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Business Description
Tidewater Inc. provides offshore supply vessels and marine support services to the offshore energy industry through the operation of its fleet of 575 offshore marine service vessels. Tidewater also provides services supporting all phases of offshore exploration, development and production, including towing of, and anchor handling of mobile drilling rigs and equipment; transporting supplies and personnel necessary to sustain drilling, workover and production activities; assisting in offshore construction activities, and a variety of specialized services including pipe laying, cable laying and three-dimensional seismic work. The principal areas of the Company's operations include the United States, Gulf of Mexico, the North Sea, the Persian Gulf, the Caspian Sea and areas offshore Australia, Brazil, Egypt, India, Indonesia, Malaysia, Mexico, Trinidad, Venezuela and West Africa. The Company conducts its operations through its wholly-owned subsidiaries and joint ventures.

Financial Information
For the six months ended 9/30/04, revenues fell 1% to $324.9 million. Net income fell 4% to $29.2 million. Revenues reflect decreased vessel revenues due to lower utilization and average day rates. Lower net income also reflect higher interest expense and increased general and administrative costs.