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October 7, 2002

Tidewater dampens earnings expectations

Tidewater Inc., the world's largest operator of offshore service vessels, today said that it expects second quarter financial results to be below current analysts' earnings expectations. For the three months ended September 30, 2002, Tidewater currently estimating diluted earnings per share of $0.37 to $0.40. The Thomson First Call consensus estimate is currently $0.43 per share.

Continuing weak levels of domestic drilling activity have kept vessel utilization under pressure throughout the quarter, resulting in lower domestic vessel revenue, says Tidewater.

Tropical Storm Isidore also had a slight negative impact on U.S. earnings.

In addition, short periods of lower utilization for some of the company's large foreign-based equipment reduced anticipated growth in international earnings in the quarter.

All of these factors, says Tidewater, are estimated to lead to a decline of $0.01-$0.04 per share in the quarter ended September 30, compared to $0.41 reported for the immediately preceding quarter ended June 30, 2002.

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