Exhibit 99.1

Tidewater Inc. 842 West Sam Houston Parkway North, Suite 400 Houston, TX 77024, USA +1.713.470.5300

Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2022

                                                        Full-Year 2023 Guidance

● Forecasted revenue for 2023 of approximately $900 million, an increase of 39.0% compared to full-year 2022 revenue of $647.7 million

● Forecasted 2023 vessel operating margin of approximately 50.0%, an increase of 11.9 percentage points compared to full-year 2022 vessel operating margin of 38.1%

                                                         Full-Year 2022 Highlights

● Revenue of $647.7 million, an increase of 74.6% compared to full-year 2021 revenue of $371.0 million

● Vessel operating margin of 38.1%, an increase of 10.5 percentage points compared to full-year 2021 vessel operating margin of 27.6%

● Operating income of $26.7 million, an increase of 128.1% compared to full-year 2021 operating loss of $95.0 million

● Adjusted EBITDA of $166.7 million, an increase of 380.3% compared to full-year 2021 adjusted EBITDA of $34.7 million

                                                        Fourth Quarter 2022 Highlights

● Adjusted EBITDA of $51.2 million

● Free cash flow of $53.3 million

● Year-end net debt balance of $9.6 million

● Second consecutive quarter of positive net income, generating $10.6 million in the fourth quarter of 2022

HOUSTON, February 27, 2023 - Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ended December 31, 2022 of $186.7 million and $647.7 million, respectively, compared with $105.2 million and $371.0 million, respectively, for the three and twelve months ended December 31, 2021. Tidewater's net income (losses) for the three and twelve months ended December 31, 2022, were $10.6 million ($0.20 per common share) and $(21.7) million ($0.49 per common share), respectively, compared with $(37.9) million ($0.92 per common share) and $(129.0) million ($3.14 per common share), respectively, for the three and twelve months ended December 31, 2021. Included in the net income for the three months ended December 31, 2022 were merger and severance expenses of $5.1 million. Included in the net losses for the twelve months ended December 31, 2022 were long-lived asset impairment and other of $0.7 million; gain on bargain purchase of $1.3 million; loss on warrants of $14.2 million and merger and severance expenses of $19.1 million. Excluding these items, we would have reported a net income for the three months ended December 31, 2022 of $15.8 million ($0.30 per common share) and net profit for the twelve months ended December 31, 2022 of $10.9 million ($0.22 per common share). Included in the net losses for the three and twelve months ending December 31, 2021 were impairment charges related to assets held for sale, affiliate credit loss expense, inventory obsolescence, loss on debt extinguishment and severance expenses totaling $26.2 million and $28.4 million, respectively. Excluding these costs, we would have reported a net loss for the three months ending December 31, 2021 of $11.7 million ($0.28 per common share) and a net loss for the twelve months ending December 31, 2021 of $100.6 million ($2.45 per common share).

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “As we mentioned in this year’s second quarter earnings press release, 2022 marked an inflection point in the recovery of the offshore vessel market. I am pleased by our annual financial performance and by our accomplishments during the year. Revenue improved by approximately 75.0% due to the acquisition of Swire Pacific Offshore in April and an increase in offshore activity that has been driven by the need to ensure reliable and secure sources of hydrocarbons for a global economy still emerging from the pandemic. This increase in demand combined with an underinvestment in vessels over the past eight years allowed the industry to push utilization and day rates globally. By all financial measures, 2022 represented a marked improvement in our results. Our primary goal is to build a business that maximizes long-term free cash flow generation within the principles and risk tolerances appropriate for this industry and age. We generated over $50.0 million of free cash flow during 2022 and as such we ended the year in a strong cash position, resulting in a net debt balance of only $9.6 million. The acquisition in April further bolstered our fleet, providing a compelling platform to take advantage of the continued strength in the offshore vessel market.

“ While we are pleased with the momentum that was built throughout 2022, we believe that the macroeconomic trends driving the business will persist and that Tidewater is well-positioned to drive continued financial performance and cash flow generation in 2023 and beyond. We are forecasting revenue for 2023 of approximately $900.0 million, up almost 40.0% from 2022, and for vessel operating margin for 2023 of approximately 50.0%, up about 12 percentage points from 2022.

“Our West Africa business continued to perform well during the fourth quarter, with revenue up about 6.8% sequentially, driven by an increase in average day rates. Likewise, our Americas region experienced a strong fourth quarter, with revenue also up 6.8% sequentially, all of which was driven by an 8.1% increase in day rates, with notable day rate enhancement in the U.S. Gulf of Mexico and Mexico. Further, revenue in the Mediterranean expanded by about 9.3% sequentially, resulting from a 4.5% increase in day rates and additional capacity brought to the area from the U.S. Gulf of Mexico. The North Sea experienced typical seasonality which resulted in total revenue in the fourth quarter declining by 2.6% sequentially. Further, our Asia Pacific segment was adversely impacted by a combination of vessels in transit along with drydocking activity and idle time as vessels came off contract; we expect this frictional unemployment to subside in the first quarter. Activity levels in rest of the world were slightly up during the fourth quarter. Overall day rates remained flat from the prior quarter, and if we exclude the declines in our North Sea and Asia Pacific business, our average day rate increased 4.8% sequentially.

“As we look forward into 2023, we are confident that not only is the recovery here, but that the demand for offshore vessels will continue to strengthen throughout this year. The renewed global focus on securing reliable sources of hydrocarbons has prioritized offshore oil and gas development and we believe that offshore oil and gas capital spending plans will accelerate throughout 2023 and beyond.

“Just as encouraging as the acceleration in demand for offshore vessels services is the continued reduction in the available supply of offshore vessels. The number of large OSVs that are currently laid up is quite limited and the likelihood any of these vessels returning to the market is remote. We see a similar situation developing in the mid-sized OSV fleet, where additional available supply is also very limited. We see essentially no new vessels on order, indicating that the supply of vessels will continue to decline modestly as vessels naturally attrition out of the global fleet. Accordingly, it is our view that the industry is positioned to benefit from an increase in demand over the medium-to-long term and a slowly shrinking supply of vessels. We believe this imbalance in supply and demand will continue to provide the opportunity for day rate and utilization increases, and we remain committed to maximizing the earnings and cash flow generation from our fleet.

“Finally, we are excited to announce that we will be publishing our 2022 Sustainability Report later this week. Tidewater remains committed to excellence in safe vessel operations as well as leading the industry through the energy transition. Look for the report later this week on our website.”

In addition to the number of outstanding shares, as of December 31, 2022, the company also has the following in-the-money warrants.

Common shares outstanding	50,554,179
New Creditor Warrants (strike price $0.001 per common share)	80,954
GulfMark Creditor Warrants (strike price $0.01 per common share)	165,479
Total	50,800,612

Tidewater will hold a conference call to discuss results for the three and twelve months ending December 31, 2022 on February 28, 2023, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.888.770.7135 if calling from the U.S. or Canada (+1.929.203.0820 if calling from outside the U.S.) and provide Conference ID: 2444624 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.

A replay of the conference call will be available beginning at 11:00 a.m. Central Time on February 28, 2023 and will continue until 11:59 p.m. Central Time on March 28, 2023. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.

About Tidewater

Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.

Cautionary Statement 

This news release contains “forward-looking statements” within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “believe,” “think,” “anticipate,” “predict,” “plan,” “assume,” “estimate,” “forecast,” “target,” “projections,” “intend,” “should,” “will,” “shall” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain and based on our management’s current expectations and beliefs concerning future developments and their potential impact on Tidewater Inc. and its subsidiaries (the “Company”).

These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Forms 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the SEC.

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If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Financial information is displayed beginning on the next page.

The financial statements and supplementary information presented in this press release have been audited. This press release presents extracts from the Consolidated Balance Sheets at December 31, 2022 and December 31, 2021; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and twelve months ended December 31, 2022 and 2021; and the Consolidated Statements of Cash Flows for the twelve months ended December 31, 2022 and 2021. Extracts are drawn from the December 31, 2022 and 2021 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.

In conjunction with the acquisition of Swire Pacific Offshore (SPO), we realigned our reportable segments to better reflect the post-acquisition operating environment. The previous Middle East/Asia Pacific segment has been split into the Middle East segment and the Asia Pacific segment. Our previous operations in Southeast Asia and Australia, along with the legacy SPO operations in the Asia Pacific region, now form the new Asia Pacific segment. Our segment disclosures reflect the current segment alignment for all periods presented.

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TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands, except per share data) 

	Three Months Ended						Twelve Months Ended
	December 31, 2022			December 31, 2021			December 31, 2022			December 31, 2021
Revenues:
Vessel revenues	$	185,106		$	100,428		$	641,404		$	361,569
Other operating revenues		1,640			4,747			6,280			9,464
Total revenues		186,746			105,175			647,684			371,033
Costs and expenses:
Vessel operating costs		115,496			71,187			397,301			261,814
Costs of other operating revenues		694			228			2,130			2,231
General and administrative		28,633			17,641			101,921			68,516
Depreciation and amortization		29,881			28,288			119,160			114,544
Long-lived asset impairment and other		—			13,476			714			15,643
Affiliate credit loss impairment		—			1,400			—			400
(Gain) loss on asset dispositions, net		(1,076	)		(53	)		(250	)		2,901
Total costs and expenses		173,628			132,167			620,976			466,049
Operating income (loss)		13,118			(26,992	)		26,708			(95,016	)
Other income (expense):
Foreign exchange gain (loss)		2,105			582			(2,827	)		(369	)
Equity in net earnings (losses) of unconsolidated companies		14			(1,625	)		(221	)		(3,322	)
Interest income and other, net		981			1,426			5,397			1,605
Loss on warrants		—			—			(14,175	)		—
Loss on early extinguishment of debt		—			(11,100	)		—			(11,100	)
Interest and other debt costs, net		(4,339	)		(3,417	)		(17,189	)		(15,583	)
Total other expense		(1,239	)		(14,134	)		(29,015	)		(28,769	)
Income (loss) before income taxes		11,879			(41,126	)		(2,307	)		(123,785	)
Income tax expense (benefit)		1,697			(3,047	)		19,886			5,875
Net income (loss)		10,182			(38,079	)		(22,193	)		(129,660	)
Less: Net loss attributable to noncontrolling interests		(438	)		(145	)		(444	)		(691	)
Net income (loss) attributable to Tidewater Inc.	$	10,620		$	(37,934	)	$	(21,749	)	$	(128,969	)
Basic income (loss) per common share	$	0.22		$	(0.92	)	$	(0.49	)	$	(3.14	)
Diluted income (loss) per common share	$	0.20		$	(0.92	)	$	(0.49	)	$	(3.14	)
Weighted average common shares outstanding		48,766			41,280			44,132			41,009
Dilutive effect of warrants, restricted stock units and stock options		3,069			—			—			—
Adjusted weighted average common shares		51,835			41,280			44,132			41,009

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TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands, except share and par value data)

	December 31, 2022			December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	164,192		$	149,037
Restricted cash		1,241			1,240
Trade and other receivables, less allowance for credit losses of $2,362 and $1,948 at December 31, 2022 and December 31, 2021, respectively		156,465			86,503
Due from affiliates, less allowance for credit losses of $11,698 and $72,456 at December 31, 2022 and December 31, 2021, respectively		—			70,134
Marine operating supplies		30,830			12,606
Assets held for sale		4,195			14,421
Prepaid expenses and other current assets		20,985			8,731
Total current assets		377,908			342,672
Net properties and equipment		796,655			688,040
Deferred drydocking and survey costs		61,080			40,734
Indemnification assets		28,369			—
Other assets		33,644			24,334
Total assets	$	1,297,656		$	1,095,780
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	38,946		$	20,788
Accrued costs and expenses		105,518			51,734
Due to affiliates		—			61,555
Other current liabilities		50,323			23,865
Total current liabilities		194,787			157,942
Long-term debt		169,036			167,885
Other liabilities and deferred credits		67,843			68,184
Commitments and contingencies
Equity:
Common stock		51			41
Additional paid-in-capital		1,556,990			1,376,494
Accumulated deficit		(699,649	)		(677,900	)
Accumulated other comprehensive loss		8,576			2,668
Total stockholders' equity		865,968			701,303
Noncontrolling interests		22			466
Total equity		865,990			701,769
Total liabilities and equity	$	1,297,656		$	1,095,780

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TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In Thousands)

	Three Months Ended					Twelve Months Ended
	December 31, 2022		December 31, 2021			December 31, 2022			December 31, 2021
Net income (loss)	$	10,182	$	(38,079	)	$	(22,193	)	$	(129,660	)
Other comprehensive income (loss):
Unrealized (gain) loss on note receivable		779		—			(496	)		—
Change in supplemental executive retirement plan pension liability, net of tax		4,561		(763	)		4,561			(763	)
Change in liability of pension plans		1,762		3,957			1,843			4,235
Total comprehensive income (loss)	$	17,284	$	(34,885	)	$	(16,285	)	$	(126,188	)

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TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

	Twelve Months			Twelve Months
	Ended			Ended
	December 31, 2022			December 31, 2021
Operating activities:
Net loss	$	(22,193	)	$	(129,660	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		83,522			73,223
Amortization of deferred drydocking and survey costs		35,638			41,321
Amortization of debt premiums and discounts		1,679			3,171
Provision for deferred income taxes		36			(1,287	)
(Gain) loss on asset dispositions, net		(250	)		2,901
Gain on bargain purchase		(1,300	)		—
Affiliate credit loss impairment		—			400
Long-lived asset impairment and other		714			15,643
Loss on warrants		14,175			—
Loss on debt extinguishment		—			11,100
Stock-based compensation expense		7,372			5,638
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables		(4,129	)		26,120
Changes in due to/from affiliate, net		(20	)		(123	)
Accounts payable		16,481			3,807
Accrued expenses		(1,340	)		(688	)
Deferred drydocking and survey costs		(56,000	)		(27,282	)
Other, net		(34,159	)		(9,278	)
Net cash provided by (used in) operating activities		40,226			15,006
Cash flows from investing activities:
Proceeds from sales of assets		13,568			34,010
Acquisitions, net of cash acquired		(20,740	)		—
Additions to properties and equipment		(16,637	)		(8,951	)
Net cash provided by (used in) investing activities		(23,809	)		25,059
Cash flows from financing activities:
Proceeds from stock offering		187,832			—
Repurchase of SPO Acquisition Warrants		(187,832	)		—
Issuance of long-term debt		—			172,375
Principal payments on long-term debt		—			(198,918	)
Debt extinguishment premium		—			(7,781	)
Debt issuance and modification costs		(393	)		(5,737	)
Tax on share-based awards		(2,323	)		(953	)
Net cash used in financing activities		(2,716	)		(41,014	)
Net change in cash, cash equivalents and restricted cash		13,701			(949	)
Cash, cash equivalents and restricted cash at beginning of period		154,276			155,225
Cash, cash equivalents and restricted cash at end of period	$	167,977		$	154,276

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TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

	Twelve Months		Twelve Months
	Ended		Ended
	December 31, 2022		December 31, 2021
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	15,554	$	13,747
Income taxes	$	22,275	$	19,013
Supplemental disclosure of noncash investing activities:
Acquisition of SPO	$	162,648	$	—
Supplemental disclosure of noncash financing activities:
Warrants issued for SPO acquisition	$	162,648	$	—
Repurchase of SPO Acquisition Warrants	$	1,365	$	—

Note:  Cash, cash equivalents and restricted cash at December 31, 2022 includes $2.5 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.

