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CURRENT ISSUE

ARM MERCHANT SHIPS?
Should merchant ships transiting high risk areas carry small arms for defense against pirates?

Selected crew should be trained and have guns available
Professional armed security teams should be hired
No guns on merchant ships, ever

July 29, 2009

Tidewater books hit from Venezuela grab

Tidewater Inc. (NYSE:TDW) announced today first quarter net earnings for the period ended June 30, 2009, of $44.5 million, or $0.86 per share, on revenues of $326.6 million. Included in net earnings for the June 2009 quarter is a non-cash charge totaling $48.6 million ($47.7 million after-tax, or $0.93 per common share) related to the company's Venezuelan operations. As a result of the seizure of 11 vessels and certain other assets during the June quarter in Venezuela pursuant to a May 2009 Venezuelan law and the continued nonpayment of outstanding receivables from Petroleos de Venezuela, S.A. (PDVSA) and an affiliate of PDVSA, the company recorded a $3.8 million charge equal to the net book value of the assets seized and a $44.8 million provision to fully reserve accounts receivable due from PDVSA-related entities.

For the same quarter last year, net earnings were $84.8 million, or $1.64 per share, on revenues of $340.0 million. The immediately preceding quarter ended March 31, 2009, had net earnings of $109.7 million, or $2.13 per common share, on revenues of $341.6 million

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