Exhibit 99.1

Tidewater Reports Third Quarter Results For Fiscal 2010

NEW ORLEANS—February 2, 2010—Tidewater Inc. (NYSE:TDW) announced today third quarter net earnings for the period ended December 31, 2009, of $59.9 million, or $1.16 per common share, on revenues of $286.5 million. For the same quarter last year, net earnings were $117.0 million, or $2.28 per common share, on revenues of $362.3 million. The immediately preceding quarter ended September 30, 2009, had net earnings of $98.2 million, or $1.90 per common share, on revenues of $295.5 million. Included in net earnings for the September 30, 2009 quarter is a $34.3 million, or $0.66 per common share, tax benefit resulting from a favorable resolution of tax litigation.

As previously announced, Tidewater will hold a conference call to discuss December quarterly earnings on Tuesday, February 2, 2010, 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 12:00 p.m. CST on February 2, 2010, and will continue until 11:59 p.m. CST on February 4, 2010. 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 50144410.

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 March 2, 2010.

Tidewater Inc. owns 394 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

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)

	Quarter Ended December 31,					Nine Months Ended December 31,
	2009			2008		2009		2008
Revenues:
Vessel revenues	$	274,507		349,181		879,506		1,022,189
Other marine revenues		11,998		13,154		29,132		27,029
		286,505		362,335		908,638		1,049,218
Costs and expenses:
Vessel operating costs		148,188		161,320		459,365		513,419
Costs of other marine revenues		10,565		11,347		26,147		23,091
Depreciation and amortization		32,734		32,173		96,643		93,451
General and administrative		33,676		31,669		105,750		102,092
Provision for Venezuelan operations		—		—		49,070		—
Gain on asset dispositions, net		(5,151	)	(4,760	)	(23,063	)	(20,998	)
		220,012		231,749		713,912		711,055
Operating income		66,493		130,586		194,726		338,163
Other income (expenses):
Foreign exchange gain (loss)		161		3,396		(4,677	)	4,693
Equity in net earnings of unconsolidated companies		3,732		4,079		14,704		12,073
Interest income and other, net		978		1,372		4,648		4,696
Interest and other debt costs		(583	)	(77	)	(1,110	)	(505	)
		4,288		8,770		13,565		20,957
Earnings before income taxes		70,781		139,356		208,291		359,120
Income tax expense		10,885		22,391		5,728		61,948
Net earnings	$	59,896		116,965		202,563		297,172
Basic earnings per common share	$	1.17		2.28		3.94		5.79
Diluted earnings per common share	$	1.16		2.28		3.93		5.76
Weighted average common shares outstanding		51,373,290		51,242,848		51,369,519		51,344,835
Incremental common shares from stock options		280,962		74,288		238,133		202,993
Adjusted weighted average common shares		51,654,252		51,317,136		51,607,652		51,547,828
Cash dividends declared per common share	$	0.25		0.25		0.75		0.75

2

TIDEWATER INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

ASSETS	December 31, 2009			March 31, 2009
Current assets:
Cash and cash equivalents	$	336,573		250,793
Trade and other receivables, net		296,798		328,566
Marine operating supplies		46,105		48,727
Other current assets		12,415		6,365
Total current assets		691,891		634,451
Investments in, at equity, and advances to unconsolidated companies		37,914		37,221
Properties and equipment:
Vessels and related equipment		3,324,728		3,238,674
Other properties and equipment		82,015		81,689
		3,406,743		3,320,363
Less accumulated depreciation and amortization		1,262,342		1,307,038
Net properties and equipment		2,144,401		2,013,325
Goodwill		328,754		328,754
Other assets		98,760		60,053
Total assets	$	3,301,720		3,073,804
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt	$	25,000		—
Accounts payable		39,674		51,530
Accrued expenses		144,294		111,153
Accrued property and liability losses		5,651		5,521
Other current liabilities		45,766		35,146
Total current liabilities		260,385		203,350
Long-term debt		275,000		300,000
Deferred income taxes		209,431		201,200
Accrued property and liability losses		12,886		8,035
Other liabilities and deferred credits		125,428		116,541
Commitment and contingencies
Stockholders’ equity:
Common stock of $.10 par value, 125,000,000 shares authorized, issued 51,706,924 shares at December and 51,696,245 shares at March		5,170		5,169
Additional paid-in capital		82,046		79,333
Retained earnings		2,358,619		2,194,842
Deferred compensation – restricted stock		(10,144	)	(14,953	)
Accumulated other comprehensive loss		(17,101	)	(19,713	)
Total stockholders’ equity		2,418,590		2,244,678
Total liabilities and stockholders’ equity	$	3,301,720		3,073,804