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TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In Thousands)

	Three Months Ended
									Accumulated
			Additional						other			Non
	Common		paid-in			Accumulated			comprehensive			controlling
	stock		capital			deficit			income (loss)			interest			Total
Balance at September 30, 2022	$	46	$	1,555,388		$	(710,269	)	$	1,474		$	460		$	847,099
Total comprehensive income (loss)		—		—			10,620			7,102			(438	)		17,284
Issuance of common stock		5		120,629			—			—			—			120,634
Repurchase of SPO Acquisition Warrants		—		(121,007	)		—			—			—			(121,007	)
Amortization of share-based awards		—		1,980			—			—			—			1,980
Balance at December 31, 2022	$	51	$	1,556,990		$	(699,649	)	$	8,576		$	22		$	865,990
Balance at September 30, 2021	$	41	$	1,375,215		$	(639,966	)	$	(1,289	)	$	611		$	734,612
Total comprehensive loss		—		—			(37,934	)		3,957			(145	)		(34,122	)
Amortization of share-based awards		—		1,279			—			—			—			1,279
Balance at December 31, 2021	$	41	$	1,376,494		$	(677,900	)	$	2,668		$	466		$	701,769

	Twelve Months Ended
									Accumulated
			Additional						other			Non
	Common		paid-in			Accumulated			comprehensive			controlling
	stock		capital			deficit			income (loss)			interest			Total
Balance at December 31, 2021	$	41	$	1,376,494		$	(677,900	)	$	2,668		$	466		$	701,769
Total comprehensive income (loss)		—		—			(21,749	)		5,908			(444	)		(16,285	)
Issuance of common stock		10		192,881			—			—			—			192,891
SPO acquisition warrants		—		176,823			—			—			—			176,823
Repurchase of SPO Acquisition Warrants		—		(194,256	)		—			—			—			(194,256	)
Amortization of share-based awards		—		5,048			—			—			—			5,048
Balance at December 31, 2022	$	51	$	1,556,990		$	(699,649	)	$	8,576		$	22		$	865,990
Balance at December 31, 2020	$	41	$	1,371,809		$	(548,931	)	$	(804	)	$	1,157		$	823,272
Total comprehensive loss		—		—			(128,969	)		3,472			(691	)		(126,188	)
Amortization of share-based awards		—		4,685			—			—			—			4,685
Balance at December 31, 2021	$	41	$	1,376,494		$	(677,900	)	$	2,668		$	466		$	701,769

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The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:

(In Thousands)	Three Months Ended								Twelve Months Ended
	December 31, 2022				December 31, 2021				December 31, 2022				December 31, 2021
Vessel revenues:
Americas	$	41,785	23	%	$	27,882	28	%	$	146,871	23	%	$	102,151	28	%
Asia Pacific		19,070	10	%		4,914	5	%		64,231	10	%		18,142	5	%
Middle East		30,575	16	%		21,948	22	%		110,375	17	%		84,395	24	%
Europe/Mediterranean		33,482	18	%		22,501	22	%		129,578	20	%		80,914	22	%
West Africa		60,194	33	%		23,183	23	%		190,349	30	%		75,967	21	%
Total vessel revenues	$	185,106	100	%	$	100,428	100	%	$	641,404	100	%	$	361,569	100	%
Vessel operating costs:
Crew costs	$	69,699	37	%	$	39,715	40	%	$	242,364	38	%	$	148,171	41	%
Repair and maintenance		14,774	8	%		11,502	11	%		51,256	8	%		40,970	11	%
Insurance		2,027	1	%		517	1	%		6,765	1	%		1,815	1	%
Fuel, lube and supplies		12,841	7	%		6,405	6	%		43,729	7	%		25,557	7	%
Other		16,155	9	%		13,048	13	%		53,187	8	%		45,301	12	%
Total vessel operating costs		115,496	62	%		71,187	71	%		397,301	62	%		261,814	72	%
Vessel operating margin (A)	$	69,610	38	%	$	29,241	29	%	$	244,103	38	%	$	99,755	28	%

Note (A):  Vessel operating margin equals vessel revenues less vessel operating costs.

The company’s operating loss and other components of loss before income taxes and its related percentage of total revenues, were as follows:

(In Thousands)	Three Months Ended										Twelve Months Ended
	December 31, 2022					December 31, 2021					December 31, 2022					December 31, 2021
Vessel operating profit (loss):
Americas	$	3,216		2	%	$	(2,909	)	(3	)%	$	12,016		2	%	$	(11,270	)	(3	)%
Asia Pacific		(808	)	(0	)%		1,873		2	%		3,726		(0	)%		4,896		2	%
Middle East		492		0	%		(747	)	(1	)%		(1,093	)	(0	)%		(6,070	)	(2	)%
Europe/Mediterranean		3,874		2	%		(4,095	)	(4	)%		18,844		3	%		(16,968	)	(5	)%
West Africa		18,305		10	%		(1,139	)	(1	)%		43,112		7	%		(16,985	)	(5	)%
Other operating profit		946		(0	)%		4,519		4	%		4,150		1	%		7,233		2	%
		26,025		14	%		(2,498	)	(3	)%		80,755		13	%		(39,164	)	(11	)%
Corporate expenses (A)		(13,983	)	(7	)%		(9,671	)	(9	)%		(53,583	)	(9	)%		(36,908	)	(10	)%
Gain (loss) on asset dispositions, net		1,076		1	%		53		0	%		250		0	%		(2,901	)	(1	)%
Affiliate credit loss impairment		—		0	%		(1,400	)	(1	)%		—		0	%		(400	)	(0	)%
Long-lived asset impairments and other		—		0	%		(13,476	)	(13	)%		(714	)	(0	)%		(15,643	)	(4	)%
Operating income (loss)	$	13,118		7	%	$	(26,992	)	(26	)%	$	26,708		4	%	$	(95,016	)	(26	)%

Note (A):  General and administrative expenses for the three months and twelve months ended December 31, 2022 include stock-based compensation of $2.1 million and $7.4 million, respectively. General and administrative expenses for the three and twelve months ended December 31, 2021 include stock-based compensation of $1.4 million and $5.6 million, respectively. In addition, vessel operating and general and administrative costs for the three months and twelve months ended December 31, 2022, include $5.1 million and $19.1 million in one-time acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and twelve months ended December 31, 2021 include $0.2 million and $1.2 million, of one-time restructuring and integration related costs, respectively.

10

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA

(In Thousands, except per share data) 

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2022			2022			2022			2022			2021
Revenues:
Vessel revenues	$	185,106		$	190,247		$	162,175		$	103,876		$	100,428
Other operating revenues		1,640			1,515			1,272			1,853			4,747
Total revenues		186,746			191,762			163,447			105,729			105,175
Costs and expenses:
Vessel operating costs (A)		115,496			113,037			100,257			68,511			71,187
Costs of other operating revenue		694			592			483			361			228
General and administrative (A)		28,633			27,267			27,804			18,217			17,641
Depreciation and amortization		29,881			30,856			31,766			26,657			28,288
Long-lived asset impairment (credit) and other		—			1,214			—			(500	)		13,476
Affiliate credit loss impairment expense		—			—			—			—			1,400
(Gain) loss on asset dispositions, net		(1,076	)		(264	)		1,297			(207	)		(53	)
Total operating costs and expenses		173,628			172,702			161,607			113,039			132,167
Operating income (loss)		13,118			19,060			1,840			(7,310	)		(26,992	)
Other income (expense):
Foreign exchange gain (loss)		2,105			(3,997	)		(1,881	)		946			582
Equity in net earnings (losses) of unconsolidated companies		14			9			(244	)		—			(1,625	)
Interest income and other, net		981			581			349			3,486			1,426
Loss on early extinguishment of debt		—			—			—			—			(11,100	)
Loss on warrants		—			—			(14,175	)		—			—
Interest and other debt costs, net		(4,339	)		(4,391	)		(4,284	)		(4,175	)		(3,417	)
Total other expense		(1,239	)		(7,798	)		(20,235	)		257			(14,134	)
Income (loss) before income taxes		11,879			11,262			(18,395	)		(7,053	)		(41,126	)
Income tax (benefit) expense		1,697			6,352			6,619			5,218			(3,047	)
Net income (loss)		10,182			4,910			(25,014	)		(12,271	)		(38,079	)
Net income (loss) attributable to noncontrolling interests		(438	)		(470	)		567			(103	)		(145	)
Net income (loss) attributable to Tidewater Inc.	$	10,620		$	5,380		$	(25,581	)	$	(12,168	)	$	(37,934	)
Basic income (loss) per common share	$	0.22		$	0.12		$	(0.61	)	$	(0.29	)	$	(0.92	)
Diluted income (loss) per common share	$	0.20		$	0.10		$	(0.61	)	$	(0.29	)	$	(0.92	)
Weighted average common shares outstanding		48,766			44,451			41,814			41,412			41,280
Dilutive effect of warrants, restricted stock units and stock options		3,069			7,069			—			—			—
Adjusted weighted average common shares		51,835			51,520			41,814			41,412			41,280
Vessel operating margin	$	69,610		$	77,210		$	61,918		$	35,365		$	29,241
Note (A): One-time acquisition, restructuring and integration related costs	$	5,150		$	4,332		$	7,314		$	2,305		$	221

