Good morning. My name is Alicia, and I’ll be your conference operator today. At this time, I would like to welcome everyone to the Fiscal 2013 First Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. (Operator Instructions) Thank you. Joe Bennett, you may begin your conference.

Thank you, Alicia. Good morning, everyone, and welcome to Tidewater’s fiscal 2013 first quarter earnings results conference call for the period ended June 30, 2012. I’m Joe Bennett, Tidewater’s Executive Vice President and Chief Investor Relations Officer. With me this morning on the call are our President, and CEO, Jeff Platt; Jeff Gorski, our Executive Vice President and Chief Operating Officer; Quinn Fanning, our Executive Vice President and CFO; and Bruce Lundstrom, our Executive Vice President, General Counsel, and Secretary. We will follow our usual conference call format. After the formalities, I’ll turn the call over to Jeff for his initial comments, to be followed by Quinn’s review of the financial details for the quarter. Jeff will then provide some wrap-up comments before we open the call for questions. During today’s conference call, Jeff, Quinn, I, and other Tidewater management may make certain comments that are forward-looking statements and not statements of historical fact. I know that you understand that there are risks, uncertainties, and other factors that may cause the company’s actual future performance to be materially different from that stated or implied by any comment that we may make during today’s conference call. Additional information concerning the factors that could cause actual results to differ materially from those stated or implied by the forward looking statements, may be found in the risk factors section of Tidewaters’ most recent form 10K. With that I’ll turn the call over to Jeff.

Thank you, Joe, and good morning to everyone. Earlier this morning we reported fully diluted earnings per share for our fiscal quarter of $0.65 which compared to $0.48 a year ago. These results were consistent with our expectations and reflect continued progress in the turnaround for the offshore supply vessel business. In last quarter’s conference call, Dean Taylor, our former CEO and current Chairman pointed out how we could see progress in the industry’s recovery if you looked at our vessel revenues for the full year by its halves. In the first half of fiscal year 2012, our quarterly revenues averaged about $250 million. During the second half of fiscal year 2012, our vessel revenues were averaging about $280 million per quarter. In the quarter we are reporting today we generated $290 million in vessel revenues, which was once again a step up from the prior two quarters. In this quarter, just as in the March quarter, our financial results reflected revenues coming in at the middle of our guidance on the last conference call while operating expenses were at the low end. Both trends are positive and reflect improving industry fundamentals along with continued diligence in managing our business. The safety culture at Tidewater that our two previous CEOs Bill O’ Malley and Dean Taylor nurtured during their terms will continue to receive my highest attention, and that of the rest of the Tidewater management team employees. As has been said many times before, safety is important not just because it’s good for our customers and our business, but because we owe it to everyone who comes to work each day to return home safely at night. Tidewater’s safety record for the first quarter reflected a total recordable incident rate of 0.25 with no lost time accidents incurred. I…

Thank you, Jeff. Good morning, everybody. First, I’ll call to your attention the earnings press release that we’ve put out this morning prior to the market’s opening. I’ll also note that we expect to file our quarterly report on Form 10-Q through the EDGAR filing service sometime before the close of business today. Turning to financial results as of and for the three period ended June 30, 2012, as usual, I will provide a recap of the quarter just completed, offer a few perspectives on what’s driving financial results, and then provide our near-to-intermediate-term outlook. I’ll conclude my remarks with a review of capital commitments and available liquidity. As Jeff noted in his introductory remarks, we reported diluted earnings per common share of $0.65 in the June quarter versus diluted earnings per common share of $0.66 for the March quarter. I believe that the consensus of analysts’ estimates for the June quarter for Thomson First Call was $0.60. For your period to period comparisons, I’ll highlight just a few items in the June quarter. Vessel revenue in the June quarter was about $290 million versus about $288 million for the March quarter. For the deepwater class of vessels, which represents about 45% of first quarter vessel revenue, and which at least for Tidewater is primarily a deepwater PSV story, results were flattish quarter-over-quarter, reflecting the somewhat offsetting effects of downtime on a few high day rate vessels that were either in dry dock or between charters and a deepwater fleet that is generally rolling on to charters at rates respectably higher than the charters that those vessels have most recently completed. As a result reported results for the June quarter for our deepwater class of vessels may fail to capture what we believe to be a continuation of the strong…

