Exhibit 99.1

Tidewater Reports Fourth Quarter Results and Year End Earnings For Fiscal 2009

NEW ORLEANS, LA. May 13, 2009 — Tidewater Inc. (NYSE:TDW) announced today fourth quarter net earnings for the period ended March 31, 2009, of $109.7 million, or $2.13 per share, on revenues of $341.6 million. For the same quarter last year, net earnings were $85.4 million, or $1.63 per share, on revenues of $331.4 million. For fiscal year ended March 31, 2009, net earnings were $406.9 million, or $7.89 per share, on revenues of $1,390.8 million. For the fiscal year ended March 31, 2008, net earnings were $348.8 million, or $6.39 per share, on revenues of $1,270.2 million.

As previously announced, Tidewater will hold a conference call to discuss March quarterly and annual earnings on Thursday, May 14, 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 Inc.” call just prior to the scheduled start. A replay of the conference call will be available beginning at 1:00 p.m. CDT on May 14, 2009, and will continue until 11:59 p.m. CDT on May 16, 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 96758656.

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 June 14, 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 417 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.

1

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share and per share data)

	Quarter Ended March 31,				Year Ended March 31,
	2009		2008		2009		2008
Revenues:
Vessel revenues	$   334,133		314,205		1,356,322		1,215,134
Other marine services revenues	7,484		17,223		34,513		55,037
	341,617		331,428		1,390,835		1,270,171
Costs and expenses:
Vessel operating costs	147,457		155,168		660,876		584,746
Costs of other marine revenues	6,191		14,444		29,282		47,423
Depreciation and amortization	32,780		31,681		126,231		120,837
General and administrative	34,136		33,285		136,228		126,589
Gain on sales of assets	(6,253	)	(1,757	)	(27,251	)	(11,449)
	214,311		232,821		925,366		868,146
Operating income	127,306		98,607		465,469		402,025
Other income (expenses):
Foreign exchange gain (loss)	(1,998	)	(348	)	2,695		(891)
Equity in net earnings of unconsolidated companies	4,905		4,218		16,978		14,470
Interest income and other, net	2,370		3,178		7,066		16,957
Interest and other debt costs	(188	)	(1,279	)	(693	)	(6,992)
	5,089		5,769		26,046		23,544
Earnings before income taxes	132,395		104,376		491,515		425,569
Income tax expense	22,669		18,991		84,617		76,806
Net earnings	$   109,726		85,385		406,898		348,763
Basic earnings per common share	$         2.14		1.64		7.92		6.43
Diluted earnings per common share	$         2.13		1.63		7.89		6.39
Weighted average common shares outstanding	51,285,734		52,153,170		51,364,237		54,259,495
Incremental common shares from stock options	121,497		179,773		182,620		347,311
Adjusted weighted average common shares	51,407,231		52,332,943		51,546,857		54,606,806
Cash dividends declared per common share	$           .25		.15		1.00		.60

2

TIDEWATER INC.

CONSOLIDATED BALANCE SHEETS

March 31, 2009 and 2008
(In thousands, except share and par value data)
ASSETS	2009	2008
Current assets:
Cash and cash equivalents	$       250,793	270,205
Trade and other receivables, less allowance for doubtful accounts of $5,773 in 2009 and $5,319 in 2008	328,566	308,813
Marine operating supplies	48,727	46,369
Other current assets	6,365	5,208
Total current assets	634,451	630,595
Investments in, at equity, and advances to unconsolidated companies	37,221	27,433
Properties and equipment:
Vessels and related equipment	3,238,674	2,867,391
Other properties and equipment	81,689	82,357
	3,320,363	2,949,748
Less accumulated depreciation and amortization	1,307,038	1,270,710
Net properties and equipment	2,013,325	1,679,038
Goodwill	328,754	328,754
Other assets	60,053	85,960
Total assets	$    3,073,804	2,751,780
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities on capitalized lease obligations	—	10,059
Accounts payable	104,663	93,147
Accrued expenses	58,020	54,497
Accrued property and liability losses	5,521	6,271
Other current liabilities	35,146	34,930
Total current liabilities	203,350	198,904
Long-term debt	300,000	300,000
Deferred income taxes	201,200	189,605
Accrued property and liability losses	8,035	12,530
Other liabilities and deferred credits	116,541	120,657
Commitments and Contingencies
Stockholders’ equity:
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 51,696,245 shares at March 31, 2009 and 52,318,806 shares at March 31, 2008	5,169	5,232
Other stockholders’ equity	2,239,509	1,924,852
Total stockholders’ equity	2,244,678	1,930,084
Total liabilities and stockholders’ equity	$    3,073,804	2,751,780

