 FORWARD-LOOKING STATEMENT  PART I  ITEM 1. BUSINESS General  In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the  company notes that this Annual Report on Form 10-K and the information incorporated herein by reference  contain certain forward-looking statements which reflect the company’s current view with respect to future  events and financial performance. All such forward-looking statements are subject to risks and uncertainties,  and the company’s future results of operations could differ materially from its historical results or current  expectations. Some of these risks are discussed in this report and include, without limitation, volatility in  worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity;  changes in capital spending by customers in the energy industry for offshore exploration, field development  and production; changing customer demands for vessel specifications, which may make some of our older  vessels technologically obsolete for certain customer projects or in certain markets; uncertainty of global  financial market conditions and difficulty in accessing credit or capital; acts of terrorism and piracy;  significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such  as expropriation, especially in higher risk countries where we operate; foreign currency fluctuations; labor  influences proposed by international conventions; and enforcement of laws related to the environment, labor  and foreign corrupt practices. Forward-looking statements, which can generally be identified by the use of such terminology as “may,”  “expect,” “anticipate,” “estimate,” “forecast,” “believe,” “think,” “could,” “continue,” “intend,” “seek,” “plan,” and similar expressions contained in this report, are predictions and not guarantees of future performance or  events. Any forward-looking statements are based on the company’s assessment of current industry,  financial and economic information, which by its nature is dynamic and subject to rapid and possibly abrupt  changes. The company’s actual results may differ materially from those stated or implied by such forward- looking statements due to risks and uncertainties associated with our business. While management believes  that these forward-looking statements are reasonable when made, there can be no assurance that future  developments that affect us will be those that we anticipate and have identified. The forward-looking  statements should be considered in the context of the risk factors listed above and discussed in greater  detail elsewhere in this Annual Report on Form 10-K. Investors and prospective investors are cautioned not  to rely unduly on such forward-looking statements, which speak only as of the date hereof. Management  disclaims any obligation to update or revise any forward-looking statements contained herein to reflect new  information, future events or developments. In certain places in this report, we refer to reports published by third parties that purport to describe trends or  developments in energy production and drilling and exploration activity. The company does so for the  convenience of our investors and potential investors and in an effort to provide information available in the  market that will lead to a better understanding of the market environment in which the company operates.  The company specifically disclaims any responsibility for the accuracy and completeness of such  information and undertakes no obligation to update such information. Tidewater Inc., a Delaware corporation that is listed on the New York Stock Exchange under the symbol  “TDW”, provides offshore service vessels and marine support services to the global offshore energy industry  through the operation of a diversified fleet of marine service vessels. The company was incorporated in  1956 and conducts its operations through wholly-owned subsidiaries and joint ventures. Unless otherwise  required by the context, the term "company" as used herein refers to Tidewater Inc. and its consolidated  subsidiaries. The company provides services in support of all phases of offshore exploration, field development and  production, including towing of (and anchor handling for) mobile offshore drilling units; transporting supplies  and personnel necessary to sustain drilling, workover and production activities; offshore construction and  seismic support; and a variety of specialized services such as pipe and cable laying. The size and  -4- 