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## Performance Graph 

The following graph compares the cumulative total stockholder return on the company’s common stock against the cumulative total return of the Standard & Poor’s 500 Stock Index and the cumulative total return of the Value Line Oilfield Services Group Index (the “Peer Group”) over the last five fiscal years. The analysis assumes the investment of $100 on April 1, 2005, at closing prices on March 31, 2005, and the reinvestment of dividends. The Value Line Oilfield Services Group consists of 25 companies including Tidewater Inc. 

<img src='content_image/260336.jpg'>

<img src='content_image/260337.jpg'>

Investors are cautioned against drawing conclusions from the data contained in the graph, as past results are not necessarily indicative of future performance. 

The above graph is being furnished pursuant to the Securities and Exchange Commission rules. It will not be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the company specifically incorporates it by reference. 

