content_image/163979.jpg content_image/163981.jpg
provides a positive return for our long-term shareholders. During fiscal 2010, we did not use any of our $200 million share repurchase authorization to repurchase shares. We do, however, regularly evaluate share repurchases relative to other uses of cash and financial capacity. 

We will continue to revitalize our business, either through individual vessel or fleet acquisitions or via new vessel construction. We remain optimistic that our strategy is sound. We will continue to fight through the current industry challenges and to position Tidewater to be a winner in our marketplace. 

<img src='content_image/163979.jpg'>

<img src='content_image/163981.jpg'>

