Tidewater Inc.  Form 10-K  For the Fiscal Year Ended March 31, 2010  TABLE OF CONTENTS  FORWARD-LOOKING STATEMENT  4 PART I  4 ITEM 1. BUSINESS ............................................................................................................................. 4 ITEM 1A. RISK FACTORS ...................................................................................................................16 ITEM 1B. UNRESOLVED STAFF COMMENTS ..................................................................................22 ITEM 2. PROPERTIES ......................................................................................................................22 ITEM 3. LEGAL PROCEEDINGS ......................................................................................................22 ITEM 4. RESERVED..........................................................................................................................23 PART II  24 ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES...................................24 ITEM 6. SELECTED FINANCIAL DATA ............................................................................................26 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ..............................................................................................27 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK .................60 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA..............................................62 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE ..................................................................................................62 ITEM 9A. CONTROLS AND PROCEDURES.......................................................................................62 ITEM 9B. OTHER INFORMATION.......................................................................................................63 PART III  64 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE ....................64 ITEM 11. EXECUTIVE COMPENSATION...........................................................................................64 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS......................................................................64 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.................................................................................................................64 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES ...........................................................64 PART IV  65 ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES...........................................................65 SIGNATURES OF REGISTRANT  69 SIGNATURES OF DIRECTORS  69 -3- 