TIDEWATER INC. In April 2009, the FASB revised ASC 825, Financial Instruments, to require disclosures about fair value of  financial instruments in interim financial statements. ASC 825-10-65 is effective for interim and annual  periods ending after June 15, 2009 with early adoption permitted for periods ending after March 15, 2009.  The company adopted the disclosure requirements of ASC 825-10-65 on June 30, 2009. The adoption of  ASC 825-10-65 resulted in increased disclosures in our interim periods and had no impact on the  company’s consolidated financial position, results of operations or cash flows.  In December 2008, the FASB issued additional guidance on the disclosure of the fair value of plan assets  held in an employer’s defined benefit pension or other postretirement plan (included within ASC 715,  Compensation - Retirement Benefits). The new guidance requires more detailed disclosures about the  assets of a defined benefit pension or other postretirement plan including how investment allocation  decisions are made, inputs and valuation techniques used to measure fair value, significant concentrations  of risk within plan assets and major categories of plan assets. The disclosure guidance is effective for fiscal  years ending after December 15, 2009. Since the guidance only requires enhanced disclosures, the  adoption of the new provisions of ASC 715 will not have a financial impact on the company’s consolidated  financial statements.  In December 2007, the FASB revised ASC 810, Consolidation, to establish new accounting and reporting  standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary.  Specifically, ASC 810 requires the recognition of a noncontrolling interest as equity in the consolidated  financial statements and separate from the parent's equity. The amount of net income attributable to the  noncontrolling interest will be included in consolidated net income on the face of the income statement. ASC  810 also includes expanded disclosure requirements regarding the interests of the parent and its  noncontrolling interest. The company adopted the provisions of ASC 810 effective April 1, 2009, and it did  not have a material impact on the company’s results of operations, cash flows or financial position.  In December 2007, the FASB revised ASC 805, Business Combinations, to establish principles and  requirements for the reporting entity in a business combination, including recognition and measurement in  the financial statements of the identifiable assets acquired, the liabilities assumed, and any noncontrolling  interest in the acquiree. This topic also established disclosure requirements to enable financial statement  users to evaluate the nature and financial effects of the business combination. In April 2009, the FASB  revised ASC 805-20 to establish a model to account for certain pre-acquisition contingencies. Under the  revised ASC 805-20, an acquirer is required to recognize at fair value an asset acquired or a liability  assumed in a business combination that arises from a contingency if the acquisition-date fair value of that  asset or liability can be determined during the measurement period. If the acquisition-date fair value cannot  be determined, then the acquirer should follow the recognition criteria in the Contingencies Topic, ASC 450.  The company adopted the revised provisions of ASC 805 effective April 1, 2009, and it did not have a  material impact on the company’s financial position, results of operations or cash flows. The company  adopted the provisions of ASC 805-20 effective July 1, 2009, which applies prospectively to business  combinations completed on or after that date. The impact of the adoption ASC 805-20 will depend on the  nature of acquisitions completed after the date of adoption.  Investments in unconsolidated affiliates, generally 50% or less owned partnerships and corporations, are  accounted for by the equity method. Under the equity method, the assets and liabilities of the unconsolidated joint venture companies are not consolidated in the company’s consolidated balance sheet. Investments in, at equity, and advances to unconsolidated joint-venture companies at March 31, 2010 and  2009 were $40.6 million and $37.2 million, respectively, which primarily represents the activities of Sonatide  Marine Ltd., a 49%-owned joint venture company located in Luanda, Angola.  During fiscal 2008, the company sold one of its newly constructed offshore tugboats to Sonatide Marine Ltd.  for $8.4 million. The transaction resulted in a net gain on sale of assets of $0.4 million. (2)  INVESTMENT IN UNCONSOLIDATED COMPANIES  F-15 Years ended March 31, 2010, 2009, and 2008  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS