Tidewater Announces Management Change

Tidewater announced that Dean E. Taylor, age 53, has been promoted to President of the Company. He has also been appointed to the Tidewater Board of Directors. Dean was previously Executive Vice President with operating responsibilities for Latin America, West Africa and the North Sea. He replaces William C. O'Malley, age 64, who retains the positions of Chief Executive Officer and Chairman. It is expected that Mr. Taylor will become Chief Executive Officer in March 2002. Mr. Taylor is a graduate of Tulane University with an MBA from Boston University. He joined Tidewater in 1979 following seven years of military service as a Naval officer.

Mr. O'Malley will retire in March 2002. He will continue beyond 2002 as a member of the Tidewater Board and as Non-Executive Chairman through July 2003.

Mr. Taylor stated, "I am humbled and honored to be considered for succession to Bill O'Malley. I have been blessed with the opportunity to work closely with him, as well as with other great industry leaders, including his predecessor, John Laborde, during my 23 years here. I consider the opportunity to follow them a privilege of a lifetime. Shoes such as theirs are difficult to fill." He stated further, "All who follow our company know Bill O'Malley's achievements at Tidewater. Besides the financial, which initiated a sea change in industry profitability, and the deepwater construction/acquisition program, which is putting Tidewater squarely on the deepwater map, I also consider his achievement in the area of improving Tidewater's safety performance to have been monumental. All of the Tidewater family is grateful to him for all that he has done, but especially for the safest working environment in the industry. It will be my responsibility to ensure that we continue to steer the challenging course he has set for us."


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