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February 28, 2002

Tidewater takes delivery of 260 ft PSV

Tidewater Inc. today announced that it has taken delivery of the
M/V Miss Jane Tide. This is Tidewater's first VS 480 platform supply vessel built by the company's own Quality Shipyards, L.L.C. in Houma, La. Designed by Norway's Vik-Sandvik, it is the first of four identical vessels to be built by Quality.

The Miss Jane Tide is a 260-foot PSV and is the first domestically constructed vessel to be delivered under Tidewater's new construction program announced in January 2000.

"The response from our customers to this new large ship has been outstanding," commented chairman and CEO William C. O'Malley. "We look forward to showcasing this very sophisticated equipment to the world."

In addition, Tidewater has also taken operational delivery of the M/V Ace Nature, one of eight vessels acquired from The Sanko Steamship Co., Ltd. in late 2000. At 276 feet, the Ace Nature, a UT 745 PSV, is one of the largest ships among Tidewater's fleet.

Upon entering into Tidewater's available fleet, both the Miss Jane Tide and the Ace Nature went on charter with large international oil companies at rates of $20,000 per day.

Tidewater Inc. owns and operates over 570 vessels, the world's largest fleet of vessels serving the global offshore energy industry