To Our Shareholders It Will Be A Long ‘12 Rounds,’ But We Do Intend To Emerge the Winner. Last year was both challenging and rewarding. We achieved a first for Tidewater as our 8,000 employees operated the world’s largest offshore support vessel fleet for a full fiscal year without a lost time accident. I salute our employees for this historic achievement. Among our goals for the coming year will be to duplicate last year’s safety effort, not just because it is the right thing to do, but also because it improves our financial returns. We must be constantly on guard. A moment of inattention can undo quickly all of the progress made in the fight  to operate safely.  On the financial front, the downturn experienced by both the general economy and our industry hit  our company as well. While our net earnings of $259.5 million was very respectable, all things considered, it  also represented the end of three successive fiscal years  of record profits. Nevertheless, we have come through challenging industry and economic cycles before in our over 50 year history, and we expect to do so again. We have never been better prepared to meet the challenges of our industry. Our balance sheet remains the strongest it has been in our history, and our fleet recapitalization, at least in terms of earnings power replacement, is largely complete. Further investment positions our company  for significant future earnings growth.  Today, Tidewater operates the industry’s largest fleet of vessels that are aged 10-years or younger. Last year those vessels contributed 74% of our vessel cash operating margin. With additional new vessels under construction, and additional opportunities for both asset and company acquisitions, we look forward to sustained earnings growth as the industry recovers. When the  upturn arrives, vessel utilization and day rates should rise. In addition to investments in capital assets, Tidewater continues to invest more in human capital to enable us to better serve our customers worldwide, to grow our fleet and to improve our financial returns. Nonetheless, our company is now without the advice of Bill O’Malley, our former leader and Director, who retired during this past fiscal year. Bill successfully expanded Tidewater via  Rou nd 2