3

TIDEWATER INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Nine Months Ended December 31,
	2009			2008
Operating activities:
Net earnings	$	202,563		297,172
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		96,643		93,451
Provision (benefit) for deferred income taxes		(15,172	)	7,876
Reversal of liabilities for uncertain tax positions		(34,284	)	—
Gain on asset dispositions, net		(23,063	)	(20,998	)
Provision for Venezuelan operations		49,070		—
Equity in earnings of unconsolidated companies, net of dividends		(694	)	(6,004	)
Compensation expense - stock-based		7,328		8,410
Excess tax liability (benefit) on stock options exercised		(161	)	843
Changes in assets and liabilities, net:
Trade and other receivables		(4,824	)	(19,746	)
Marine operating supplies		2,622		(4,735	)
Other current assets		(6,050	)	(3,190	)
Accounts payable		(11,856	)	(12,903	)
Accrued expenses		31,406		10,215
Accrued property and liability losses		130		(304	)
Other current liabilities		7,755		11,470
Other liabilities and deferred credits		(2,117	)	3,851
Other, net		54		897
Net cash provided by operating activities		299,350		366,305
Cash flows from investing activities:
Proceeds from sales of assets		34,063		30,459
Proceeds from sales/leaseback of assets		101,755		—
Additions to properties and equipment		(304,013	)	(368,706	)
Other		—		260
Net cash used in investing activities		(168,195	)	(337,987	)
Cash flows from financing activities:
Principal payments on capitalized lease obligations		—		(10,059	)
Proceeds from exercise of stock options		962		6,547
Cash dividends		(38,786	)	(38,636	)
Stock repurchases		—		(53,634	)
Excess tax benefit (liability) on stock options exercised		161		(843	)
Debt issuance costs		(7,712	)	—
Net cash used in financing activities		(45,375	)	(96,625	)
Net change in cash and cash equivalents		85,780		(68,307	)
Cash and cash equivalents at beginning of period		250,793		270,205
Cash and cash equivalents at end of period	$	336,573		201,898
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	7,222		7,194
Income taxes	$	42,413		44,389

4

The company’s revenues and operating expenses and the related percentage of total revenues for the quarters and the nine-month periods ended December 31, 2009 and 2008 and for the quarter ended September 30, 2009, were as follows:

	Quarter Ended December 31,							Nine Months Ended December 31,						Quarter Ended September 30,
(In thousands)	2009		%		2008	%		2009	%		2008	%		2009	%
Vessel revenues:
International	$	254,586	93	%	312,069	89	%	812,472	92	%	904,973	89	%	271,898	92	%
United States		19,921	7	%	37,112	11	%	67,034	8	%	117,216	11	%	22,665	8	%
Vessel revenues		274,507	100	%	349,181	100	%	879,506	100	%	1,022,189	100	%	294,563	100	%
Vessel operating costs:
Crew costs	$	79,458	29	%	89,226	26	%	240,947	27	%	274,464	27	%	78,737	27	%
Repair and maintenance		24,386	9	%	28,988	8	%	81,472	9	%	97,538	10	%	31,452	11	%
Insurance and loss reserves		1,735	1	%	889	<1	%	9,794	1	%	11,970	1	%	3,383	1	%
Fuel, lube and supplies		13,210	5	%	16,341	5	%	41,265	5	%	50,116	5	%	15,213	5	%
Vessel operating leases		4,494	2	%	1,749	1	%	10,564	1	%	5,247	1	%	4,321	1	%
Other		24,905	9	%	24,127	7	%	75,323	9	%	74,084	7	%	24,420	8	%
Vessel operating costs		148,188	54	%	161,320	46	%	459,365	52	%	513,419	50	%	157,526	53	%
Vessel operating margin (A)	$	126,319	46	%	187,861	54	%	420,141	48	%	508,770	51	%	137,037	47	%

