Page 1

TTIDEWATER NEWS RELEASE Tidewater Reports Results for the Three Months Ending March 31 , 2021 5/6/2021 HOUSTON -- ( BUSINESS WIRE ) -- Tidewater Inc. ( NYSE : TDW ) announced today revenue for the three months ending March 31 , 2021 of $ 83.5 million compared with $ 116.4 million for the three months ending March 31 , 2020 . Tidewater's net losses for the three months ending March 31 , 2021 , were $ 35.3 million ( $ 0.87 per common share ) compared with $ 18.4 million ( $ 0.46 per common share ) for the three months ending March 31 , 2020. Included in the net losses for the three months ending March 31 , 2021 were severance expenses totaling $ 0.1 million ; excluding these costs , we would have reported a net loss for the three months ending March 31 , 2021 of $ 35.2 million ( $ 0.86 per common share ) . Included in the net losses for the three months ending March 31 , 2020 were $ 10.3 million in long - lived asset impairments and one - time severance expenses ; excluding these costs , net losses for the three months ending March 31 , 2020 were $ 8.1 million ( or $ 0.20 per common share ) . Quintin Kneen , Tidewater's President and Chief Executive Officer , commented , " I am pleased to report that we once again generated free cash flow for the latest quarter . In the first quarter of 2021 , we generated $ 19.2 million of free cash flow and for the trailing twelve months , which were the most difficult twelve months the company has ever seen , we generated $ 87.1 million of free cash flow . " Since late 2018 , we have dedicated ourselves to building an offshore vessel company that is able to generate positive free cash flow throughout the business cycle by optimizing the earnings potential of the fleet , being the 1