11

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands) 

	December 31,			September 30,			June 30,			March 31,			December 31,
	2022			2022			2022			2022			2021
ASSETS
Current assets:
Cash and cash equivalents	$	164,192		$	115,014		$	87,981		$	136,234		$	149,037
Restricted cash		1,241			4,965			1,240			4,958			1,240
Trade and other receivables, net		156,465			181,646			189,259			112,953			86,503
Due from affiliates, net		—			—			—			21,191			70,134
Marine operating supplies		30,830			20,764			21,182			13,252			12,606
Assets held for sale		4,195			6,815			6,862			8,591			14,421
Prepaid expenses and other current assets		20,985			17,509			23,259			12,012			8,731
Total current assets		377,908			346,713			329,783			309,191			342,672
Net properties and equipment		796,655			815,990			838,612			677,580			688,040
Deferred drydocking and survey costs		61,080			57,877			53,661			44,362			40,734
Indemnification assets		28,369			30,117			30,269			—			—
Other assets		33,644			32,364			30,410			22,997			24,334
Total assets	$	1,297,656		$	1,283,061		$	1,282,735		$	1,054,130		$	1,095,780
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	38,946		$	31,829		$	30,537		$	23,696		$	20,788
Accrued costs and expenses		105,518			105,945			109,212			55,141			51,734
Due to affiliates		—			—			—			21,191			61,555
Other current liabilities		50,323			46,629			47,872			25,471			23,865
Total current liabilities		194,787			184,403			187,621			125,499			157,942
Long-term debt		169,036			168,649			168,279			167,997			167,885
Other liabilities and deferred credits		67,843			82,910			85,188			70,892			68,184
Equity:
Common stock		51			46			42			42			41
Additional paid-in-capital		1,556,990			1,555,388			1,554,561			1,376,934			1,376,494
Accumulated deficit		(699,649	)		(710,269	)		(715,649	)		(690,068	)		(677,900	)
Accumulated other comprehensive income		8,576			1,474			1,763			2,471			2,668
Total stockholders' equity		865,968			846,639			840,717			689,379			701,303
Noncontrolling interests		22			460			930			363			466
Total equity		865,990			847,099			841,647			689,742			701,769
Total liabilities and equity	$	1,297,656		$	1,283,061		$	1,282,735		$	1,054,130		$	1,095,780
Supplemental information
Due from related parties, net of due to related parties:
Sonatide (Angola)	$	—		$	—		$	—		$	—		$	8,579

12

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - QUATERLY DATA

(In Thousands)

	December 31,			September 30,			June 30,			March 31,			December 31,
	2022			2022			2022			2022			2021
Operating activities:
Net income (loss)	$	10,182		$	4,910		$	(25,014	)	$	(12,271	)	$	(38,079	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		20,983			22,252			22,614			17,673			18,618
Amortization of deferred drydocking and survey costs		8,898			8,604			9,152			8,984			9,670
Amortization of debt premiums and discounts		522			392			390			375			509
Provision for deferred income taxes		(98	)		(11	)		(32	)		177			(1,454	)
(Gain) loss on asset dispositions, net		(1,076	)		(264	)		1,297			(207	)		(53	)
Gain on bargain purchase		—			—			—			(1,300	)		—
Affiliate credit loss impairment expense		—			—			—			—			1,400
Long-lived asset impairment and other		—			1,214			—			(500	)		13,476
Loss on warrants		—			—			14,175			—			—
Loss on debt extinguishment		—			—			—			—			11,041
Stock-based compensation expense		2,028			1,923			1,963			1,458			1,439
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables		26,172			4,784			(19,515	)		(15,570	)		(488	)
Changes in due to/from affiliate, net		—			—			—			(20	)		(1,333	)
Accounts payable		7,117			1,292			5,247			2,825			2,746
Accrued expenses		(427	)		(3,267	)		(853	)		3,207			(215	)
Deferred drydocking and survey costs		(12,117	)		(12,820	)		(18,451	)		(12,612	)		(9,894	)
Other, net		(16,844	)		(896	)		(12,576	)		(3,843	)		(445	)
Net cash provided by (used in) operating activities		45,340			28,113			(21,603	)		(11,624	)		6,938
Cash flows from investing activities:
Proceeds from sales of assets		5,093			312			3,535			4,628			54
Acquisitions, net of cash acquired		—			8,785			(28,486	)		(1,039	)		—
Additions to properties and equipment		(4,929	)		(6,328	)		(4,151	)		(1,229	)		(6,368	)
Net cash provided by (used in) investing activities		164			2,769			(29,102	)		2,360			(6,314	)
Cash flows from financing activities:
Proceeds from stock offering		117,202			70,630			—			—			—
Repurchase of SPO Acquisition Warrants		(117,202	)		(70,630	)		—			—			—
Issuance of long-term debt		—			—			—			—			172,375
Principal payments on long-term debt		—			—			—			—			(159,659	)
Debt extinguishment premium		—			—			—			—			(7,722	)
Debt issuance and modification costs		—			(22	)		(108	)		(263	)		(4,882	)
Tax on share-based awards		(47	)		(100	)		(1,159	)		(1,017	)		(160	)
Net cash used in financing activities		(47	)		(122	)		(1,267	)		(1,280	)		(48	)
Net change in cash, cash equivalents and restricted cash		45,457			30,760			(51,972	)		(10,544	)		576
Cash, cash equivalents and restricted cash at beginning of period		122,520			91,760			143,732			154,276			153,700
Cash, cash equivalents and restricted cash at end of period	$	167,977		$	122,520		$	91,760		$	143,732		$	154,276
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	7,575		$	353		$	7,626		$	—		$	3,664
Income taxes	$	6,132		$	6,813		$	6,130		$	3,200		$	4,278
Supplemental disclosure of noncash investing activities:
Acquisition of SPO	$	—		$	—		$	162,648		$	—		$	—
Supplemental disclosure of noncash financing activities:
Warrants issued for SPO acquisition	$	—		$	—		$	162,648		$	—		$	—
Repurchase of SPO Acquisition Warrants	$	373		$	992		$	—		$	—		$	—

13

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2022		2022		2022		2022		2021
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
PSV > 900	$	17,814	$	15,676	$	15,204	$	9,462	$	10,491
PSV < 900		16,486		16,460		15,470		14,628		14,261
AHTS > 16K		2,873		3,429		2,390		971		409
AHTS 8 - 16K		1,899		1,601		1,130		774		683
AHTS 4 - 8K		1,553		1,185		1,438		1,472		875
Other		1,160		771		1,888		1,137		1,163
Total		41,785		39,122		37,520		28,444		27,882
Asia Pacific fleet:
PSV > 900		6,692		10,896		7,258		3,923		3,951
PSV < 900		3,120		3,891		3,006		—		—
AHTS > 16K		3,260		3,128		1,504		—		—
AHTS 8 - 16K		4,364		4,333		2,940		—		—
AHTS 4 - 8K		1,584		1,605		1,433		974		963
Other		50		49		221		—		—
Total		19,070		23,902		16,362		4,897		4,914
Middle East fleet:
PSV > 900		1,218		2,771		2,814		1,183		1,203
PSV < 900		15,517		16,063		13,798		9,559		10,279
AHTS > 16K		2,351		2,350		1,750		—		—
AHTS 8 - 16K		4,146		3,397		3,808		4,137		4,076
AHTS 4 - 8K		7,343		6,605		6,226		5,339		6,390
Total		30,575		31,186		28,396		20,218		21,948
Europe/Mediterranean fleet:
PSV > 900		24,783		27,167		23,684		18,390		17,993
PSV < 900		7,874		7,092		6,868		5,375		4,351
AHTS > 16K		643		5,251		1,776		—		—
Other		182		192		147		154		157
Total		33,482		39,702		32,475		23,919		22,501
West Africa fleet:
PSV > 900		10,534		8,041		6,487		3,987		4,011
PSV < 900		20,494		18,249		13,801		8,499		8,076
AHTS > 16K		5,385		6,152		4,315		—		—
AHTS 8 - 16K		11,810		11,236		10,724		5,049		4,388
AHTS 4 - 8K		5,780		6,445		4,576		1,547		782
Other		6,191		6,212		7,519		7,316		5,926
Total		60,194		56,335		47,422		26,398		23,183
Worldwide fleet:
PSV > 900		61,041		64,551		55,447		36,945		37,649
PSV < 900		63,491		61,755		52,943		38,061		36,967
AHTS > 16K		14,512		20,310		11,735		971		409
AHTS 8 - 16K		22,219		20,567		18,602		9,960		9,147
AHTS 4 - 8K		16,260		15,840		13,673		9,332		9,010
Other		7,583		7,224		9,775		8,607		7,246
Total	$	185,106	$	190,247	$	162,175	$	103,876	$	100,428

