#1TIDEWATER T TIDEWATER Swire Pacific Offshore Acquisition Investor Presentation March 2022 tdw.com#2Forward-looking Statements T In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater Inc. (the "Company") notes that certain statements set forth in this presentation contain certain forward-looking statements which reflect our current view with respect to future events and future financial performance. Forward-looking statements are all statements other than statements of historical fact. All such forward- looking statements are subject to risks and uncertainties, many of which are beyond the control of the Company, and our future results of operations could differ materially from our historical results or current expectations reflected by such forward-looking statements. These risks and uncertainties include, without limitation: the risks related to fluctuations in worldwide energy demand and oil and natural gas prices, and continuing depressed levels of oil and natural gas prices without a clear indication of if, or when, prices will recover to a level to support renewed offshore exploration activities; fleet additions by competitors and industry overcapacity; our limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers in the energy industry and the industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; the risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; and the resolution of pending legal proceedings. The forward-looking statements should be considered in the context of the risk factors listed above and those discussed in the Annual Report on Form 10-K for the year ended December 31, 2020, filed by the Company with the U.S. Securities and Exchange Commission ("SEC") on March 4, 2021, as updated by subsequent filings with the SEC. Investors and prospective investors are cautioned not to rely unduly on such forward-looking statements, which speak only as of the date hereof. 2 tdw.com#3Transaction Summary Consideration Details Management and Governance ▪ Tidewater Inc. (“TDW” or the “Company”) has entered into a definitive agreement to acquire Swire Pacific Offshore Holdings Limited ("SPO”) from a subsidiary of Swire Pacific Limited ("SPL”) for total consideration of approximately $190 million ■ SPL will receive a combination of i) Jones Act warrants and ii) cash consideration ■ The consideration consists of the following: ■ 8.1 million Jones Act warrants ■ $42 million in cash ■ The Jones Act warrants, upon exercise, would represent approximately 15.6% of TDW's outstanding share TDW will use available cash on-hand to fund the cash portion of the consideration The combined businesses will operate under the Tidewater brand and will continue to be led by TDW CEO Quintin Kneen The Board of Directors structure for TDW will remain unchanged upon completion of the transaction ■ The transaction does not require a shareholder vote and has been unanimously approved by the Company's Board of Directors tdw.com 4忾#4Strategic Rationale Largest Global OSV Operator Synergy Opportunities " Combination of TDW's 124 PSVs and AHTSS (collectively, "OSVS") and SPO's fleet of 50 OSVS creates the world's largest OSV operator with a fleet of 174 OSVS SPO's fleet of 50 OSVS consists of 29 AHTS and 21 PSVs, all of which are currently active Combination provides for a major presence in every major offshore oil & gas region globally $20 million of G&A synergies and $25 million of opex synergies targeted that can be realized within the first 24 months post-closing TDW management has a strong track record in executing transformative M&A transactions and realizing significant synergies Ability to rapidly integrate vessels into existing shore based infrastructure and systems " Balance Sheet Strength & Liquidity Earnings Leverage Geographic Enhancement & Expansion Tidewater will retain the strongest balance sheet in the industry with approximately 93% net debt to market capitalization and a net debt position of approximately $65 million Pro forma for the transaction, Tidewater liquidity will be approximately $135 million including our recently established $25 million revolving credit facility Pro Forma 2021 Core Fleet (1) Combined EBITDA of $86 million as compared to TDW stand-alone 2021 EBITDA of $35 million 50 SPO OSVS acquired expands asset base with which to drive significant free cash flow generation as the offshore vessel market continues to recover SPO acquisition significantly enhances Tidewater's market presence in West Africa, provides for an expansion of its highly profitable Southeast Asia business, and is additive to its footprint in the Middle East Pro forma for the acquisition, Tidewater will be the largest operator of active OSVs in both West Africa and Southeast Asia / Middle East regions Fleet High-Grading ■ Adds 18 large PSVs and 10 large AHTSS to TDW's fleet, an increase of 26% and 167%, respectively(2) Improves average age profile of aggregate fleet, especially within the large PSV and AHTS fleet; improves average age of large PSVs by 0.6 years to 9.0 years and large AHTSS by 2.7 years to 9.9 years 1) "Core Fleet" excludes vessels sold during 2021 or classified as assets held for sale by TDW at YE 2021 and the 50 PSVS and AHTSS acquired from SPL. 2021 Core Fleet EBITDA includes realization of $45 million of targeted synergies. 