Note (A): The following table reconciles vessel operating margin as presented above to operating income for the quarters and the nine-month periods ended December 31, 2009 and 2008 and for the quarter ended September 30, 2009:

	Quarter Ended December 31,					Nine Months Ended December 31,				Quarter Ended September 30,
(In thousands)	2009			2008		2009		2008		2009
Vessel operating margin	$	126,319		187,861		420,141		508,770		137,037
Other marine services revenues		11,998		13,154		29,132		27,029		961
Cost of other marine revenues		(10,565	)	(11,347	)	(26,147	)	(23,091	)	(882	)
Depreciation and amortization		(32,734	)	(32,173	)	(96,643	)	(93,451	)	(32,260	)
General and administrative		(33,676	)	(31,669	)	(105,750	)	(102,092	)	(37,686	)
Provision for Venezuelan operations		—		—		(49,070	)	—		(517	)
Gain on asset dispositions, net		5,151		4,760		23,063		20,998		5,374
Operating income	$	66,493		130,586		194,726		338,163		72,027

The company’s operating income and other components of earnings before income taxes and its related percentage of total revenues for the quarters and the nine-month periods ended December 31, 2009 and 2008 and for the quarter ended September 30, 2009, were as follows:

	Quarter Ended December 31,									Nine Months Ended December 31,								Quarter Ended September 30,
(In thousands)	2009			%		2008		%		2009		%		2008		%		2009		%
Vessel operating profit:
International	$	66,893		23	%	121,621		34	%	195,375		22	%	314,137		30	%	78,590		27	%
United States		1,527		1	%	10,505		3	%	5,370		1	%	28,995		3	%	1,214		<1	%
		68,420		24	%	132,126		36	%	200,745		22	%	343,132		33	%	79,804		27	%
Corporate expenses		(8,289	)	(3	)%	(7,834	)	(2	)%	(31,232	)	(3	)%	(29,227	)	(3	)%	(13,042	)	(4	)%
Gain on asset dispositions, net		5,151		2	%	4,760		1	%	23,063		3	%	20,998		2	%	5,374		2	%
Other marine services		1,211		<1	%	1,534		<1	%	2,150		<1	%	3,260		<1	%	(109	)	(<1	)%
Operating income		66,493		23	%	130,586		36	%	194,726		21	%	338,163		32	%	72,027		24	%
Foreign exchange gain (loss)		161		<1	%	3,396		1	%	(4,677	)	(1	)%	4,693		<1	%	(2,252	)	(1	)%
Equity in net earnings of unconsolidated companies		3,732		1	%	4,079		1	%	14,704		2	%	12,073		1	%	5,557		2	%
Interest income and other, net		978		<1	%	1,372		<1	%	4,648		1	%	4,696		<1	%	502		<1	%
Interest and other debt costs		(583	)	<1	%	(77	)	(<1	)%	(1,110	)	<1	%	(505	)	(<1	)%	(450	)	(<1	)%
Earnings before income taxes	$	70,781		25	%	139,356		38	%	208,291		23	%	359,120		34	%	75,384		26	%

5

The company’s revenues, vessel utilization percentages and average day rates by vessel class and in total for the quarters and the nine-month periods ended December 31, 2009 and 2008 and the quarter ended September 30, 2009, were as follows:

	Quarter Ended December 31,				Nine Months Ended December 31,		Quarter Ended September 30,
	2009			2008	2009	2008	2009
REVENUES BY VESSEL CLASS (In thousands):
International-based fleet:
Deepwater vessels	$	77,455		69,320	214,868	195,246	71,015
Towing-supply/supply		148,715		200,000	500,763	578,374	169,152
Crew/utility		19,812		25,627	67,775	79,705	22,393
Offshore tugs		8,604		15,467	28,499	46,286	9,338
Other		—		1,655	567	5,362	—
Total	$	254,586		312,069	812,472	904,973	271,898
United States-based fleet:
Deepwater vessels	$	12,554		12,795	40,565	45,826	14,714
Towing-supply/supply		6,931		19,945	23,788	56,264	7,342
Crew/utility		436		4,372	2,681	15,126	609
Total	$	19,921		37,112	67,034	117,216	22,665
Worldwide fleet:
Deepwater vessels	$	90,009		82,115	255,433	241,072	85,729
Towing-supply/supply		155,646		219,945	524,551	634,638	176,494
Crew/utility		20,248		29,999	70,456	94,831	23,002
Offshore tugs		8,604		15,467	28,499	46,286	9,338
Other		—		1,655	567	5,362	—
Total	$	274,507		349,181	879,506	1,022,189	294,563
UTILIZATION:
International-based fleet:
Deepwater vessels		78.4	%	85.9	78.4	85.1	79.1
Towing-supply/supply		64.1		76.0	69.8	76.3	71.1
Crew/utility		70.4		75.5	72.5	80.3	71.3
Offshore tugs		56.0		65.2	56.8	59.4	60.4
Other		—		95.3	79.2	58.3	—
Total		66.5	%	76.0	70.4	76.1	71.3
United States-based fleet:
Deepwater vessels		83.7	%	96.7	84.1	96.4	76.7
Towing-supply/supply		35.8		49.0	35.8	49.0	32.2
Crew/utility		14.3		84.2	26.9	78.6	18.7
Total		39.5	%	62.4	42.2	62.3	37.7
Worldwide fleet:
Deepwater vessels		79.1	%	87.5	79.2	87.1	78.7
Towing-supply/supply		61.0		72.7	66.1	72.8	66.8
Crew/utility		65.0		76.6	68.1	80.1	66.4
Offshore tugs		56.0		65.2	56.8	59.4	60.4
Other		—		95.3	79.2	58.3	—
Total		63.8	%	74.4	67.5	74.4	67.8
AVERAGE VESSEL DAY RATES:
International-based fleet:
Deepwater vessels	$	25,064		26,590	25,354	26,088	24,843
Towing-supply/supply		12,254		12,745	12,409	12,257	12,429
Crew/utility		4,642		5,154	4,947	5,097	4,935
Offshore tugs		6,654		8,149	7,162	8,453	7,059
Other		—		9,041	9,679	9,842	—
Total	$	12,247		12,308	12,205	11,857	12,177
United States-based fleet:
Deepwater vessels	$	26,683		23,961	26,787	24,605	29,792
Towing-supply/supply		8,417		13,947	9,399	12,792	9,627
Crew/utility		4,749		5,591	4,966	5,887	5,045
Total	$	14,375		13,520	14,620	13,275	16,456
Worldwide fleet:
Deepwater vessels	$	25,278		26,151	25,571	25,793	25,572
Towing-supply/supply		12,011		12,845	12,231	12,303	12,280
Crew/utility		4,644		5,215	4,948	5,209	4,938
Offshore tugs		6,654		8,149	7,162	8,453	7,059
Other		—		9,041	9,679	9,842	—
Total	$	12,380		12,427	12,360	12,004	12,426

6

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 and the nine-month periods ended December 31, 2009 and 2008 and for the quarter ended September 30, 2009, were as follows:

	Quarter Ended December 31,				Nine Months Ended December 31,		Quarter Ended September 30,
	2009			2008	2009	2008	2009
AVERAGE VESSEL DAY RATES:
International-based fleet:
New vessels	$	15,807		17,124	16,126	16,833	16,160
Traditional vessels		7,584		9,288	8,275	9,010	8,193
Total International-based fleet	$	12,247		12,308	12,205	11,857	12,177
United States-based fleet:
New vessels	$	20,843		13,669	19,931	14,391	21,955
Traditional vessels		10,269		13,400	10,985	12,258	12,874
Total U.S.-based fleet	$	14,375		13,520	14,620	13,275	16,456
Worldwide fleet:
New vessels	$	16,027		16,740	16,328	16,512	16,429
Traditional vessels		7,815		9,654	8,480	9,292	8,518
Total Worldwide Fleet	$	12,380		12,427	12,360	12,004	12,426
UTILIZATION:
International-based fleet:
New vessels		86.6	%	91.9	86.6	91.3	86.8
Traditional vessels		51.0		68.5	59.3	69.5	60.5
Total International-based fleet		66.5	%	76.0	70.4	76.1	71.3
United States-based fleet:
New vessels		52.7	%	88.1	56.4	84.7	49.2
Traditional vessels		34.1		50.6	35.9	50.2	32.7
Total U.S.-based fleet		39.5	%	62.4	42.2	62.3	37.7
Worldwide fleet:
New vessels		84.2	%	91.5	84.2	90.4	83.8
Traditional vessels		49.0		66.4	56.5	67.3	57.2
Total Worldwide Fleet		63.8	%	74.4	67.5	74.4	67.8

7

The company’s average number of vessels by class and geographic distribution for the quarters and the nine-month periods ended December 31, 2009 and 2008 and for the quarter ended September 30, 2009, were as follows:

	Quarter Ended December 31,		Nine Months Ended December 31,		Quarter Ended September 30,
	2009	2008	2009	2008	2009
International-based fleet:
Deepwater vessels	43	33	39	32	39
Towing-supply/supply	206	224	210	225	208
Crew/utility	66	72	69	71	69
Offshore tugs	25	32	25	34	24
Other	—	2	—	3	—
Total	340	363	343	365	340
United States-based fleet:
Deepwater vessels	6	6	7	7	7
Towing-supply/supply	25	32	26	33	26
Crew/utility	7	10	7	12	7
Total	38	48	40	52	40
Owned or chartered vessels included in marine revenues (B)	378	411	383	417	380
Vessels withdrawn from service	7	12	8	16	8
Joint-venture and other	10	13	10	14	10
Total	395	436	401	447	398

Note (B): Included in total owned or chartered vessels at December 31, 2009 and 2008 and at September 30, 2009, were 73, 51 and 70 vessels, respectively, that were stacked by the company. These vessels were considered to be in service and are included in the calculation of the company’s utilization statistics.

The table below summarizes the various vessel commitments, including vessels under construction and vessel acquisitions, by vessel class and type as of December 31, 2009:

Vessel class and type	International Built					U.S. Built
	Number of Vessels	Total Cost		Expended Through 12/31/09		Number of Vessels	Total Cost		Expended Through 12/31/09
		(In thousands)					(In thousands)
Deepwater vessels:
Anchor handling towing supply	2	$	60,976	$	46,563	—		—		—
Platform supply vessels (C)	15	$	449,017	$	129,753	2	$	63,158	$	32,525
Towing-supply/supply vessels:
Anchor handling towing supply	14	$	226,761	$	74,243	—		—		—
Platform supply vessels	1	$	12,466	$	5,934	—		—		—
Crewboats	2	$	18,748	$	15,064	—		—		—
Totals	34	$	767,968	$	271,557	2	$	63,158	$	32,525

Note (C): The international deepwater platform supply vessel count includes one multipurpose platform supply vessel.

8

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	03/10			06/10	09/10	12/10	03/11	Thereafter
Deepwater vessels:
Anchor handling towing supply		1		1	—	—	—	—
Platform supply vessels		3	(D)	1	—	1	2	10
Towing-supply/supply vessels:
Anchor handling towing supply		4		2	—	2	1	5
Platform supply vessels		1		—	—	—	—	—
Crewboats		—		1	—	1	—	—
Totals		9		5	—	4	3	15
(In thousands)
Expected quarterly cash outlay	$	183,110		77,375	32,090	39,481	42,287	152,701	(E)

Note (D): The deepwater platform supply vessel count in March 2010 quarter includes one multipurpose platform supply vessel.

Note (E): The $152,701 of ‘Thereafter’ vessel construction obligations is expected to be paid out as follows: $140,979 during fiscal 2012, and $11,722 during fiscal 2013.

9