14

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2022			2022			2022			2022			2021
AVERAGE NUMBER OF VESSELS:
Americas fleet:
PSV > 900		10			11			10			10			11
PSV < 900		16			17			17			17			17
AHTS > 16K		2			2			2			1			1
AHTS 8 - 16K		2			1			1			1			1
AHTS 4 - 8K		2			2			3			3			3
Other		1			1			1			2			2
Total		33			34			34			34			35
Stacked vessels		(2	)		(3	)		(5	)		(7	)		(9	)
Active vessels		31			31			29			27			26
Asia Pacific fleet:
PSV > 900		5			5			6			3			3
PSV < 900		2			2			2			—			—
AHTS > 16K		2			2			1			—			—
AHTS 8 - 16K		3			3			2			—			—
AHTS 4 - 8K		3			4			3			2			2
Other		1			1			5			—			—
Total		16			17			19			5			5
Stacked vessels		(2	)		(2	)		(1	)		—			—
Active vessels		14			15			18			5			5
Middle East fleet:
PSV > 900		2			2			2			1			1
PSV < 900		20			20			19			14			14
AHTS > 16K		2			2			1			—			—
AHTS 8 - 16K		5			5			6			5			5
AHTS 4 - 8K		14			13			13			13			13
Total		43			42			41			33			33
Stacked vessels		—			—			—			—			(1	)
Active vessels		43			42			41			33			32
Europe/Mediterranean fleet:
PSV > 900		20			19			19			19			18
PSV < 900		6			6			7			9			10
AHTS > 16K		1			1			1			—			—
Total		27			26			27			28			28
Stacked vessels		—			—			(2	)		(4	)		(5	)
Active vessels		27			26			25			24			23
West Africa fleet:
PSV > 900		6			6			4			3			3
PSV < 900		18			18			15			12			13
AHTS > 16K		4			4			3			—			—
AHTS 8 - 16K		11			12			10			5			6
AHTS 4 - 8K		8			8			6			3			3
Other		28			28			29			29			27
Total		75			76			67			52			52
Stacked vessels		(10	)		(9	)		(8	)		(10	)		(13	)
Active vessels		65			67			59			42			39
Worldwide fleet:
PSV > 900		43			43			41			36			36
PSV < 900		62			63			60			52			54
AHTS > 16K		11			11			8			1			1
AHTS 8 - 16K		21			21			19			11			12
AHTS 4 - 8K		27			27			25			21			21
Other		30			30			35			31			29
Total		194			195			188			152			153
Stacked vessels		(14	)		(14	)		(16	)		(21	)		(28	)
Active vessels		180			181			172			131			125
Total active		180			181			172			131			125
Total stacked		14			14			16			21			28
Total joint venture		1			1			1			1			3
Total		195			196			189			153			156

15

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2022		2022		2022		2022		2021
AVAILABLE DAYS - TOTAL FLEET:
Americas fleet:
PSV > 900		922		1,012		943		900		981
PSV < 900		1,499		1,564		1,547		1,530		1,564
AHTS > 16K		184		184		152		90		92
AHTS 8 - 16K		184		122		91		90		92
AHTS 4 - 8K		184		184		246		270		276
Other		92		92		121		145		184
Total		3,065		3,158		3,100		3,025		3,189
Asia Pacific fleet:
PSV > 900		460		460		507		270		276
PSV < 900		184		184		183		—		—
AHTS > 16K		184		184		122		—		—
AHTS 8 - 16K		276		276		183		—		—
AHTS 4 - 8K		292		368		304		180		184
Other		92		92		453		—		—
Total		1,488		1,564		1,752		450		460
Middle East fleet:
PSV > 900		92		123		152		90		92
PSV < 900		1,840		1,840		1,700		1,269		1,288
AHTS > 16K		184		184		122		—		—
AHTS 8 - 16K		460		465		546		458		460
AHTS 4 - 8K		1,288		1,217		1,183		1,170		1,196
Total		3,864		3,829		3,703		2,987		3,036
Europe/Mediterranean fleet:
PSV > 900		1,838		1,748		1,729		1,710		1,687
PSV < 900		552		552		696		826		920
AHTS > 16K		92		92		61		—		—
Total		2,482		2,392		2,486		2,536		2,607
West Africa fleet:
PSV > 900		644		613		406		270		276
PSV < 900		1,656		1,656		1,367		1,103		1,196
AHTS > 16K		368		368		244		—		—
AHTS 8 - 16K		1,012		1,074		882		470		552
AHTS 4 - 8K		736		736		548		255		276
Other		2,545		2,582		2,639		2,610		2,484
Total		6,961		7,029		6,086		4,708		4,784
Worldwide fleet:
PSV > 900		3,956		3,956		3,737		3,240		3,312
PSV < 900		5,731		5,796		5,493		4,728		4,968
AHTS > 16K		1,012		1,012		701		90		92
AHTS 8 - 16K		1,932		1,937		1,702		1,018		1,104
AHTS 4 - 8K		2,500		2,505		2,281		1,875		1,932
Other		2,729		2,766		3,213		2,755		2,668
Total		17,860		17,972		17,127		13,706		14,076

16

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2022		2022		2022		2022		2021
OUT-OF-SERVICE - STACKED DAYS:
Americas fleet:
PSV > 900		—		—		155		180		271
PSV < 900		211		276		273		270		350
AHTS 4 - 8K		—		—		64		90		92
Other		—		—		—		55		92
Total		211		276		492		595		805
Asia Pacific fleet:
AHTS 4 - 8K		54		61		—		—		—
Other		92		92		61		—		—
Total		146		153		61		—		—
Middle East fleet:
PSV < 900		—		—		—		25		92
Total		—		—		—		25		92
Europe/Mediterranean fleet:
PSV > 900		—		—		—		90		106
PSV < 900		—		—		150		286		368
Total		—		—		150		376		474
West Africa fleet:
PSV < 900		—		—		18		203		307
AHTS 8 - 16K		—		—		—		20		92
AHTS 4 - 8K		158		92		56		75		106
Other		797		747		678		630		690
Total		955		839		752		928		1,195
Worldwide fleet:
PSV > 900		—		—		155		270		377
PSV < 900		211		276		441		784		1,117
AHTS 8 - 16K		—		—		—		20		92
AHTS 4 - 8K		212		153		120		165		198
Other		889		839		739		685		782
Total		1,312		1,268		1,455		1,924		2,566