3

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended March 31, 2009 and 2008 (In thousands)		2009		2008
Operating activities:
Net earnings	$	406,898		348,763
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		126,231		120,837
Provision for deferred income taxes		12,889		6,680
Gain on sales of assets		(27,251	)	(11,449	)
Equity in earnings of unconsolidated companies, less dividends		(10,048	)	(9,788	)
Compensation expense – stock based		10,868		11,473
Excess tax liability (benefit) on stock options exercised		555		(3,721	)
Changes in assets and liabilities, net:
Trade and other receivables		(14,222	)	(22,012	)
Marine operating supplies		(2,358	)	(1,467	)
Other current assets		(1,157	)	825
Accounts payable		9,468		17,330
Accrued expenses		3,523		8,617
Accrued property and liability losses		(751	)	149
Other current liabilities		2,733		17,824
Other, net		9,057		5,430
Net cash provided by operating activities		526,435		489,491
Investing activities:
Proceeds from sales of assets		39,360		82,021
Additions to properties and equipment		(473,675	)	(354,022	)
Repayments of advances to unconsolidated companies		—		—
Other		260		—
Net cash used in investing activities		(434,055	)	(272,001	)
Financing activities:
Principal payments on debt		—		—
Principal payments on capitalized lease obligations		(10,059	)	(45,723	)
Debt borrowings		—		—
Proceeds from issuance of common stock		3,977		43,645
Cash dividends		(51,521	)	(32,687	)
Excess tax (liability) benefits on stock options exercised		(555	)	3,721
Stock repurchases		(53,634	)	(310,047	)
Net cash used in financing activities		(111,792	)	(341,091	)
Net change in cash and cash equivalents		(19,412	)	(123,601	)
Cash and cash equivalents at beginning of year		270,205		393,806
Cash and cash equivalents at end of year	$	250,793		270,205
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest	$	13,967		17,025
Income taxes	$	59,977		56,084
Non-cash financing activities:
Capital leases	$	—		33,876

4

Further details of the company’s vessel revenues and vessel operating costs for the quarters and years ended March 31, 2009 and 2008 are as follows:

(In thousands)

		Quarter Ended March 31,				Year Ended March 31,
		2009		2008		2009		2008
Vessel revenues:
United States	$	29,680		36,838		146,896		159,795
International		304,453		277,367		1,209,426		1,055,339
Total vessel revenues		334,133		314,205		1,356,322		1,215,134
Vessel operating costs:
Crew costs		82,785		82,642		357,249		314,330
Repair and maintenance		22,134		28,125		119,672		106,357
Insurance and loss reserves		847		5,542		12,817		23,667
Fuel, lube and supplies		15,133		14,735		65,249		50,933
Vessel operating leases		1,749		1,660		6,996		4,699
Other		24,809		22,464		98,893		84,760
Total vessel operating cost		147,457		155,168		660,876		584,746
Vessel operating margin (A)	$	186,676		159,037		695,446		630,388
Vessel operating margin as a % of revenue		55.9%		50.6		51.3		51.9
Note (A): The following table reconciles vessel operating margin as presented above to operating income for the quarters and years ended March 31, 2009 and 2008:
(In thousands)
		Quarter Ended March 31,				Year Ended March 31,
		2009		2008		2009		2008
Vessel operating margin	$	186,676		159,037		695,446		630,388
Other marine services revenues		7,484		17,223		34,513		55,037
Costs of other marine revenues		(6,191	)	(14,444	)	(29,282	)	(47,423)
Depreciation and amortization		(32,780	)	(31,681	)	(126,231	)	(120,837)
General and administrative		(34,136	)	(33,285	)	(136,228	)	(126,589)
Gain on sales of assets		6,253		1,757		27,251		11,449
Operating income	$	127,306		98,607		465,469		402,025

5

Further details of the company’s vessel operating profit, which excludes corporate general and administrative and depreciation expenses, gain on sales of assets and operating income from other marine services, for the quarters and years ended March 31, 2009 and 2008 are as follows:

(In thousands)

		Quarter Ended     March 31,				Year Ended     March 31,
		2009		2008		2009		2008
Vessel operating profit – United States (B)	$	5,803		7,602		34,797		29,985
Vessel operating profit – International (B)	$	123,558		97,194		437,695		394,789
Note (B): The following table reconciles vessel operating profit as presented above to operating income for the quarters and years ended March 31, 2009 and 2008:
(In thousands)
		Quarter Ended March 31,				Year Ended March 31,
		2009		2008		2009		2008
Vessel operating profit – United States	$	5,803		7,602		34,797		29,985
Vessel operating profit – International		123,558		97,194		437,695		394,789
		129,361		104,796		472,492		424,774
Corporate expenses		(9,395	)	(10,511	)	(38,622	)	(40,974)
Gain on sales of assets		6,253		1,757		27,251		11,449
Other marine services		1,087		2,565		4,348		6,776
Operating income	$	127,306		98,607		465,469		402,025

