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Tidewater pays $6.3 million to settle Nigeria case

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tidewater_logoIn an SEC filing, Tidewater Inc. (NYSE:TDW) reports that it has reached agreement with the Federal Government of Nigeria (“FGN”) to settle and resolve the previously disclosed investigation by the FGN relating to allegations that the Nigerian affiliate of a Swiss-based freight forwarder had made improper payments to government officials in Nigeria on behalf of Tidewater’s foreign subsidiaries.

The FGN’s investigation in this regard focused on facts and circumstances associated with Nigeria operations in 2007 and previous years that were detailed in Tidewater’s previous settlements with the U.S. Department of Justice and U.S. Securities and Exchange Commission.

Pursuant to the settlement agreement, the FGN has terminated the above-mentioned investigation and agreed not to bring any criminal charges or civil claims against any Tidewater entity or associated persons arising from these allegations. In return, Tidewater agreed to pay $6.0 million to the FGN and to pay an additional $0.3 million for the FGN’s attorneys’ fees and other expenses. The total $6.3 million ($0.12 per diluted common share) settlement payments will be made promptly and will be reflected in Tidewater’s fourth fiscal quarter results ending March 31, 2011. Among other provisions in the settlement agreement, Tidewater also affirmed a continuing commitment to good corporate governance and compliance.

March 4, 2011

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