17

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2022		2022		2022		2022		2021
AVAILABLE DAYS - ACTIVE FLEET:
Americas fleet:
PSV > 900		922		1,012		788		720		710
PSV < 900		1,288		1,288		1,274		1,260		1,214
AHTS > 16K		184		184		152		90		92
AHTS 8 - 16K		184		122		91		90		92
AHTS 4 - 8K		184		184		182		180		184
Other		92		92		121		90		92
Total		2,854		2,882		2,608		2,430		2,384
Asia Pacific fleet:
PSV > 900		460		460		507		270		276
PSV < 900		184		184		183		—		—
AHTS > 16K		184		184		122		—		—
AHTS 8 - 16K		276		276		183		—		—
AHTS 4 - 8K		238		307		304		180		184
Other		—		—		392		—		—
Total		1,342		1,411		1,691		450		460
Middle East fleet:
PSV > 900		92		123		152		90		92
PSV < 900		1,840		1,840		1,700		1,244		1,196
AHTS > 16K		184		184		122		—		—
AHTS 8 - 16K		460		465		546		458		460
AHTS 4 - 8K		1,288		1,217		1,183		1,170		1,196
Total		3,864		3,829		3,703		2,962		2,944
Europe/Mediterranean fleet:
PSV > 900		1,838		1,748		1,729		1,620		1,581
PSV < 900		552		552		546		540		552
AHTS > 16K		92		92		61		—		—
Total		2,482		2,392		2,336		2,160		2,133
West Africa fleet:
PSV > 900		644		613		406		270		276
PSV < 900		1,656		1,656		1,349		900		889
AHTS > 16K		368		368		244		—		—
AHTS 8 - 16K		1,012		1,074		882		450		460
AHTS 4 - 8K		578		644		492		180		170
Other		1,748		1,835		1,961		1,980		1,794
Total		6,006		6,190		5,334		3,780		3,589
Worldwide fleet:
PSV > 900		3,956		3,956		3,582		2,970		2,935
PSV < 900		5,520		5,520		5,052		3,944		3,851
AHTS > 16K		1,012		1,012		701		90		92
AHTS 8 - 16K		1,932		1,937		1,702		998		1,012
AHTS 4 - 8K		2,288		2,352		2,161		1,710		1,734
Other		1,840		1,927		2,474		2,070		1,886
Total		16,548		16,704		15,672		11,782		11,510

18

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
	December 31,				September 30,			June 30,			March 31,			December 31,
		2022			2022			2022			2022			2021
UTILIZATION - TOTAL FLEET:
Americas fleet:
PSV > 900			82.6	%		74.6	%		74.4	%		54.6	%		54.0	%
PSV < 900			68.1			69.3			67.7			63.3			69.2
AHTS > 16K			48.2			92.4			90.2			57.6			26.2
AHTS 8 - 16K			76.8			89.5			100.0			68.9			76.4
AHTS 4 - 8K			99.2			74.4			67.2			63.7			40.0
Other			100.0			66.5			100.0			62.1			50.0
Total			74.6	%		73.3	%		73.0	%		60.7	%		59.9	%
Asia Pacific fleet:
PSV > 900			62.6	%		94.5	%		65.5	%		100.0	%		100.0	%
PSV < 900			78.4			100.0			66.7			—			—
AHTS > 16K			90.8			89.9			50.0			—			—
AHTS 8 - 16K			85.4			97.2			91.2			—			—
AHTS 4 - 8K			79.5			64.5			56.9			97.9			100.0
Other			—			—			74.0			—			—
Total			71.7	%		82.5	%		67.9	%		99.2	%		100.0	%
Middle East fleet:
PSV > 900			100.0	%		93.6	%		100.0	%		100.0	%		100.0	%
PSV < 900			78.3			84.1			76.5			78.0			79.3
AHTS > 16K			100.0			94.7			100.0			—			—
AHTS 8 - 16K			84.8			68.5			70.9			99.7			96.3
AHTS 4 - 8K			86.3			84.9			87.1			80.4			93.2
Total			83.3	%		83.3	%		80.8	%		82.9	%		88.0	%
Europe/Mediterranean fleet:
PSV > 900			87.1	%		95.8	%		88.4	%		84.7	%		85.8	%
PSV < 900			93.8			96.4			71.5			63.5			47.8
AHTS > 16K			65.5			76.9			53.4			—			—
Total			87.8	%		95.2	%		82.8	%		77.8	%		72.4	%
West Africa fleet:
PSV > 900			85.7	%		70.9	%		96.3	%		100.0	%		97.1	%
PSV < 900			89.9			86.6			80.6			66.0			57.8
AHTS > 16K			89.4			100.0			98.1			—			—
AHTS 8 - 16K			91.1			85.7			95.4			95.7			73.3
AHTS 4 - 8K			62.1			82.6			82.6			69.6			33.3
Other			45.4			44.4			52.9			52.2			44.5
Total			70.5	%		69.9	%		72.7	%		63.5	%		53.5	%
Worldwide fleet:
PSV > 900			83.3	%		86.3	%		83.1	%		79.3	%		78.9	%
PSV < 900			80.5			82.5			74.1			67.9			65.1
AHTS > 16K			81.9			93.7			84.4			57.6			26.2
AHTS 8 - 16K			87.4			83.4			87.4			95.1			83.1
AHTS 4 - 8K			79.4			80.5			79.8			78.2			77.7
Other			45.7			43.7			57.7			52.7			44.9
Total			76.5	%		77.8	%		75.5	%		70.9	%		67.4	%

19

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
	December 31,				September 30,			June 30,			March 31,			December 31,
		2022			2022			2022			2022			2021
UTILIZATION - ACTIVE FLEET:
Americas fleet:
PSV > 900			82.6	%		74.6	%		89.1	%		68.2	%		74.6	%
PSV < 900			79.3			84.1			82.3			76.8			89.2
AHTS > 16K			48.2			92.4			90.2			57.6			26.2
AHTS 8 - 16K			76.8			89.5			100.0			68.9			76.4
AHTS 4 - 8K			99.2			74.4			90.8			95.5			60.0
Other			100.0			66.5			100.0			100.0			100.0
Total			80.1	%		80.3	%		86.8	%		75.5	%		80.1	%
Asia Pacific fleet:
PSV > 900			62.6	%		94.5	%		65.5	%		100.0	%		100.0	%
PSV < 900			78.4			100.0			66.7			—			—
AHTS > 16K			90.8			89.9			50.0			—			—
AHTS 8 - 16K			85.4			97.2			91.2			—			—
AHTS 4 - 8K			97.4			77.4			56.9			97.9			100.0
Other			—			—			85.5			—			—
Total			79.5	%		91.4	%		70.4	%		99.2	%		100.0	%
Middle East fleet:
PSV > 900			100.0	%		93.6	%		100.0	%		100.0	%		100.0	%
PSV < 900			78.3			84.1			76.5			79.6			85.3
AHTS > 16K			100.0			94.7			100.0			—			—
AHTS 8 - 16K			84.8			68.5			70.9			99.7			96.3
AHTS 4 - 8K			86.3			84.9			87.1			80.4			93.2
Total			83.3	%		83.3	%		80.8	%		83.6	%		90.7	%
Europe/Mediterranean fleet:
PSV > 900			87.1	%		95.8	%		88.4	%		89.4	%		91.6	%
PSV < 900			93.8			96.4			91.1			97.1			79.7
AHTS > 16K			65.5			76.9			53.4			—			—
Total			87.8	%		95.2	%		88.1	%		91.3	%		88.5	%
West Africa fleet:
PSV > 900			85.7	%		70.9	%		96.3	%		100.0	%		97.1	%
PSV < 900			89.9			86.6			81.7			80.9			77.8
AHTS > 16K			89.4			100.0			98.1			—			—
AHTS 8 - 16K			91.1			85.7			95.4			100.0			88.0
AHTS 4 - 8K			79.1			94.5			92.0			98.6			54.1
Other			66.1			62.5			71.2			68.8			61.6
Total			81.7	%		79.4	%		82.9	%		79.1	%		71.4	%
Worldwide fleet:
PSV > 900			83.3	%		86.3	%		86.7	%		86.5	%		89.1	%
PSV < 900			83.6			86.6			80.6			81.4			84.0
AHTS > 16K			81.9			93.7			84.4			57.6			26.2
AHTS 8 - 16K			87.4			83.4			87.4			97.0			90.7
AHTS 4 - 8K			86.7			85.7			84.3			85.8			86.6
Other			67.8			62.7			74.9			70.2			63.5
Total			82.5	%		83.7	%		82.5	%		82.5	%		82.4	%

