Offshore staff

NEW ORLEANS -- Tidewater Inc. is conducting an internal investigation of its Nigerian operations, focusing on the legality, under the US Foreign Corrupt Practices Act (FCPA) and local laws, of its Nigerian affiliate's reimbursement of certain expenses incurred by a customs agent in connection with the temporary importation of its vessels into Nigeria.

The issue is the obtaining of certain permits necessary for the company's vessels to operate in Nigerian waters. The audit committee of the company's board of directors has engaged the law firm of Steptoe & Johnson of Washington, DC, to lead the investigation.

As a result of its ongoing internal investigation, the company has become aware that certain practices followed by the company's Nigerian affiliate or its agents in connection with temporary importation permits will have to be changed for the company to ensure full compliance with the Foreign Corrupt Practices Act and other applicable laws.

The audit committee and management will work together with special counsel and appropriate personnel within the company to implement promptly appropriate corrective measures, Tidewater says.

4/26/2007