	384,733	161,792

The company’s vessel operating profit and other components of earnings before income taxes for the quarters and nine-month periods ended December 31, 2007 and 2006 and for the quarter ended September 30, 2007, consist of the following:

		Quarter Ended December 31,				Nine Months Ended December 31,				Quarter Ended Sept 30,
(In thousands)		2007		2006		2007		2006		2007
Vessel activity:
United States	$	2,497		22,788		22,677		75,073		9,815
International		107,138		85,948		297,818		230,862		94,770
		109,635		108,736		320,495		305,935		104,585
Gain on sales of assets (A)		660		8,803		9,692		39,955		2,102
Other marine services		1,681		749		4,459		2,461		2,043
Operating profit		111,976		118,288		334,646		348,351		108,730
Equity in net earnings of unconsolidated companies		3,141		1,879		10,252		7,704		3,725
Interest and other debt costs		(1,535	)	(2,464	)	(5,713	)	(7,389	)	(1,336	)
Corporate general and administrative		(9,417	)	(6,560	)	(30,418	)	(19,103	)	(9,904	)
Other income		3,521		4,246		12,426		11,006		4,216
Earnings before income taxes	$	107,686		115,389		321,193		340,569		105,431

(A) The timing of dispositions of vessels is very difficult to predict, therefore, gains on sales of assets may fluctuate significantly from quarter to quarter.

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

		Quarter Ended December 31,			Nine Months Ended December 31,		Quarter Ended Sept 30,
		2007		2006	2007	2006	2007
UTILIZATION:
United States-based fleet:
Deepwater vessels		90.5	%	100.0	92.3	97.8	95.1
Towing-supply/supply		46.1		59.6	54.8	62.7	56.6
Crew/utility		80.9		87.2	85.8	90.3	88.5
Offshore tugs		---		100.0	---	42.8	---
Total		60.9	%	69.4	66.8	68.9	69.1
International-based fleet:
Deepwater vessels		91.4	%	95.4	93.2	93.2	91.8
Towing-supply/supply		79.2		79.8	77.9	78.3	76.9
Crew/utility		84.8		89.3	86.6	86.5	89.0
Offshore tugs		54.7		63.3	59.3	66.8	59.8
Other		54.8		44.8	52.6	47.6	48.3
Total		78.5	%	80.6	78.6	79.3	78.3
Worldwide fleet:
Deepwater vessels		91.2	%	96.3	93.0	94.1	92.5
Towing-supply/supply		74.8		76.1	74.6	75.3	74.1
Crew/utility		84.2		89.0	86.5	87.1	88.9
Offshore tugs		54.7		64.0	59.3	63.2	59.8
Other		54.8		44.8	52.6	47.6	48.3
Total		76.2	%	78.8	77.0	77.5	77.0
AVERAGE VESSEL DAY RATES:
United States-based fleet:
Deepwater vessels	$	23,256		26,551	23,342	23,850	23,382
Towing-supply/supply		10,399		12,655	11,499	12,113	11,856
Crew/utility		6,093		6,264	6,122	6,398	6,270
Offshore tugs		---		6,511	---	15,675	---
Total	$	11,759		13,130	12,013	12,541	12,254
International-based fleet:
Deepwater vessels	$	24,980		20,206	23,516	19,366	22,423
Towing-supply/supply		10,455		8,682	10,014	8,363	10,080
Crew/utility		4,661		3,982	4,636	3,878	4,584
Offshore tugs		7,092		5,934	6,875	6,073	6,511
Other		5,672		4,134	5,282	3,734	4,419
Total	$	10,369		8,453	9,900	8,174	9,768
Worldwide fleet:
Deepwater vessels	$	24,612		21,487	23,483	20,271	22,615
Towing-supply/supply		10,451		9,249	10,166	8,958	10,267
Crew/utility		4,884		4,313	4,864	4,288	4,852
Offshore tugs		7,092		5,952	6,875	7,047	6,511
Other		5,672		4,134	5,282	3,734	4,419
Total	$	10,515		9,107	10,143	8,862	10,064

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The company’s average number of vessels by class and geographic distribution for the quarters and nine-month periods ended December 31, 2007 and 2006 and for the quarter ended September 30, 2007, were as follows:

	Quarter Ended December 31,		Nine Months Ended December 31,		Quarter Ended Sept 30,
	2007	2006	2007	2006	2007
United States-based fleet:
Deepwater vessels	8	7	7	7	7
Towing-supply/supply	34	47	36	49	35
Crew/utility	14	13	13	13	13
Offshore tugs	---	1	---	7	---
Total	56	68	56	76	55
International-based fleet:
Deepwater vessels	30	29	30	29	30
Towing-supply/supply	225	211	221	207	221
Crew/utility	69	72	71	71	68
Offshore tugs	37	39	37	39	38
Other	5	6	5	7	5
Total	366	357	364	353	362
Owned or chartered vessels included in marine revenues	422	425	420	429	417
Vessels withdrawn from service	22	43	24	51	24
Joint-venture and other	14	18	14	20	14
Total	458	486	458	500	455

The company’s various vessel commitments by vessel class and type as of December 31, 2007:

	U. S. Built			International Built
Vessel class and type	Number of Vessels	Total Cost Commitment	Expended Through 12/31/07	Number of Vessels	Total Cost Commitment	Expended Through 12/31/07
		(In thousands)			(In thousands)
Deepwater vessels:
Anchor handling towing supply	---	---	---	6	$170,710	$72,132
Platform supply vessels	3	$82,540	$16,799	8	$174,293	$27,865
Replacement Fleet:
Anchor handling towing supply	---	---	---	14	$217,054	$85,439
Platform supply vessels	1	$15,623	$12,107	6	$74,485	$17,881
Crewboats and offshore tugs:
Crewboats – 175-foot	---	---	---	2	$17,395	$5,331
Offshore tugs	---	---	---	3	$40,597	$11,849
Totals	4	$98,163	$28,906	39	$694,534	$220,497

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		3/08	6/08	9/08	12/08	3/09	Thereafter
Deepwater vessels:
Anchor handling towing supply		---	---	---	---	---	6
Platform supply vessels		1	---	---	---	3	7
Replacement Fleet:
Anchor handling towing supply		2	3	5	2	2	---
Platform supply vessels		1	---	---	1	1	4
Crewboats and offshore tugs:
Crewboats – 175-foot		---	---	---	---	---	2
Offshore tugs		---	1	---	---	---	2
Totals		4	4	5	3	6	21

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