20

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2022		2022		2022		2022		2021
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
PSV > 900	$	23,401	$	20,775	$	21,658	$	19,265	$	19,806
PSV < 900		16,146		15,197		14,762		15,111		13,169
AHTS > 16K		32,368		20,175		17,430		18,745		16,942
AHTS 8 - 16K		13,431		14,668		12,424		12,480		9,724
AHTS 4 - 8K		8,511		8,654		8,701		8,562		7,929
Other		12,611		12,616		15,601		12,633		12,644
Total		18,271		16,901		16,569		15,501		14,603
Asia Pacific fleet:
PSV > 900		23,237		25,072		21,850		14,529		14,315
PSV < 900		21,627		21,148		24,640		—		—
AHTS > 16K		19,519		18,902		24,664		—		—
AHTS 8 - 16K		18,509		16,144		17,609		—		—
AHTS 4 - 8K		6,822		6,759		8,281		5,528		5,236
Other		—		—		660		—		—
Total		17,868		18,530		13,748		10,975		10,683
Middle East fleet:
PSV > 900		13,234		24,061		18,513		13,147		13,071
PSV < 900		10,768		10,378		10,607		9,658		10,071
AHTS > 16K		12,777		13,487		14,348		—		—
AHTS 8 - 16K		10,627		10,666		9,832		9,058		9,201
AHTS 4 - 8K		6,604		6,396		6,044		5,672		5,730
Total		9,498		9,781		9,490		8,160		8,217
Europe/Mediterranean fleet:
PSV > 900		15,476		16,229		15,496		12,697		12,426
PSV < 900		15,212		13,323		13,806		10,248		9,887
AHTS > 16K		10,682		74,231		54,472		—		—
Total		15,364		17,436		15,776		12,124		11,917
West Africa fleet:
PSV > 900		19,096		18,502		16,592		14,768		14,966
PSV < 900		13,758		12,721		12,528		11,672		11,682
AHTS > 16K		16,367		16,719		18,036		—		—
AHTS 8 - 16K		12,809		12,212		12,743		11,219		10,842
AHTS 4 - 8K		12,637		10,595		10,105		8,721		8,500
Other		5,359		5,415		5,381		5,368		5,362
Total		12,272		11,467		10,721		8,834		9,052
Worldwide fleet:
PSV > 900		18,529		18,914		17,854		14,378		14,404
PSV < 900		13,762		12,915		13,008		11,855		11,427
AHTS > 16K		17,505		21,415		19,824		18,745		16,942
AHTS 8 - 16K		13,153		12,726		12,511		10,281		9,965
AHTS 4 - 8K		8,196		7,859		7,507		6,362		6,000
Other		6,080		5,979		5,275		5,924		6,053
Total	$	13,554	$	13,606	$	12,544	$	10,687	$	10,583

Note (A):  Average Vessel Day Rates equals Vessel Revenue / Days Worked.

21

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2022			2022			2022			2022			2021
Americas
Vessel revenues	$	41,785		$	39,122		$	37,520		$	28,444		$	27,882
Vessel operating costs:
Crew costs		16,486			16,080			12,949			11,252			11,080
Repair and maintenance		3,619			3,594			2,866			2,627			2,487
Insurance		410			414			248			367			161
Fuel, lube and supplies		2,387			2,557			2,326			2,385			2,019
Other		5,102			3,090			3,054			2,196			4,347
Total vessel operating costs		28,004			25,735			21,443			18,827			20,094
Vessel operating margin ($)		13,781			13,387			16,077			9,617			7,788
Vessel operating margin (%)		33.0	%		34.2	%		42.8	%		33.8	%		27.9	%
Americas - Select operating statistics
Average vessels - Total fleet		33			34			34			34			35
Utilization - Total fleet		74.6	%		73.3	%		73.0	%		60.7	%		59.9	%
Average vessels - Active fleet		31			31			29			27			26
Utilization - Active fleet		80.1	%		80.3	%		86.8	%		75.5	%		80.1	%
Average day rates	$	18,271		$	16,901		$	16,569		$	15,501		$	14,603
Vessels commencing drydocks		2			4			3			5			5
Deferred drydocking and survey costs - beginning balance	$	21,772		$	19,208		$	18,422		$	16,270		$	13,124
Cash paid for deferred drydocking and survey costs		4,389			5,678			3,857			5,060			6,470
Amortization of deferred drydocking and survey costs		(3,025	)		(2,932	)		(3,071	)		(2,908	)		(2,909	)
Disposals, intersegment transfers and other		(1,416	)		(182	)		—			—			(415	)
Deferred drydocking and survey costs - ending balance	$	21,720		$	21,772		$	19,208		$	18,422		$	16,270

22

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2022			2022			2022			2022			2021
Asia Pacific
Vessel revenues	$	19,070		$	23,902		$	16,362		$	4,897		$	4,914
Vessel operating costs:
Crew costs		9,876			10,631			8,138			788			883
Repair and maintenance		901			947			945			284			342
Insurance		183			189			90			54			24
Fuel, lube and supplies		1,299			1,145			1,590			105			166
Other		1,574			1,909			1,176			422			459
Total vessel operating costs		13,833			14,821			11,939			1,653			1,874
Vessel operating margin ($)		5,237			9,081			4,423			3,244			3,040
Vessel operating margin (%)		27.5	%		38.0	%		27.0	%		66.2	%		61.9	%
Asia Pacific - Select operating statistics
Average vessels - Total fleet		16			17			19			5			5
Utilization - Total fleet		71.7	%		82.5	%		67.9	%		99.2	%		100.0	%
Average vessels - Active fleet		14			15			18			5			5
Utilization - Active fleet		79.5	%		91.4	%		70.4	%		99.2	%		100.0	%
Average day rates	$	17,868		$	18,530		$	13,748		$	10,975		$	10,683
Vessels commencing drydocks		2			—			2			—			—
Deferred drydocking and survey costs - beginning balance	$	979		$	852		$	542		$	710		$	1,019
Cash paid for deferred drydocking and survey costs		156			702			1,262			—			—
Amortization of deferred drydocking and survey costs		(117	)		(139	)		(163	)		(168	)		(309	)
Disposals, intersegment transfers and other		(465	)		(436	)		(789	)		—			—
Deferred drydocking and survey costs - ending balance	$	553		$	979		$	852		$	542		$	710

23

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2022			2022			2022			2022			2021
Middle East
Vessel revenues	$	30,575		$	31,186		$	28,396		$	20,218		$	21,948
Vessel operating costs:
Crew costs		12,472			12,814			11,193			8,465			8,827
Repair and maintenance		3,216			3,441			3,429			2,124			2,804
Insurance		384			406			325			297			179
Fuel, lube and supplies		2,991			3,281			2,700			1,559			1,148
Other		2,505			1,804			2,249			2,457			2,708
Total vessel operating costs		21,568			21,746			19,896			14,902			15,666
Vessel operating margin ($)		9,007			9,440			8,500			5,316			6,282
Vessel operating margin (%)		29.5	%		30.3	%		29.9	%		26.3	%		28.6	%
Middle East - Select operating statistics
Average vessels - Total fleet		43			42			41			33			33
Utilization - Total fleet		83.3	%		83.3	%		80.8	%		82.9	%		88.0	%
Average vessels - Active fleet		43			42			41			33			32
Utilization - Active fleet		83.3	%		83.3	%		80.8	%		83.6	%		90.7	%
Average day rates	$	9,498		$	9,781		$	9,490		$	8,160		$	8,217
Vessels commencing drydocks		5			5			7			2			2
Deferred drydocking and survey costs - beginning balance	$	14,993		$	14,980		$	10,665		$	8,994		$	10,809
Cash paid for deferred drydocking and survey costs		1,930			2,345			6,362			3,855			327
Amortization of deferred drydocking and survey costs		(2,323	)		(2,346	)		(2,308	)		(2,184	)		(2,142	)
Disposals, intersegment transfers and other		462			14			261			—			—
Deferred drydocking and survey costs - ending balance	$	15,062		$	14,993		$	14,980		$	10,665		$	8,994

