Strategic Rationale for Tidewater's Acquisition of SPO Fleet

Largest 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

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