CSFB Energy Summit

February 2, 2006     

Joe Bennett  -

Senior Vice President

Jeff Platt

-

Senior Vice President

Exhibit 99.1

TIDEWATER

601 Poydras Street, Suite 1900

New Orleans, LA 70130

Phone: 504.568.1010

Fax: 504.566.4580

Web site address: www.tdw.com

Email: connect@tdw.com

In

accordance

with

the

safe

harbor

provisions

of

the

Private

Securities

Litigation

Reform

Act

of

1995,

the

Company

notes

that

certain

statements

set

forth

in

this

presentation

provide

other

than

historical

information

and

are

forward

looking.

The

actual

achievement

of

any

forecasted

results,

or

the

unfolding

of

future

economic

or

business

developments

in

any

way

anticipated

or

projected

by

the

Company,

involve

many

risks

and

uncertainties.

Among

those

risks

and

uncertainties,

many

of

which

are

beyond

the

control

of

the

Company,

are:

fluctuations

in

oil

and

gas

prices;

the

level

of

fleet

additions

by

competitors

and

vessel

overcapacity;

changes

in

levels

of

capital

spending

in

domestic

and

international

markets

by

customers

in

the

energy

industry

for

exploration,

development

and

production;

unsettled

political

conditions,

civil

unrest

and

governmental

actions,

especially

in

higher

risk

countries

of

operations;

changing

customer

demands

for

different

vessel

specifications;

acts

of

terrorism;

unsettled

political

conditions,

war,

civil

unrest

and

governmental

actions,

especially

in

higher

risk

countries

of

operations;

foreign

currency

fluctuations;

and

environmental

and

labor

laws.

Participants

should

consider

all

of

these

risk

factors

as

well

as

other

information

contained

in

the

Company’s

form

10-K’s

and

10-Q’s.

FORWARD-LOOKING STATEMENTS

Total Recordable Incident Rates

“SAFEST COMPANY IN THE INDUSTRY”

Calendar Years

1.5

0

0.5

1

2000

2001

2002

2003

2004

TIDEWATER

DOW CHEMICAL

DUPONT

EXXON/MOBIL

BP

BEING SAFE ISN’T EASY

LOST TIME ACCIDENTS

18

10

8

9

5

5

4

1

0

4

8

12

16

20

1998

1999

2000

2001

2002

2003

2004

2005

FISCAL 2005 & FISCAL 2006 TO DATE HIGHLIGHTS

Continued improvement in safety record –

only one offshore LTA in 26.5

million man hours during FY 2005 and none in FY 2006 thus far

Continued re-generation of Tidewater with new vessels

Improved worldwide operating environment resulting in escalating vessel

dayrates and net earnings

July 2005 sale of six vessels resulting in $65.9 million gain

July 2005 announcement of up to $120 million Share Repurchase Program

Positive impact of American Jobs Creation Act of 2004

Continued overall financial strength –

Current  Debt to Total Cap of 15.9%

(net debt/total cap of 7.7%)

80%+ growth in stock price since beginning of fiscal 2005

HURRICANES KATRINA AND RITA IMPACT

Operating base in Amelia, La. incurred very little damage –

Was fully operational

with internet and system connectivity almost immediately thereafter

Gulf of Mexico vessels were without damage and completely operational

Company personnel accounted for and were temporarily assigned to Amelia

and Houston offices

New Orleans office is now accessible, and staff has returned

Disaster Recovery Plan operated as designed

No significant negative financial impact expected as insurance coverage should

cover extraordinary costs, but discussions continue with underwriters.

9/30/05 Quarterly financial statements filed timely on 10/27/05

No hull, liability or property claims resulted from the hurricanes

WHY A POSITIVE OUTLOOK

Favorable commodity prices

E&P spending up

Rig count up

Strong demand (China, India, West Africa, etc.)

Growth areas match Tidewater’s locations

North Sea activity up

Growing financial effect of our “new”

fleet

Boat sector typically late cycle story

Favorable tax changes

OUR STRATEGY

Maintain and grow international market share

Continue to improve domestic profitability

Renew the fleet & assess opportunities for

stacked fleet

Be ready for the right acquisition

Push dayrates to grow profits and cash flow

Maintain financial strength

Active Vessel Count By Region

(excludes stacked vessels)

A STRONG GLOBAL PRESENCE

North

America

64 (17%)

Central/

South

America

96 (26%)

West

Africa

121 (33%)

Europe/M.E.

39 (11%)

Far East

48 (13%)

Vessel count above excludes approximately 145 stacked vessels

MAINTAIN AND GROW

INTERNATIONAL MARKET SHARE

82%

of

fiscal

2005

and

80%

of

fiscal

2006

YTD

revenue

generated

in

international

markets

Areas of Opportunity

INTERNATIONAL VESSEL

Dayrates

and Utilization

40%

50%

60%

70%

80%

12/02

3/03

6/03

9/03

12/03

3/04

6/04

9/04

12/04

3/05

6/05

9/05

12/05

$5,000

$5,500

$6,000

$6,500

$7,000

$7,500

$8,000

International Dayrates

New Vessels

Remaining Vessels

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

$11,000

12/02

3/03

6/03

9/03

12/03

3/04

6/04

9/04

12/04

3/05

6/05

9/05

12/05

ODS-Petrodata Working Rig & Supply Vessels -

USGOM

0

20

40

60

80

100

120

140

160

180

200

100

150

200

250

300

350

400

ODS Working Rigs

ODS Working PSV

DOMESTIC VESSEL

Dayrates

and Utilization

20%

30%

40%

50%

60%

70%

80%

12/02

3/03

6/03

9/03

12/03

3/04

6/04

9/04

12/04

3/05

6/05

9/05

12/05

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

Domestic Dayrates

New Vessels

Remaining Vessels

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

12/02

3/03

6/03

9/03

12/03

3/04

6/04

9/04

12/04

3/05

6/05

9/05

12/05

VS -

486

John P Laborde

VS -

480

Miss Jane Tide

UT-745

Russell Tide

UT-755

Carline Tide

175’