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TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2022			2022			2022			2022			2021
Europe/Mediterranean
Vessel revenues	$	33,482		$	39,702		$	32,475		$	23,919		$	22,501
Vessel operating costs:
Crew costs		13,010			12,347			12,349			12,003			11,235
Repair and maintenance		3,067			1,652			2,414			2,106			3,562
Insurance		386			440			307			309			38
Fuel, lube and supplies		2,051			1,158			1,740			1,077			936
Other		1,762			2,170			2,468			2,026			1,919
Total vessel operating costs		20,276			17,767			19,278			17,521			17,690
Vessel operating margin ($)		13,206			21,935			13,197			6,398			4,811
Vessel operating margin (%)		39.4	%		55.2	%		40.6	%		26.7	%		21.4	%
Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet		27			26			27			28			28
Utilization - Total fleet		87.8	%		95.2	%		82.8	%		77.8	%		72.4	%
Average vessels - Active fleet		27			26			25			24			23
Utilization - Active fleet		87.8	%		95.2	%		88.1	%		91.3	%		88.5	%
Average day rates	$	15,364		$	17,436		$	15,776		$	12,124		$	11,917
Vessels commencing drydocks		3			1			3			1			1
Deferred drydocking and survey costs - beginning balance	$	8,588		$	9,231		$	6,425		$	4,983		$	5,571
Cash paid for deferred drydocking and survey costs		1,175			315			4,206			2,575			93
Amortization of deferred drydocking and survey costs		(1,523	)		(1,244	)		(1,400	)		(1,133	)		(1,096	)
Disposals, intersegment transfers and other		1,326			286			—			—			415
Deferred drydocking and survey costs - ending balance	$	9,566		$	8,588		$	9,231		$	6,425		$	4,983

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TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2022			2022			2022			2022			2021
West Africa
Vessel revenues	$	60,194		$	56,335		$	47,422		$	26,398		$	23,183
Vessel operating costs:
Crew costs		17,855			19,317			16,010			8,329			7,690
Repair and maintenance		3,971			3,910			3,823			2,320			2,307
Insurance		664			539			396			357			115
Fuel, lube and supplies		4,113			4,150			3,165			1,950			2,136
Other		5,212			5,052			4,307			2,652			3,615
Total vessel operating costs		31,815			32,968			27,701			15,608			15,863
Vessel operating margin ($)		28,379			23,367			19,721			10,790			7,320
Vessel operating margin (%)		47.1	%		41.5	%		41.6	%		40.9	%		31.6	%
West Africa - Select operating statistics
Average vessels - Total fleet		75			76			67			52			52
Utilization - Total fleet		70.5	%		69.9	%		72.7	%		63.5	%		53.5	%
Average vessels - Active fleet		65			67			59			42			39
Utilization - Active fleet		81.7	%		79.4	%		82.9	%		79.1	%		71.4	%
Average day rates	$	12,272		$	11,467		$	10,721		$	8,834		$	9,052
Vessels commencing drydocks		2			5			5			3			3
Deferred drydocking and survey costs - beginning balance	$	11,545		$	9,390		$	8,308		$	9,777		$	9,987
Cash paid for deferred drydocking and survey costs		4,467			3,780			2,764			1,122			3,004
Amortization of deferred drydocking and survey costs		(1,909	)		(1,943	)		(2,210	)		(2,591	)		(3,214	)
Disposals, intersegment transfers and other		76			318			528			—			—
Deferred drydocking and survey costs - ending balance	$	14,179		$	11,545		$	9,390		$	8,308		$	9,777

26

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2022			2022			2022			2022			2021
Worldwide
Vessel revenues	$	185,106		$	190,247		$	162,175		$	103,876		$	100,428
Vessel operating costs:
Crew costs		69,699			71,189			60,639			40,837			39,715
Repair and maintenance		14,774			13,544			13,477			9,461			11,502
Insurance		2,027			1,988			1,366			1,384			517
Fuel, lube and supplies		12,841			12,291			11,521			7,076			6,405
Other		16,155			14,025			13,254			9,753			13,048
Total vessel operating costs		115,496			113,037			100,257			68,511			71,187
Vessel operating margin ($)		69,610			77,210			61,918			35,365			29,241
Vessel operating margin (%)		37.6	%		40.6	%		38.2	%		34.0	%		29.1	%
Worldwide - Select operating statistics
Average vessels - Total fleet		194			195			188			152			153
Utilization - Total fleet		76.5	%		77.8	%		75.5	%		70.9	%		67.4	%
Average vessels - Active fleet		180			181			172			131			125
Utilization - Active fleet		82.5	%		83.7	%		82.5	%		82.5	%		82.4	%
Average day rates	$	13,554		$	13,606		$	12,544		$	10,687		$	10,583
Vessels commencing drydocks		14			15			20			11			11
Deferred drydocking and survey costs - beginning balance	$	57,877		$	53,661		$	44,362		$	40,734		$	40,510
Cash paid for deferred drydocking and survey costs		12,117			12,820			18,451			12,612			9,894
Amortization of deferred drydocking and survey costs		(8,897	)		(8,604	)		(9,152	)		(8,984	)		(9,670	)
Disposals, intersegment transfers and other		(17	)		—			—			—			—
Deferred drydocking and survey costs - ending balance	$	61,080		$	57,877		$	53,661		$	44,362		$	40,734

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TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	December 31,		September 30,		June 30,			March 31,			December 31,
	2022		2022		2022			2022			2021
Net income (loss)	$	10,182	$	4,910	$	(25,014	)	$	(12,271	)	$	(38,079	)
Interest and other debt costs		4,339		4,391		4,284			4,175			3,417
Income tax (benefit) expense		1,697		6,352		6,619			5,218			(3,047	)
Depreciation		20,983		22,252		22,614			17,673			18,618
Amortization of deferred drydock and survey costs		8,898		8,604		9,152			8,984			9,670
EBITDA (A), (B), (C)		46,099		46,509		17,655			23,779			(9,421	)
Long-lived asset impairment (credit) and other		—		1,214		—			(500	)		13,476
Affiliate credit loss impairment expense		—		—		—			—			1,400
Loss on early extinguishment of debt		—		—		—			—			11,100
Loss on warrants		—		—		14,175			—			—
Gain on bargain purchase		—		—		—			(1,300	)		—
One-time acquisition, restructuring and integration related costs		5,150		4,332		7,314			2,305			221
Adjusted EBITDA (A), (B), (C)	$	51,249	$	52,055	$	39,144		$	24,284		$	16,776

Note (A):  EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, loss on early extinguishment of debt, loss on warrants, gain on bargain purchase and acquisition, restructuring and integration related costs.

Note (B):  EBITDA and Adjusted EBITDA for the three months ended December 31, 2022, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $2,028, $1,923, $1,963, $1,458, and $1,439 respectively.

Note (C):  EBITDA and Adjusted EBITDA for the three months ended December 31, 2022, and for each of the prior four quarters includes foreign exchange gain (losses) of $2,105, $(3,997), $(1,881), $946, and $582 respectively.

Non-GAAP Financial Measures

We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges and merger and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.

Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.

EBITDA and Adjusted EBITDA are widely used by investors and other users of our financial statements as a supplemental financial measure that, when viewed with our GAAP results and the accompanying reconciliations, we believe provide additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund drydocking and survey costs and capital expenditures. We also believe the disclosure of EBITDA and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.

EBITDA and Adjusted EBITDA are also financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) to compare to the EBITDA and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.

28

TIDEWATER INC.

OTHER FLEET AND FINANCIAL DATA

(In Thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2022			2022			2022			2022			2021
Net cash provided by (used in) operating activities (A)	$	45,340		$	28,113		$	(21,603	)	$	(11,624	)	$	6,938
Cash interest expense		7,575			353			7,626			—			3,664
Interest income and other		(981	)		(581	)		(349	)		(2,186	)		(1,426	)
Additions to property and equipment		(4,929	)		(6,328	)		(4,151	)		(1,229	)		(6,368	)
Acquisitions		—			8,785			(28,486	)		(1,039	)		—
Expansion capital		1,240			(8,441	)		28,678			1,207			2,302
Free cash flow before proceeds from asset sales		48,245			21,901			(18,285	)		(14,871	)		5,110
Proceeds from asset sales		5,093			312			3,535			4,628			54
Free cash flow	$	53,338		$	22,213		$	(14,750	)	$	(10,243	)	$	5,164

Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by (used in) operating activities adjusted for capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.

Note (A):  Net cash provided by (used in) operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2022			2022			2022			2022			2021
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments	$	16,018		$	1,913		$	(27,697	)	$	(13,401	)	$	265
Cash paid for deferred drydock and survey costs		(12,117	)		(12,820	)		(18,451	)		(12,612	)		(9,894	)
Total sources (uses) of cash for changes in assets and liabilities	$	3,901		$	(10,907	)	$	(46,148	)	$	(26,013	)	$	(9,629	)

Contacts

Tidewater Inc.

West Gotcher

Vice President,

Finance and Investor Relations

+1.713.470.5285

SOURCE: Tidewater Inc.

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