Tidewater Reports First Quarter Results

Tidewater Inc. announced first quarter net earnings for the period ended June 30, 2004, of $12.9 million, or $.23 per share, on revenues of $158.1 million. For the same quarter last year, net earnings were $18 million, or $.32 per share, on revenues of $164.8 million. The immediately preceding quarter ended March 31, 2004, experienced a net loss of $7 million, or $.12 per share, on revenues of $154.2 million and included a non-cash impairment charge of $26.5 million ($17.2 million after tax, or $.30 per share) relating to 83 older Gulf of Mexico supply vessels.