Exhibit 99.1

Tidewater Reports Fourth Quarter Results and Year End Earnings For Fiscal 2010

NEW ORLEANS, LA. May 20, 2010 — Tidewater Inc. (NYSE:TDW) announced today fourth quarter net earnings for the period ended March 31, 2010, of $56.9 million, or $1.10 per share, on revenues of $260.0 million. For the same quarter last year, net earnings were $109.7 million, or $2.13 per share, on revenues of $341.6 million. For fiscal year ended March 31, 2010, net earnings were $259.5 million, or $5.02 per share, on revenues of $1,168.6 million. For the fiscal year ended March 31, 2009, net earnings were $406.9 million, or $7.89 per share, on revenues of $1,390.8 million.

Included in net earnings for the March 31, 2010 quarter are:

• a $5.4 million ($3.5 million after-tax, or $0.07 per common share) reduction of the previously recorded “Provision for Venezuelan operations, net” as a result of net collections from insurance underwriters for the insured value of the vessels seized earlier in the fiscal year by Petroleos de Venezuela, S.A. (PDVSA) and an affiliate of PDVSA.

• an $11.0 million ($11.0 million after-tax, or $0.21 per common share) foreign exchange gain recognized as a result of the devaluation of the Venezuelan bolivar fuerte during the quarter.

• an $11.4 million ($11.4 million after-tax, or $0.22 per common share) charge to general and administrative expenses related to an agreement in principle the company has reached with the staff of the Securities and Exchange Commission to resolve issues associated with the previously disclosed internal investigation.

As previously announced, Tidewater will hold a conference call to discuss March quarterly and annual earnings on Thursday, May 20, 2010, at 10:00 a.m. Central time. 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 12:00 p.m. Central time on May 20, 2010, and will continue until 11:59 p.m. Central time on May 22, 2010. 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 69718587.

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 June 20, 2010. 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 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

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,
	2010			2009		2010		2009
Revenues:
Vessel revenues	$	258,656		334,133		1,138,162		1,356,322
Other marine revenues		1,340		7,484		30,472		34,513
		259,996		341,617		1,168,634		1,390,835
Costs and expenses:
Vessel operating costs		145,894		147,457		605,259		660,876
Costs of other marine revenues		1,240		6,191		27,387		29,282
Depreciation and amortization		33,541		32,780		130,184		126,231
General and administrative		44,182		34,136		149,932		136,228
Provision for Venezuelan operations, net		(5,350	)	---		43,720		---
Gain on asset dispositions, net		(5,115	)	(6,253	)	(28,178	)	(27,251	)
		214,392		214,311		928,304		925,366
Operating income		45,604		127,306		240,330		465,469
Other income (expenses):
Foreign exchange gain (loss)		8,771		(1,998	)	4,094		2,695
Equity in net earnings of unconsolidated companies		3,403		4,905		18,107		16,978
Interest income and other, net		2,234		2,370		6,882		7,066
Interest and other debt costs		(569	)	(188	)	(1,679	)	(693	)
		13,839		5,089		27,404		26,046
Earnings before income taxes		59,443		132,395		267,734		491,515
Income tax expense		2,530		22,669		8,258		84,617
Net earnings	$	56,913		109,726		259,476		406,898
Basic earnings per common share	$	1.11		2.14		5.04		7.92
Diluted earnings per common share	$	1.10		2.13		5.02		7.89
Weighted average common shares outstanding		51,456,393		51,285,734		51,447,077		51,364,237
Incremental common shares from stock options		253,415		121,497		241,953		182,620
Adjusted weighted average common shares		51,709,808		51,407,231		51,689,030		51,546,857
Cash dividends declared per common share	$	.25		.25		1.00		1.00

