Tidewater Takes Delivery of Supply Vessels

Tidewater Inc. has taken delivery of the M/V Miss Jane Tide. The Miss Jane Tide is Tidewater's first VS 480 platform supply vessel built by the Company's own Quality Shipyards, L.L.C. in Houma, La. The ship, designed by the Norwegian firm Vik-Sandvik, 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 Chief Executive Officer 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.


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