Exhibit 99.1

Tidewater Reports Second Quarter Results For Fiscal 2011

NEW ORLEANS, LA. November 3, 2010 — Tidewater Inc. (NYSE:TDW) announced today second quarter net earnings for the period ended September 30, 2010, of $19.4 million, or $0.38 per share, on revenues of $267.1 million. For the same quarter last year, net earnings were $98.2 million, or $1.90 per share, inclusive of a $34.3 million, or $0.66 per common share, tax benefit resulting from a favorable resolution of tax litigation, on revenues of $295.5 million. The immediately preceding quarter ended June 30, 2010, had net earnings of $39.8 million, or $0.77 per common share, on revenues of $262.5 million.

Included in net earnings for the quarter ended September 30, 2010, was a $4.35 million ($4.35 million after-tax, or $0.09 per common share) charge included in general and administrative expenses related to an agreement in principle with the United States Department of Justice to resolve the previously disclosed Foreign Corrupt Practices Act investigation. Also included in the September 2010 quarter was an effective tax rate of 34.4%, which reflects the Company’s current estimate for its operating tax rate for fiscal 2011 of approximately 22.5%, the cumulative effect on income tax expense for the six-months ended September 30, 2010 of the Company’s current estimate of its effective tax rate, and the Department of Justice charge, which has no related tax benefit. Relative to the Company’s previously disclosed effective tax rate estimate of 18.5%, the impact of the higher effective tax rate on the September 2010 quarterly results was approximately $0.09 per common share.

As previously announced, Tidewater will hold a conference call to discuss September quarterly earnings on Wednesday, November 3, 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” 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 November 3, 2010, and will continue until 11:59 p.m. Central time on November 5, 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 16647351.

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 December 3, 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 396 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.

1

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.

2

TIDEWATER INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share and per share data)

	Quarter Ended September 30,						Six Months Ended September 30,
	2010			2009			2010			2009
Revenues:
Vessel revenues	$	266,870			294,563			528,866			604,999
Other marine revenues		230			961			759			17,134
		267,100			295,524			529,625			622,133
Costs and expenses:
Vessel operating costs		169,892			157,526			324,475			311,177
Costs of other marine revenues		203			882			698			15,582
Depreciation and amortization		35,832			32,260			70,795			63,909
General and administrative		37,919			37,686			70,694			72,074
Provision for Venezuelan operations		—			517			—			49,070
Gain on asset dispositions, net		(3,638	)		(5,374	)		(9,196	)		(17,912	)
		240,208			223,497			457,466			493,900
Operating income		26,892			72,027			72,159			128,233
Other income (expenses):
Foreign exchange (loss) gain		(436	)		(2,252	)		1,174			(4,838	)
Equity in net earnings of unconsolidated companies		2,785			5,557			5,475			10,972
Interest income and other, net		2,029			502			2,407			3,670
Interest and other debt costs		(1,686	)		(450	)		(2,759	)		(527	)
		2,692			3,357			6,297			9,277
Earnings before income taxes		29,584			75,384			78,456			137,510
Income tax (benefit) expense		10,181			(22,801	)		19,222			(5,157	)
Net earnings	$	19,403			98,185			59,234			142,667
Basic earnings per common share	$	0.38			1.91			1.16			2.78
Diluted earnings per common share	$	0.38			1.90			1.15			2.77
Weighted average common shares outstanding		51,003,348			51,371,295			51,165,791			51,366,826
Dilutive effect of stock options and restricted stock		153,819			234,171			193,872			216,718
Adjusted weighted average common shares		51,157,167			51,605,466			51,359,663			51,583,544
Cash dividends declared per common share	$	0.25			0.25			0.50			0.50

3

TIDEWATER INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value data)