2

TIDEWATER INC. CONSOLIDATED BALANCE SHEETS
March 31, 2010 and 2009 (In thousands, except share and par value data)
ASSETS	2010			2009
Current assets:
Cash and cash equivalents	$	223,070		250,793
Trade and other receivables, less allowance for doubtful accounts of $38,632 in 2010 and $5,773 in 2009		311,617		328,566
Marine operating supplies		44,237		48,727
Other current assets		6,703		6,365
Total current assets		585,627		634,451
Investments in, at equity, and advances to unconsolidated companies		40,614		37,221
Properties and equipment:
Vessels and related equipment		3,455,322		3,238,674
Other properties and equipment		82,007		81,689
		3,537,329		3,320,363
Less accumulated depreciation and amortization		1,283,505		1,307,038
Net properties and equipment		2,253,824		2,013,325
Goodwill		328,754		328,754
Other assets		84,538		60,053
Total assets	$	3,293,357		3,073,804
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities on long-term debt		25,000		---
Accounts payable		41,673		51,530
Accrued expenses		119,485		111,153
Accrued property and liability losses		4,809		5,521
Other current liabilities		13,745		35,146
Total current liabilities		204,712		203,350
Long-term debt		275,000		300,000
Deferred income taxes		211,504		201,200
Accrued property and liability losses		12,809		8,035
Other liabilities and deferred credits		125,302		116,541
Commitments and Contingencies
Stockholders’ equity:
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 51,830,048 shares at March 31, 2010 and 51,696,245 shares at March 31, 2009		5,183		5,169
Additional paid-in capital		88,173		79,333
Retained earnings		2,402,575		2,194,842
Deferred compensation – restricted stock		(14,970	)	(14,953	)
Accumulated other comprehensive loss		(16,931	)	(19,713	)
Total stockholders’ equity		2,464,030		2,244,678
Total liabilities and stockholders’ equity	$	3,293,357		3,073,804

3

TIDEWATER INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended March 31, 2010 and 2009 (In thousands)	2010			2009
Operating activities:
Net earnings	$	259,476		406,898
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		130,184		126,231
Provision (benefit) for deferred income taxes		569		12,889
Reversal of liabilities for uncertain tax positions		(36,110	)	---
Gain on asset dispositions, net		(28,178	)	(27,251	)
Provision for Venezuelan operations, net		43,720		---
Equity in earnings of unconsolidated companies, less dividends		(3,336	)	(10,048	)
Compensation expense – stock based		8,740		10,868
Excess tax (benefit) liability on stock options exercised		(72	)	555
Changes in assets and liabilities, net:
Trade and other receivables		(20,458	)	(16,833	)
Marine operating supplies		4,490		(2,358	)
Other current assets		(338	)	(1,157	)
Accounts payable		(12,657	)	(289	)
Accrued expenses		6,119		13,280
Accrued property and liability losses		(712	)	(751	)
Other current liabilities		(21,889	)	2,733
Other liabilities and deferred credits		(3,115	)	5,369
Other, net		1,828		3,753
Net cash provided by operating activities		328,261		523,889
Cash flows from investing activities:
Proceeds from sales of assets		51,735		39,360
Proceeds from sales/leaseback of assets		101,755		---
Additions to properties and equipment		(451,973	)	(473,675	)
Other		1		260
Net cash used in investing activities		(298,482	)	(434,055	)
Cash flows from financing activities:
Principal payments on debt		---		---
Principal payments on capitalized lease obligations		---		(10,059	)
Debt borrowings		---		---
Debt issuance costs		(7,712	)	(65	)
Proceeds from exercise of stock options		1,872		6,588
Cash dividends		(51,734	)	(51,521	)
Excess tax benefit (liability) on stock options exercised		72		(555	)
Stock repurchases		---		(53,634	)
Net cash used in financing activities		(57,502	)	(109,246	)
Net change in cash and cash equivalents		(27,723	)	(19,412	)
Cash and cash equivalents at beginning of year		250,793		270,205
Cash and cash equivalents at end of year	$	223,070		250,793
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest	$	14,951		13,967
Income taxes	$	57,571		59,977

4

The company’s vessel revenues and vessel operating expenses and the related percentage of total vessel revenues for the quarters and the years ended March 31, 2010 and 2009 and for the quarter ended December 31, 2009, were as follows:

	Quarter Ended March 31,					Year Ended March 31,				Quarter Ended December 31,
(In thousands)	2010		%	2009	%	2010	%	2009	%	2009	%
Vessel revenues:
International	$	236,081	91%	304,453	91%	1,048,553	92%	1,209,426	89%	254,586	93%
United States		22,575	9%	29,680	9%	89,609	8%	146,896	11%	19,921	7%
Vessel revenues		258,656	100%	334,133	100%	1,138,162	100%	1,356,322	100%	274,507	100%
Vessel operating costs:
Crew costs	$	79,282	31%	82,785	25%	320,229	28%	357,249	26%	79,458	29%
Repair and maintenance		22,941	9%	22,134	7%	104,413	9%	119,672	9%	24,386	9%
Insurance and loss reserves		3,154	1%	847	<1%	12,948	1%	12,817	1%	1,735	1%
Fuel, lube and supplies		15,372	6%	15,133	5%	56,637	5%	65,249	5%	13,210	5%
Vessel operating leases		4,490	2%	1,749	1%	15,054	1%	6,996	1%	4,494	2%
Other		20,655	8%	24,809	7%	95,978	8%	98,893	7%	24,905	9%
Total vessel operating costs		145,894	56%	147,457	44%	605,259	53%	660,876	49%	148,188	54%
Vessel operating margin (A)	$	112,762	44%	186,676	56%	532,903	47%	695,446	51%	126,319	46%

Note (A): The following table reconciles vessel operating margin as presented above to operating income for the quarters and the years ended March 31, 2010 and 2009 and for the quarter ended December 31, 2009:

	Quarter Ended March 31,					Year Ended March 31,				Quarter Ended December 31,
(In thousands)		2010		2009		2010		2009		2009
Vessel operating margin	$	112,762		186,676		532,903		695,446		126,319
Other marine revenues		1,340		7,484		30,472		34,513		11,998
Costs of other marine revenues		(1,240	)	(6,191	)	(27,387	)	(29,282	)	(10,565	)
Depreciation and amortization		(33,541	)	(32,780	)	(130,184	)	(126,231	)	(32,734	)
General and administrative		(44,182	)	(34,136	)	(149,932	)	(136,228	)	(33,676	)
Provision for Venezuelan operations		5,350		---		(43,720	)	---		---
Gain on asset dispositions, net		5,115		6,253		28,178		27,251		5,151
Operating income	$	45,604		127,306		240,330		465,469		66,493

The company’s operating profit and other components of earnings before income taxes and its related percentage of total revenues for the quarters and the years ended March 31, 2010 and 2009 and for the quarter ended December 31, 2009, were as follows:

	Quarter Ended March 31,							Year Ended March 31,						Quarter Ended December 31,
(In thousands)	2010			%	2009		%	2010		%	2009		%	2009		%
Marine operating profit:
Vessel activity:
International	$	56,979		22%	123,558		36%	252,354		22%	437,695		31%	66,893		23%
United States		3,826		1%	5,803		2%	9,196		1%	34,797		3%	1,527		1%
		60,805		23%	129,361		38%	261,550		22%	472,492		34%	68,420		24%
Corporate expenses		(20,200	)	(8%)	(9,395	)	(3%)	(51,432	)	(4%)	(38,622	)	(3%)	(8,289	)	(3%)
Gain on asset dispositions, net		5,115		2%	6,253		2%	28,178		2%	27,251		2%	5,151		2%
Other marine services		(116	)	(<1%)	1,087		<1%	2,034		<1%	4,348		<1%	1,211		<1%
Operating income		45,604		18%	127,306		37%	240,330		21%	465,469		33%	66,493		23%
Foreign exchange gain (loss)		8,771		3%	(1,998	)	(1%)	4,094		<1%	2,695		<1%	161		<1%
Equity in net earnings of unconsolidated companies		3,403		1%	4,905		1%	18,107		2%	16,978		1%	3,732		1%
Interest income and other, net		2,234		1%	2,370		1%	6,882		1%	7,066		1%	978		<1%
Interest and other debt costs		(569	)	(<1%)	(188	)	(<1%)	(1,679	)	(<1%)	(693	)	(<1%)	(583	)	(<1%)
Earnings before income taxes	$	59,443		23%	132,395		39%	267,734		23%	491,515		35%	70,781		25%

5

The company’s revenues, vessel utilization percentages and average day rates by vessel class and in total for the quarters and the years ended March 31, 2010 and 2009 and the quarter ended December 31, 2009, were as follows:

	Quarter Ended March 31,				Year Ended March 31,		Quarter Ended December 31,
	2010			2009	2010	2009	2009
REVENUES BY VESSEL CLASS (In thousands):
International-based fleet:
Deepwater vessels	$	82,284		71,553	306,763	267,219	81,670
Towing-supply/supply		125,088		191,342	616,240	769,296	144,500
Crew/utility		19,528		24,145	87,303	103,850	19,812
Offshore tugs		9,181		15,688	37,680	61,974	8,604
Other		---		1,725	567	7,087	---
Total	$	236,081		304,453	1,048,553	1,209,426	254,586
United States-based fleet:
Deepwater vessels	$	15,160		12,818	55,725	58,644	12,554
Towing-supply/supply		6,990		13,742	30,778	70,006	6,931
Crew/utility		425		3,120	3,106	18,246	436
Total	$	22,575		29,680	89,609	146,896	19,921
Worldwide fleet:
Deepwater vessels	$	97,444		84,371	362,488	325,863	94,224
Towing-supply/supply		132,078		205,084	647,018	839,302	151,431
Crew/utility		19,953		27,265	90,409	122,096	20,248
Offshore tugs		9,181		15,688	37,680	61,974	8,604
Other		---		1,725	567	7,087	---
Total	$	258,656		334,133	1,138,162	1,356,322	274,507
UTILIZATION:
International-based fleet:
Deepwater vessels		78.5	%	82.1	78.6	84.2	78.8
Towing-supply/supply		56.7		74.4	66.6	75.8	63.8
Crew/utility		72.3		71.0	72.4	78.0	70.4
Offshore tugs		56.8		66.8	56.8	61.1	56.0
Other		---		97.7	79.2	64.6	---
Total		62.7	%	74.0	68.5	75.6	66.5
United States-based fleet:
Deepwater vessels		92.0	%	98.5	86.1	96.9	83.7
Towing-supply/supply		41.8		42.3	37.3	47.5	35.8
Crew/utility		14.2		73.9	23.8	77.7	14.3
Total		46.0	%	56.3	43.1	61.0	39.5
Worldwide fleet:
Deepwater vessels		80.2	%	84.5	79.6	86.4	79.4
Towing-supply/supply		55.1		70.7	63.3	72.3	60.7
Crew/utility		66.4		71.4	67.7	78.0	65.0
Offshore tugs		56.8		66.8	56.8	61.1	56.0
Other		---		97.7	79.2	64.6	---
Total		61.0	%	72.1	65.9	73.9	63.8
AVERAGE VESSEL DAY RATES:
International-based fleet:
Deepwater vessels	$	23,924		27,057	24,470	26,364	24,406
Towing-supply/supply		12,259		12,736	12,340	12,368	12,164
Crew/utility		4,856		5,316	4,926	5,147	4,642
Offshore tugs		6,769		8,454	7,062	8,453	6,654
Other		---		9,812	9,679	9,835	---
Total	$	12,411		12,559	12,251	12,026	12,247
United States-based fleet:
Deepwater vessels	$	25,799		24,094	26,511	24,492	26,683
Towing-supply/supply		7,413		12,397	8,860	12,713	8,417
Crew/utility		4,757		5,357	4,936	5,789	4,749
Total	$	13,936		13,352	14,441	13,290	14,375
Worldwide fleet:
Deepwater vessels	$	24,198		26,560	24,763	26,006	24,687
Towing-supply/supply		11,849		12,713	12,114	12,396	11,921
Crew/utility		4,853		5,321	4,926	5,233	4,644
Offshore tugs		6,769		8,454	7,062	8,453	6,654
Other		---		9,812	9,679	9,835	---
Total	$	12,531		12,626	12,399	12,151	12,380

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 years ended March 31, 2010 and 2009 and for the quarter ended December 31, 2009, were as follows:

	Quarter Ended March 31,				Year Ended       March 31,		Quarter Ended December 31,
	2010			2009	2010	2009	2009
AVERAGE VESSEL DAY RATES:
International-based fleet:
New vessels	$	15,441		17,343	15,946	16,965	15,807
Traditional vessels		7,402		9,361	8,120	9,091	7,584
Total International-based fleet	$	12,411		12,559	12,251	12,026	12,247
United States-based fleet:
New vessels	$	20,689		15,074	20,122	14,526	20,843
Traditional vessels		9,666		11,863	10,633	12,177	10,269
Total U.S.-based fleet	$	13,936		13,352	14,441	13,290	14,375
Worldwide fleet:
New vessels	$	15,705		17,125	16,165	16,666	16,027
Traditional vessels		7,678		9,550	8,332	9,351	7,815
Total Worldwide Fleet	$	12,531		12,626	12,399	12,151	12,380
UTILIZATION:
International-based fleet:
New vessels		85.1	%	87.6	86.2	90.3	86.6
Traditional vessels		43.7		67.0	55.7	68.9	51.0
Total International-based fleet		62.7	%	74.0	68.5	75.6	66.5
United States-based fleet:
New vessels		57.6	%	83.2	56.7	84.4	52.7
Traditional vessels		40.8		44.0	37.1	48.8	34.1
Total U.S.-based fleet		46.0	%	56.3	43.1	61.0	39.5
Worldwide fleet:
New vessels		83.1	%	87.2	83.9	89.6	84.2
Traditional vessels		43.3		64.5	53.5	66.6	49.0
Total Worldwide Fleet		61.0	%	72.1	65.9	73.9	63.8

7

The company’s actual vessel count at March 31, 2010 and the average number of vessels by class and geographic distribution for the quarters and the years ended March 31, 2010 and 2009 and for the quarter ended December 31, 2009, were as follows:

	Actual Vessel Count at March 31,	Quarter Ended March 31,		Year Ended March 31,		Quarter Ended December 31,
	2010	2010	2009	2010	2009	2009
International-based fleet:
Deepwater vessels	50	49	34	44	33	43
Towing-supply/supply	201	199	226	206	224	206
Crew/utility	61	62	71	67	71	66
Offshore tugs	27	27	31	26	33	25
Other	---	---	2	---	3	---
Total	339	337	364	343	364	340
United States-based fleet:
Deepwater vessels	8	7	6	6	7	6
Towing-supply/supply	23	25	29	26	32	25
Crew/utility	7	7	9	7	11	7
Total	38	39	44	39	50	38
Owned or chartered vessels included in marine revenues (B)	377	376	408	382	414	378
Vessels withdrawn from service	7	7	11	8	15	7
Joint-venture and other	10	10	10	10	13	10
Total	394	393	429	400	442	395

Note (B): Included in total owned or chartered vessels at March 31, 2010 and 2009 and at December 31, 2009, were 83, 61 and 73 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.

Tidewater’s vessel commitments by vessel class and type as of March 31, 2010, were as follows:

	International Built			U.S. Built
Vessel class and type	Number of Vessels	Total Cost Commitment	Expended Through 03/31/10	Number of Vessels	Total Cost Commitment	Expended Through 03/31/10
		(In thousands)			(In thousands)
Deepwater vessels:
Anchor handling towing supply	1	$34,278	$26,459	---	---	---
Platform supply vessels	15	$401,920	$141,732	1	$30,504	$8,508
Towing-supply/supply vessels:
Anchor handling towing supply	17	$257,636	$79,618	---	---	---
Platform supply vessels	---	---	---	---	---	---
Crewboats	2	$18,071	$15,622	---	---	---
Totals	35	$711,905	$263,431	1	$30,504	$8,508

8

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	06/10	09/10	12/10	03/11	06/11	Thereafter
Deepwater vessels:
Anchor handling towing supply	1	---	---	---	---	---
Platform supply vessels	2	1	1	2	1	9
Towing-supply/supply vessels
Anchor handling towing supply	8	1	2	1	2	3
Platform supply vessels	---	---	---	---	---	---
Crewboats	---	1	1	---	---	---
Totals	11	3	4	3	3	12
(In thousands)
Expected quarterly cash outlay	$162,060	66,836	51,991	52,969	47,547	89,067 (C)

Note (C): The $89,067 of ‘Thereafter’ vessel construction obligations is expected to be paid out as follows: $87,815 in the remaining quarters of fiscal 2012 and $1,252 during fiscal 2013.

9