6

The company’s actual vessel count by vessel class at March 31, 2009, and vessel utilization percentages and average day rates by vessel class for the quarter and year ended March 31, 2009, were as follows:

UTILIZATION Fiscal Year 2009	Actual Vessel Count at March 31, 2009		Quarter Ended March 31, 2009	Year Ended March 31, 2009
United States-based fleet:
Deepwater vessels	6		98.5%	96.9%
Towing-supply/supply	26		42.3%	47.5%
Crew/utility	8		74.0%	77.7%
Total	40		56.3%	61.0%
International-based fleet:
Deepwater vessels	35		81.5%	84.2%
Towing-supply/supply	230		74.6%	75.9%
Crew/utility	72		71.0%	78.0%
Offshore tugs	30		66.8%	61.1%
Other	2		97.8%	64.6%
Total	369		74.0%	75.6%
Worldwide fleet:
Deepwater vessels	41		84.1%	86.4%
Towing-supply/supply	256		70.9%	72.4%
Crew/utility	80		71.4%	78.0%
Offshore tugs	30		66.8%	61.1%
Other	2		97.8%	64.6%
Total	409	(C)	72.1%	73.9%
AVERAGE DAYRATES
United States-based fleet:
Deepwater vessels			$  24,095	$  24,492
Towing-supply/supply			$  12,402	$  12,713
Crew/utility			$    5,352	$    5,789
Total			$  13,351	$  13,290
International-based fleet:
Deepwater vessels			$  27,628	$  26,475
Towing-supply/supply			$  12,787	$  12,386
Crew/utility			$    5,316	$    5,147
Offshore tugs			$    8,457	$    8,453
Other			$    9,802	$    9,835
Total			$  12,559	$  12,026
Worldwide fleet:
Deepwater vessels			$  27,006	$  26,091
Towing-supply/supply			$  12,760	$  12,413
Crew/utility			$    5,321	$    5,233
Offshore tugs			$    8,457	$    8,453
Other			$    9,802	$    9,835
Total			$  12,626	$  12,151

Note (C): Included in total owned or chartered vessels at March 31, 2009, are 61 vessels that were stacked by the company. These vessels are considered to be in service and are included in the calculation of the company’s vessel utilization statistics. In addition to the 409 total owned or chartered vessels, the company had 11 vessels withdrawn from service and 10 joint venture vessels at March 31, 2009.

7

Tidewater’s vessel commitments by vessel class and type as of March 31, 2009, were as follows:

	U. S. Built			International Built
Vessel class and type	Number of Vessels	Total Cost Commitment	Expended Through 3/31/09	Number of Vessels	Total Cost Commitment	Expended Through 3/31/09
		(In thousands)			(In thousands)
Deepwater vessels:
Anchor handling towing supply	—	—	—	5	$146,398	$  88,815
Platform supply vessels	2	$  64,935	$  32,573	19	$493,676	$153,458
Replacement fleet:
Anchor handling towing supply	—	—	—	11	$189,203	$  62,569
Platform supply vessels	—	—	—	4	$  49,800	$  20,816
Crewboats and offshore tugs:
Crewboats	—	—	—	3	$  19,710	$  13,463
Offshore tugs	—	—	—	2	$  28,139	$  20,603
Totals	2	$  64,935	$  32,573	44	$926,926	$359,724
The table below summarizes by vessel class and vessel type the number of vessels expected to be delivered by quarter along with the expected cash outlay (in thousands) of the various vessel commitments as discussed above:
	Quarter Period Ended
Vessel class and type	06/09	09/09	12/09	03/10	06/10	Thereafter
Deepwater vessels:
Anchor handling towing supply	1	1	—	1	2	—
Platform supply vessels	4	3	1	1	—	12
Replacement Fleet:
Anchor handling towing supply	2	1	2	—	2	4
Platform supply vessels	1	—	2	1	—	—
Crewboats and offshore tugs:
Crewboats	1	2	—	—	—	—
Offshore tugs	—	2	—	—	—	—
Totals	9	9	5	3	4	16
Expected quarterly cash outlay	$103,281	97,065	85,955	40,697	42,171	230,395 (D)

Note (D): The $230,395 of ‘Thereafter’ vessel construction obligations is expected to be paid out as follows: $85,949 in the remaining quarters of fiscal 2011, $132,724 during fiscal 2012, and $11,722 during fiscal 2013.

8