2) Large PSV defined as deck size of >700sqm and high-spec AHTS defined as BHP >12k. T tdw.com#5SPO Fleet Overview Europe - 1 OSV 1 Americas 1 OSV West Africa - 25 OSVs 2 4 1 Note: Reflects only PSVS and AHTSS; total SPO fleet of 51 acquired, including one seismic survey vessel. 8 5 6 Middle East/Asia Pac - 23 OSVS 3 4 3 3 6 4 T Total Fleet - 50 Vessels 21 AHTS PSV Legend Locations ■>900m2 ■700-900m2 ■ <700m2 ■4-8K BHP 5 ■8 - 12K BHP ■12 16K BHP >16K tdw.com 29#6Global Footprint in All Major Offshore Regions 5 Americas 34 OSVS 2 1 3 12 Europe - 29 OSVS 3 1 17 8 11 West Africa - 50 OSVS 4 5 3 Note: Reflects only PSVS and AHTSS, includes TDW vessels booked as AHFS; does not reflect TDW fleet of crew boats, maintenance vessels or tug boats. 12 7 3 Middle East/Asia Pac - 61 OSVS 4 2 6 10 9 T Total Fleet -174 OSVS 63 PSV AHTS 16 18 12 Legend SPO Locations ■>900m2 ■■700-900m2 <700m2 ■4-8K BHP 6 ■8 12K BHP ■12 - 16K BHP ■>16K 111 Tidewater Locations tdw.com#7Leading Global OSV Operator with Youngest Fleet OSV Vessel Count and Fleet Age Profile H 200 180 174 80 60 40 20 ༅ ཋ ཛྱཱ ཤྲཱ ཎྜ ྨ ༔ 。 160 140 120 100 SASO 149 143 124 109 14 12 18 16 22 10 8 75 15 59 6 51 50 50 47 46 38 38 4 2 0 PF Bourbon Edison Tidewater COSL Tidewater Offshore Chouest Solstad Hornbeck Vroon Offshore Services P&O Swire Maritime Pacific Logistics Offshore Vallianz Offshore Marine Harvey Hai Duong Grupo Gulf Int Offshore Marine CBO ■OSV Count ▲ Average Fleet Age Note: Vessel count reflects only PSVS and AHTSs and reflects TDW vessels booked as AHFS; does not reflect one seismic survey vessel acquired. Source: Spinergie as of March 2022 and Company information. 7 Years tdw.com#8Largest Market Capitalization & Lowest Leverage in Sector $966 $777 $190 $161 $145 $142 $68 $64 $42 $12 Pro Forma ICON OFFSHORE DCF E SEACOR SIEM OFFSHORE SOLSTAD OFFSHORE બ MARINE Eidesvik HAVILA SWIRE PACIFIC OFFSHORE ■Market Capitalization Net Debt $9 MARITIM ASOURCES BERHAD 3% 7% 47% 59% 68% 70% 81% 93% 94% 97% 100% 97% 53% 41% 32% 30% 19% 6% 3% 7% Pro Forma SEACOR ICON OFFSHORE ALAM MARITIM RESOURCES BERHAD MARINE SWIRE PACIFIC OFFSHORE E Eidesvik 9 DCF SIEM OFFSHORE SOLSTAD OFFSHORE HAVILA Note: Market capitalization for SPO reflected as purchase price. Market data as of 3/8/2022. 8 tdw.com#9USD in millions Successful Historical G&A Synergy Realization... T Strong Track Record of Synergy Identification and Execution... and Driving Additional Efficiencies in Larger Platforms Evolution of Tidewater G&A $160 $140 $145.0 $120 $100 $80 $60 $40 $20 $0 T + GULFMARK OFFSHORE $100.0 $85.0 ($45.0) $68.4 ($15.0) ($16.6) G Targeted Syenrgies Add'l Synergies Achieved TDW Efficiencies Post-Synergy TDW Q4 2021 G&A Run-rate Synergy Realization Strategy Targeted Synergies ✓ Rationalized duplicative shore based and administrative functions ✓ Streamlined management for improved decision making Eliminated redundant offices and onshore assets Eliminated areas of bureaucracy and migrated to one integrated digital platform Note: Q4 2021 G&A run-rate excludes professional fees incurred in association with the SPO transaction. Additional Synergies ✓ Optimized onshore functional organizations to drive efficiencies and scalability Eliminated paper processes and legacy processes and integrated to existing enterprise-level functionality 9 Tidewater Efficiencies ✓ Launched continuous improvement initiatives for enterprise-wide automation Connected onshore functionality and offshore operations with advanced technology and global processes 10 consecutive quarters of G&A reductions tdw.com#10USD in millions Demonstrates Track Record to Achieve Targeted Synergies $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 Meaningful G&A and Opex Synergies Identified to Drive Value of Combined Fleet Pro Forma 2021 Combined Core Fleet EBITDA post-Synergy Realization $41.0 $20.0 $25.0 2021 Combined Core Fleet EBITDA Implement Synergy Realization Strategy G&A Synergies Targeted G&A Synergies ✓ Duplicative shore based and