ASSETS		September 30, 2010		March 31, 2010
Current assets:
Cash and cash equivalents	$	51,653		223,070
Trade and other receivables, net		301,248		311,617
Marine operating supplies		48,522		44,237
Other current assets		13,948		6,703
Total current assets		415,371		585,627
Investments in, at equity, and advances to unconsolidated companies		32,331		40,614
Properties and equipment:
Vessels and related equipment		3,769,478		3,455,322
Other properties and equipment		84,047		82,007
		3,853,525		3,537,329
Less accumulated depreciation and amortization		1,291,160		1,283,505
Net properties and equipment		2,562,365		2,253,824
Goodwill		328,754		328,754
Other assets		89,772		84,538
Total assets	$	3,428,593		3,293,357
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities on long-term debt		—		25,000
Accounts payable		42,195		41,673
Accrued expenses		140,256		119,485
Accrued property and liability losses		3,922		4,809
Other current liabilities		27,825		13,745
Total current liabilities		214,198		204,712
Long-term debt		390,000		275,000
Deferred income taxes		216,258		211,504
Accrued property and liability losses		4,161		12,809
Other liabilities and deferred credits		124,151		125,302
Commitments and Contingencies
Stockholders’ equity:
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 51,421,176 shares at September 30, 2010 and 51,830,048 shares at March 31, 2010		5,140		5,183
Additional paid-in capital		79,730		73,203
Retained earnings		2,416,078		2,402,575
Accumulated other comprehensive loss		(21,123	)	(16,931	)
Total stockholders’ equity		2,479,825		2,464,030
Total liabilities and stockholders' equity	$	3,428,593		3,293,357

4

TIDEWATER INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Six Months Ended September 30,
		2010		2009
Operating activities:
Net earnings	$	59,234		142,667
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		70,795		63,909
Provision (benefit) for deferred income taxes		(10,660	)	(14,215	)
Compensation expense - stock-based		4,419		4,936
Gain on asset dispositions, net		(9,196	)	(17,912	)
Provision for Venezuelan operations, net		—		49,070
Reversal of liabilities for uncertain tax positions		—		(34,284	)
Equity in earnings of unconsolidated companies, net of dividends		8,283		3,343
Excess tax benefits on stock options exercised		(195	)	(194	)
Changes in assets and liabilities, net:
Trade and other receivables		2,219		(41,329	)
Marine operating supplies		(2,285	)	5,396
Other current assets		(7,245	)	(6,816	)
Accounts payable		522		107
Accrued expenses		16,641		6,448
Accrued property and liability losses		(887	)	246
Other current liabilities		17,003		8,694
Other liabilities and deferred credits		3,552		(4,589	)
Other, net		1,159		(644	)
Net cash provided by operating activities		153,359		164,833
Cash flows from investing activities:
Proceeds from sales of assets		18,368		23,216
Proceeds from sales/leaseback of assets		—		101,755
Proceeds from insurance settlements on Venezuela seized vessels		8,150		—
Additions to properties and equipment		(391,463	)	(212,532	)
Net cash used in investing activities		(364,945	)	(87,561	)
Cash flows from financing activities:
Principal payments on debt		(75,000	)	—
Debt borrowings		165,000		—
Debt issuance costs		(6,184	)	(7,707	)
Proceeds from exercise of stock options		1,919		962
Cash dividends		(25,773	)	(25,859	)
Excess tax benefits on stock options exercised		195		194
Stock repurchases		(19,988	)	—
Net cash provided by (used in) financing activities		40,169		(32,410	)
Net change in cash and cash equivalents		(171,417	)	44,862
Cash and cash equivalents at beginning of period		223,070		250,793
Cash and cash equivalents at end of period	$	51,653		295,655
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	8,463		7,163
Income taxes	$	23,649		29,568

5

The company’s vessel revenues and vessel operating expenses and the related percentage of total vessel revenues for the quarters and the six-month periods ended September 30, 2010 and 2009 and for the quarter ended June 30, 2010, were as follows:

	Quarter Ended September 30,					Six Months Ended September 30,					Quarter Ended June 30,
(In thousands)		2010	%	2009	%		2010	%	2009	%		2010	%
Vessel revenues:
International	$	241,579	91%	271,898	92%		478,724	91%	557,886	92%		237,145	91%
United States		25,291	9%	22,665	8%		50,142	9%	47,113	8%		24,851	9%
Vessel revenues		266,870	100%	294,563	100%		528,866	100%	604,999	100%		261,996	100%
Vessel operating costs:
Crew costs	$	89,941	34%	78,737	27%		170,633	32%	161,489	27%		80,692	31%
Repair and maintenance		31,791	12%	31,452	11%		58,884	11%	57,086	9%		27,093	10%
Insurance and loss reserves		4,513	2%	3,383	1%		8,923	2%	8,059	1%		4,410	2%
Fuel, lube and supplies		16,437	6%	15,213	5%		31,358	6%	28,055	5%		14,921	6%
Vessel operating leases		4,490	2%	4,321	1%		8,980	2%	6,070	1%		4,490	2%
Other		22,720	9%	24,420	8%		45,697	9%	50,418	8%		22,977	9%
Total vessel operating costs		169,892	64%	157,526	53%		324,475	61%	311,177	51%		154,583	59%
Vessel operating margin (A)	$	96,978	36%	137,037	46%		204,391	38%	293,822	48%		107,413	41%

Note (A): The following table reconciles vessel operating margin as presented above to operating income for the quarters and the six-month periods ended September 30, 2010 and 2009 and for the quarter ended June 30, 2010:

	Quarter Ended September 30,					Six Months Ended September 30,					Quarter Ended June 30,
(In thousands)		2010		2009			2010		2009			2010
Vessel operating margin	$	96,978		137,037			204,391		293,822			107,413
Other marine services revenues		230		961			759		17,134			529
Costs of other marine revenues		(203	)	(882	)		(698	)	(15,582	)		(495	)
Depreciation and amortization		(35,832	)	(32,260	)		(70,795	)	(63,909	)		(34,963	)
General and administrative		(37,919	)	(37,686	)		(70,694	)	(72,074	)		(32,775	)
Provision for Venezuelan operations		—		517			—		(49,070	)		—
Gain on asset dispositions, net		3,638		5,374			9,196		17,912			5,558
Operating income	$	26,892		73,061			72,159		128,233			45,267

The company’s operating income and other components of earnings before income taxes and its related percentage of total revenue for the quarters and the six-month periods ended September 30, 2010 and 2009 and for the quarter ended June 30, 2010, were as follows:

	Quarter Ended September 30,									Six Months Ended September 30,									Quarter Ended June 30,
(In thousands)		2010		%		2009		%			2010		%		2009		%			2010		%
Vessel operating profit:
International	$	31,025		12%		78,590		27%			74,130		14%		128,482		21%			43,105		16%
United States		5,251		2%		1,214		<1%			10,735		2%		3,843		1%			5,484		2%
		36,276		14%		79,804		27%			84,865		16%		132,325		21%			48,589		19%
Corporate expenses		(12,864	)	(5%	)	(13,042	)	(4%	)		(21,627	)	(4%	)	(22,943	)	(4%	)		(8,763	)	(3%	)
Gain on asset dispositions, net		3,638		1%		5,374		2%			9,196		2%		17,912		3%			5,558		2%
Other marine services		(158	)	(<1%	)	(109	)	(<1%	)		(275	)	(<1%	)	939		<1%			(117	)	(<1%	)
Operating income		26,892		10%		72,027		24%			72,159		14%		128,233		21%			45,267		17%
Foreign exchange (loss) gain		(436	)	(<1%	)	(2,252	)	(1%	)		1,174		<1%		(4,838	)	(1%	)		1,610		1%
Equity in net earnings of unconsolidated companies		2,785		1%		5,557		2%			5,475		1%		10,972		2%			2,690		1%
Interest income and other, net		2,029		1%		502		<1%			2,407		<1%		3,670		1%			378		<1%
Interest and other debt costs		(1,686	)	(1%	)	(450	)	(<1%	)		(2,759	)	(1%	)	(527	)	(<1%	)		(1,073	)	(<1%	)
Earnings before income taxes	$	29,584		11%		75,384		26%			78,456		15%		137,510		22%			48,872		19%

6

The company’s revenues, vessel utilization percentages and average day rates by vessel class and in total for the quarters and the six-month periods ended September 30, 2010 and 2009 and for the quarter ended June 30, 2010, were as follows:

	Quarter Ended September 30				Six Months Ended September 30,			Quarter Ended June 30,
		2010		2009		2010	2009		2010
REVENUES BY VESSEL CLASS (In thousands):
International-based fleet:
Deepwater vessels	$	88,193		73,695		177,788	142,808		89,595
Towing-supply/supply		124,797		166,472		243,894	346,653		119,097
Crew/utility		19,812		22,393		38,922	47,963		19,110
Offshore tugs		8,777		9,338		18,120	19,895		9,343
Other		—		—		—	567		—
Total	$	241,579		271,898		478,724	557,886		237,145
United States-based fleet:
Deepwater vessels	$	16,672		14,714		33,720	28,011		17,048
Towing-supply/supply		8,190		7,342		15,561	16,857		7,371
Crew/utility		429		609		861	2,245		432
Total	$	25,291		22,665		50,142	47,113		24,851
Worldwide fleet:
Deepwater vessels	$	104,865		88,409		211,508	170,819		106,643
Towing-supply/supply		132,987		173,814		259,455	363,510		126,468
Crew/utility		20,241		23,002		39,783	50,208		19,542
Offshore tugs		8,777		9,338		18,120	19,895		9,343
Other		—		—		—	567		—
Total	$	266,870		294,563		528,866	604,999		261,996
UTILIZATION:
International-based fleet:
Deepwater vessels		77.4	%	78.5		80.4	78.6		83.6
Towing-supply/supply		55.2		71.1		54.6	72.5		53.9
Crew/utility		76.0		71.3		74.2	73.5		72.4
Offshore tugs		55.1		60.4		57.2	57.1		59.4
Other		—		—		—	79.2		—
Total		62.3	%	71.3		62.2	72.3		62.2
United States-based fleet:
Deepwater vessels		89.1	%	76.7		90.0	84.3		91.0
Towing-supply/supply		48.9		32.2		46.4	35.8		44.1
Crew/utility		32.5		18.7		25.0	32.8		20.4
Total		57.2	%	37.7		54.0	43.4		51.1
Worldwide fleet:
Deepwater vessels		78.9	%	78.2		81.6	79.4		84.6
Towing-supply/supply		54.6		66.8		53.8	68.5		52.9
Crew/utility		73.9		66.4		71.2	69.6		68.5
Offshore tugs		55.1		60.4		57.2	57.1		59.4
Other		—		—		—	79.2		—
Total		61.8	%	67.8		61.5	69.3		61.1
AVERAGE VESSEL DAY RATES:
International-based fleet:
Deepwater vessels	$	22,619		24,222		22,655	24,834		22,690
Towing-supply/supply		11,975		12,399		12,040	12,445		12,108
Crew/utility		4,766		4,935		4,780	5,085		4,793
Offshore tugs		6,415		7,059		6,408	7,406		6,402
Other		—		—		—	9,679		—
Total	$	12,173		12,177		12,251	12,186		12,331
United States-based fleet:
Deepwater vessels	$	25,432		29,792		25,591	26,834		25,747
Towing-supply/supply		8,268		9,627		7,989	9,873		7,702
Crew/utility		4,778		5,045		4,763	5,010		4,749
Total	$	14,570		16,456		14,550	14,726		14,531
Worldwide fleet:
Deepwater vessels	$	23,024		25,000		23,077	25,142		23,129
Towing-supply/supply		11,653		12,250		11,685	12,296		11,718
Crew/utility		4,767		4,938		4,779	5,082		4,792
Offshore tugs		6,415		7,059		6,408	7,406		6,402
Other		—		—		—	9,679		—
Total	$	12,366		12,426		12,437	12,352		12,511

7

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 six-month periods ended September 30, 2010 and 2009 and for the quarter ended June 30, 2010, were as follows:

	Quarter Ended September 30,				Six Months Ended September 30,			Quarter Ended June 30,
		2010		2009		2010	2009		2010
AVERAGE VESSEL DAY RATES:
International-based fleet:
New vessels	$	14,122		16,160		14.345	16,301		14,587
Traditional vessels		7,603		8,193		7,699	8,531		7,787
Total International-based fleet	$	12,173		12,177		12,251	12,186		12,331
United States-based fleet:
New vessels	$	21,205		21,955		21,227	19,560		21,248
Traditional vessels		10,039		12,874		9,823	11,309		9,597
Total U.S.-based fleet	$	14,570		16,456		14,550	14,726		14,531
Worldwide fleet:
New vessels	$	14,463		16,429		14,694	16,490		14,943
Traditional vessels		7,964		8,518		7,998	8,730		8,029
Total Worldwide Fleet	$	12,366		12,426		12,437	12,352		12,511
UTILIZATION:
International-based fleet:
New vessels		85.8	%	86.8		86.1	86.6		86.5
Traditional vessels		37.9		60.5		38.8	63.0		39.7
Total International-based fleet		62.3	%	71.3		62.2	72.3		62.2
United States-based fleet:
New vessels		76.6	%	49.2		72.5	58.1		68.9
Traditional vessels		48.8		32.7		45.7	36.8		43.0
Total U.S.-based fleet		57.2	%	37.7		54.0	43.4		51.1
Worldwide fleet:
New vessels		85.3	%	83.8		85.3	84.2		85.3
Traditional vessels		39.2		57.2		39.7	60.0		40.1
Total Worldwide Fleet		61.8	%	67.8		61.5	69.3		61.1

The company’s average number of vessels by class and geographic distribution for the quarters and the six-month periods ended September 30, 2010 and 2009 and for the quarter ended June 30, 2010:

	Quarter Ended September 30,			Six Months Ended September 30,			Quarter Ended June 30,
		2010	2009		2010	2009		2010
International-based fleet:
Deepwater vessels		55	42		53	40		52
Towing-supply/supply		205	205		203	210		200
Crew/utility		59	69		60	70		61
Offshore tugs		27	24		27	26		27
Other		—	—		—	—		—
Total		346	340		343	346		340
United States-based fleet:
Deepwater vessels		8	7		8	7		8
Towing-supply/supply		22	26		23	26		24
Crew/utility		3	7		4	7		5
Total		33	40		35	40		37
Owned or chartered vessels included in marine revenues (B)		379	380		378	386		377
Vessels withdrawn from service		6	8		6	9		6
Joint-venture and other		10	10		10	10		10
Total		395	398		394	405		393

Note (B): Included in total owned or chartered vessels, for the quarters ended September 30, 2010 and 2009 and for the quarter ended June 30, 2010, were 94, 70 and 89 vessels, respectively, that were stacked by the company. These vessels were considered to be in service and were included in the calculation of the company’s utilization statistics.

8

The company’s vessel commitments by vessel class and type as of September 30, 2010, were as follows:

	International Built						U.S. Built
Vessel class and type		Number of Vessels		Total Cost		Expended Through 9/30/10		Number of Vessels		Total Cost		Expended Through 9/30/10
				(In thousands)						(In thousands)
Deepwater vessels:
Anchor handling towing supply		—		—		—		—		—		—
Platform supply vessels		17	$	471,545	$	143,485		1	$	31,685	$	19,929
Towing-supply/supply vessels:
Anchor handling towing supply		11	$	187,938	$	84,655		—		—		—
Platform supply vessels		—		—		—		—		—		—
Crewboats		1	$	9,656	$	7,526		—		—		—
Totals		29	$	669,139	$	235,666		1	$	31,685	$	19,929

The table below summarizes by vessel class and vessel type the number of vessels expected to be delivered by quarter along with the expected quarterly cash outlay (in thousands) of the various vessel commitments as discussed above:

	Quarter Period Ended
Vessel class and type		12/10	03/11	06/11	09/11	12/11	Thereafter
Deepwater vessels:
Anchor handling towing supply		—	—	—	—	—	—
Platform supply vessels		—	3	4	2	2	7
Towing-supply/supply vessels:
Anchor handling towing supply		4	1	3	1	1	1
Platform supply vessels		—	—	—	—	—	—
Crewboats		—	—	1	—	—	—
Totals		4	4	8	3	3	8
(In thousands)
Expected quarterly cash outlay	$	121,647	82,975	88,963	57,984	41,252	52,408	(C)

Note (C): The $52,408 of ‘Thereafter’ vessel construction obligations is expected to be paid out as follows: $25,319 in the remaining quarter of fiscal 2012 and $27,089 during fiscal 2013.

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