Fast Supply Vessel

Bonnette Tide

207’

PSV

Lousteau Tide

THE NEW FACE OF TIDEWATER

RENEW THE FLEET

WHY RENEW OUR WORLDWIDE FLEET

* Vessel count is inclusive of stacked vessels

20

442

TOTAL

22

8

Other

26

57

Offshore Tugs

15

88

Crew/Utility

22

255

Towing

Supply/Supply

9

34

Deepwater Vessels

Average

Age

In years

Vessel

Count *

VESSEL COMMITMENTS POST JANUARY 2000

THROUGH 12/31/05

* Excludes Ensco fleet acquisition effected April 1, 2003

124

$1,454m

50

$182m

42

$671m

32

$601m

TOTALS:

Vessels

$ Committed

40

18

1

21

Int.l Built Replacements

47

32

15

U.S. Built Replacements

37

26

11

Deepwater Vessels

TOTAL

CREW/

OTHER

PSV

AHTS

Fiscal 2005

Profit

Contribution

Average

Age

Vessel

Count

Profit

Contribution

Average

Age

Vessel

Count

30%

4

95

0%

0

Vessels built

or acquired

since January

2000

70%

24

344

100%

19

509

Vessels built

prior to

January 2000

Fiscal 2000

FLEET AGE AND PROFIT CONTRIBUTION

Company Fleet Counts vs. Tidewater Dispositions (last 6 years)

545

600

26

54

307

77

0

100

200

300

400

500

Tidewater

Seacor

Trico

Gulfmark

Hornbeck

Tidewater

Dispositions

227 Sold

43 Scrapped

270

MINDFUL OF INDUSTRY FLEET TOTALS

*

Includes held for sale and joint venture vessels

110 vessels added to Tidewater fleet since January 2000

(excluding ENSCO acquisition and vessels under construction)

MAINTAIN FINANCIAL STRENGTH

BALANCE SHEET

$             325

$             300

Total Debt

300

300

Senior Notes Debt

25

0

Revolver Debt

$          2,082

$          2,295

Total Liabilities & Equity

1,366

1,592

Stockholders’

Equity

644

604

Other Liabilities

72

99

Current Liabilities

$          2,082

$          2,295    

Total Assets

515

481

Other Assets

1,342

1,370

PP&E

207

277

Other Current Assets

$               18

$               167

Cash

March

2004

December

2005

(millions of dollars)

EARNINGS GROWTH OVER THE LAST YEAR

(1)

Exclusive of $31.8 million income tax benefit ($.55 per share) resulting from the

American Jobs Creation Act of 2004

(2)

Exclusive of $42.8 million after tax gain ($.74 per share) resulting from the sale of six KMAR 404 vessels in

July 2005

.50

29

185

35

150

6/30/05

Qtr

.34

20

170

29

141

12/31/04

Qtr

.36

21

175

31

144

3/31/05

Qtr

Diluted EPS

Net Earnings

Vessel Revenue:

Domestic

International

(IN MILLIONS)

(1)

(1)

.68

39

198

9/30/05

Qtr

41

157

60

12/31/05

Qtr

51

177

228

(2)

(2)

106

102

103

Vessel Oper. Costs

106

103

1.04

OPERATING PROFITS VS STOCK PRICE

International

Domestic

Stock Price

Millions

($20)

($10)

$0

$10

$20

$30

$40

$50

$60

$70

12/02

3/03

6/03

9/03

12/03

3/04

6/04

9/04

12/04

3/05

6/05

9/05

12/05

$0

$10

$20

$30

$40

$50

$60

(1)

Eliminates shipping income from the definition of

Sub-Part F income.

(2) Effect to Tidewater –

Effective April 1, 2005, shipping income of

foreign-owned affiliates will not be taxed in the U.S. until

actually paid in the form of a dividend. Cash left in ownership of

foreign affiliates or reinvested abroad in any activity will not

be

taxed.

(3) Effective tax rate should drop in fiscal 2006 to approximately

20%-26% from historic 32%-35%

(4) Tidewater recorded $31.8 million  tax benefit already as of

3/31/05

AMERICAN JOBS CREATION ACT OF 2004

CURRENT OSX DIVIDEND YIELDS

1.1%

0.8%

0.7%

0.8%

1.6%

0.5%

0.6%

0

0.5

1

1.5

2

Tidewater

Schlumberger

Halliburton

Baker

Hughes

Global

Santa Fe

BJ Services

Smith

International

0.2%

Noble  Corp

FUTURE OUTLOOK

*1/22/06 First Call consensus of analysts reporting on Tidewater

EPS

Fiscal 2005 Actual

$1.78

Fiscal

2006

*

$3.07

Fiscal

2007

*

$4.22

SUMMARY

Consistent, conservative management 

focused on profitability and strong

balance sheet. Benefit from new tax act

Maintain financial strength

Leading presence in major oil and gas

producing regions worldwide

Maintain and grow international

market share

Supply/Demand has presented an

opportunity to increase dayrates

without much cost increases

Push dayrates to grow profits

and cash flow

Financial strength has us prepared for

the right move

Be ready for the right

acquisition

Core fleet to be replaced with  fewer,

larger, more efficient vessels

Renew the fleet

CSFB Energy Summit

February 2, 2006     

Joe Bennett  -

Senior Vice President

Jeff Platt

-

Senior Vice President