administrative functions Streamline management for improved decision making ✓ Eliminate redundant offices and onshore assets Opex Synergies Targeted Opex Synergies ✓ Connect onshore functionality and offshore operations with advanced technology and global processes ✓ Eliminate legacy processes to integrate to existing enterprise-level functionality Eliminate areas of bureaucracy and migrate to an integrated, automated digital platform ✓ ✓ Optimize workforce travel and logistics Rationalize duplicative operational resources No revenue synergies assumed in transaction 10 $86.0 Pro Forma 2021 Core Fleet EBITDA Result: Enhanced Combined Fleet Earnings Power tdw.com#11USD in Millions Significant Earnings Leverage and Free Cash Generation 61% 77% Free Cash Flow Conversion (%) (1) 84% 87% 90% T 91% 91% $800 $700 $600 $500 $668 $96 $96 $96 $96 $400 $300 $96 $18.5k day rate $103 scenario in-line with $200 2014 realized day rate $86 $100 $20 $25 $41 $0 2021 Core Targeted G&A Targeted Fleet EBITDA Synergies Opex Synergies Pro Forma 2021 Core Fleet EBITDA Utilization Uplift +$1.5k/day +$3.0k/day +$4.5k/day +$6.0k/day +$7.5k/day $18.5k/day Agg. Dayrate Agg. Dayrate Agg. Dayrate Agg. Dayrate Agg. Dayrate EBITDA Note: "Core Fleet" excludes vessels sold during 2021 or classified as assets held for sale by TDW at YE 2021 and the 50 PSVS and AHTSS acquired from SPO. Core Fleet includes 135 TDW vessels net of 18 AHFS, yielding a pro form a Core Fleet vessel count of 185. Opex excludes non-cash impairments recorded in 2021. Utilization Uplift scenario contemplates combined Core Fleet utilization to increase from 75% to 90%; pro forma 2021 combined Core Fleet day rate of $10,994 held constant in this scenario. 11 (1) Free Cash Flow conversion defined as free cash flow as a % of EBITDA; drydocks and capex for legacy TDW fleet assumed $43 million per year and for the SPO fleet assumed $12 million per year. tdw.com#12Empty#13... And is Additive to Middle East Footprint and Provides Significant Expansion Into Southeast Asia Market MENA/SEAsia Market - PSV Pro Forma Tidewater PSV Status by Deck Size 12 Status by Deck Size 500 400 300 200 100 0 Active Stacked >700m2 <700m2 MENA/SEAsia Market - AHTS Status 800 by Bollard Pull 600 400 200 0 Active Stacked <120 BP 10 2086420 Flight to Quality Consistent Across 225 20 15 10 >700 <700 >700 <700 Tidewater SPO Active Stacked Pro Forma Tidewater AHTS Status by Bollard Pull 70 60 with Tidewater's 50 40 Combined Fleet 30 20 Poised to Benefit in Additional Growth Regions 10 0 T MENA/SEAsia OSV Fleet PF TDW Vallianz TDW Hai Duong Bourbon Active Stacked MENA/SEAsia Spend Forecast Capex Opex 80,000 60,000 40,000 Swire Regions... 0 20,000 >120t <120t >120t <120t Tidewater SPO 0 Active Stacked 13 ■>120 BP Note: MENA/SEAsia Spend Forecast per Rystad Energy as of March 2022; reflects Australia, East Asia, Southeast Asia, South Asia and Middle East. Regional vessel count data per Spinergie and Company information as of March 2022. Reflects only PSVS and AHTSS. 2021 2022 2023 2024 2025 202 m2027#14Pro Forma Fleet Composition and Age Profile T SPO Fleet Overview Pro Forma Fleet Composition and Age Profile Tidewater Fleet Overview PSVs PSVs Deck Size <700m² Vessel Count Average Age 3 14.1 years 700 - 900m² 10 5.2 years >900m² 8 8.5 years Deck Size <700m² 700 - 900m² >900m² Vessel Count 21 7.7 years 28 20 Average Age 13.6 years Deck Size 35 9.8 years <700m² 700-900m² 23 45 Pro Forma Tidewater Fleet Overview PSVs Vessel Count | Average Age 13.7 years 8.8 years 35 90 9.3 years >900m² 43 9.1 years 10.4 years 111 9.9 years AHTSS AHTSS AHTSS BHP 4 - 8K 8 - 12K Vessel Count Average Age 8 11 13.5 years BHP 4-8K Vessel Count Average Age 14.1 years 8-12K 8 12-16K - >16K 10 8.3 years 12-16K >16K 29 11.9 years Total 50 10.2 years Large OSVS 28 7.2 years 205- 220 12.3 years 12.8 years 13.1 years 10.0 years BHP 4-8K 8-12K 12-16K >16K Vessel Count 2251 28 19 Average Age 12.7 years 13.6 years 13.1 years 11 8.5 years 63 12.2 years 34 12.5 years 174 10.8 years 124 11.0 years 104 9.1 years 76 9.8 years SPO Acquisition Improves Pro Forma Tidewater Vessel Age Profile, Particularly in Large PSVs and AHTSs Note: Vessel ages per company information and Vessels Value. Total vessel count for TDW includes assets booked as AHFS. Only reflects PSVS and AHTS. 14 tdw.com#15Highlights ■Largest global OSV operator ■Meaningful G&A and opex synergy realization opportunities ■ Strong balance sheet and liquidity profile ■ Significant earnings leverage in a recovering offshore market ■Geographic enhancement and expansion ■Fleet high-grading ■Well-positioned to pursue additional acquisition opportunities 15 T tdw.com