Tidewater Inc. provided the following update with respect to its negotiations with Sonangol, the national oil company of Angola, regarding Sonatide, the joint venture between Sonangol and Tidewater through which Tidewater markets its boat services to energy companies for operation in the waters offshore Angola. Tidewater has a 49% ownership interest in Sonatide.

The Company has previously announced that its Sonatide joint venture agreement with Sonangol expires on March 31, 2012. The Company has from time to time provided updates regarding the status of its continuing negotiations with Sonangol to put its Sonatide joint venture on a more permanent footing after a number of temporary extensions of the original joint venture agreement. In February 2012, members of Tidewater's senior management group met in Angola with their counterparts from Sonangol to make further progress in the negotiations. In the course of negotiations, Sonangol introduced additional or modified contract expectations.

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