Thanks, Quinn. As I said at the outset of the call, our quarterly results reflect the improving environment for the offshore vessel industry and for Tidewater in particular. It may be difficult to discern that the business is improving, given the daily headlines about the political chaos in Europe, the sluggish economic recovery in United States, turmoil in the Middle East, and growing concern about China – China’s economy, experiencing a hard landing. A global oil demand continues to rise and the need to find and develop new hydrocarbon supplies increases. Rising energy demand globally is putting a floor under oil and gas prices with the recent supply gluts in North America beginning to disappear. Our clients continue to demonstrate their desire to expand the reserves and increase their production. As a result, they continue spending on exploration and development and their commitment to reserve production growth is being reflected in the growth of the offshore drilling rig fleet and as a corollary the need for additional support vessels. The June quarter included an approximate 25 rig increase in the working offshore rig count globally with nice expansion in both the jack-up market and the deepwater-floater market. At the present time, there are just under 200 offshore drilling rigs either under construction or on order split almost equally between the deepwater floater market and the jack-up market. The recent contract announcements by offshore drilling contractors for some of the new build rigs, are confirmation of the commitment by our clients to increase their pace of offshore exploration and development. This pace of new rig construction over the past several years and in the new orders for rigs signals that the offshore drilling industry will likely add as many rigs this decade as it did in the 1970s, the greatest growth…

(Operator Instructions)And your first question comes from the line of Gregory Lewis from Credit Suisse. Your line is now open.

Hello, Gregory. Gregory Lewis – Credit Suisse: Hey, thank you, morning. I guess my first question is looking at the Americas utilization in the quarter, can you sort of provide a little bit more color or detail into maybe why that trended down a little bit, was that specific to any region in the Americas whether it was the Gulf, Mexico, Brazil, South America.

I think I wouldn’t read too much into a trend there but in the June quarter it primarily reflects contract gaps in the Brazilian market. Gregory Lewis – Credit Suisse: Okay, perfect. And then just you touched on the two PSVs that you were actually able to acquire from another operator. Could you talk a little bit more about that, what made that possible, is that other additional opportunities like that maybe that Tidewater is going to be able to take advantage of.

Gregory, we’re always looking to add to the fleet and certainly we do that with a mix of new builds, Tidewater new construction projects, our bias certainly would be to buy the right new equipment that others have already committed, that are already in the marketplace, so we don’t add to the overall supply, but again you have to have a willing seller and a willing buyer. In this particular case, we were able to close the gap and I think make a deal that certainly make sense for Tidewater that’s why we did it, but again we’re always looking for that opportunity, but we have to again have the right valuation to make sense from our perspective. Gregory Lewis – Credit Suisse: Can you provide any color on the seller, was that seller a traditional operator, was it someone that was maybe in the market on spec.

No, I think again I don’t want to drill too much into it, again it was obviously a good deal from their perspective or they wouldn’t have made it, but it was not necessarily a speculative owner, but again I think it was a deal that made sense for both sides and really I’ll speak to the Tidewater side, that’s why we did the deal. Gregory Lewis – Credit Suisse: Okay, great. And then, just one follow-up, one final question on the new builds that are going to be delivered over the next couple of quarters. It looks like the bulk of those are, if not all of them are going to be being built in Asia, actually there is – anyway we’re talking the majority of those that are being built in Asia. Can you sort of give us some guidance and where we expect the majority of those boats to end up I mean, is it going to sort of be what it was last quarter where they sort of go into Latin American and West Africa, just sort of if you could – sort of give some thoughts about maybe where those boats are going to end up?

No. again, I think, Gregory, we’re seeing the strength worldwide, okay. And certainly the markets you’ve referenced, the Latin America market and the African market, both on the East Coast and the West Coast are high potential for those vessels. But as is Australia, Australian markets high as well. So, again, can I tell you that they’re all going to Sub Saharan Africa or the African market and Latin America. No, I can’t, those regions I think, certainly will see some of it, but there will be other areas as well.

(inaudible) I will also mention, Gregory, is that preponderance of our deliveries recently and in the near term are going to be deepwater PSVs and I would say it’s a general matter and there are multiple contract opportunities for those vessels and we’re really just picking the best spots for our company. Gregory Lewis – Credit Suisse: Okay, perfect. Thank you for the time.

And your next question comes from the line of David Smith from Johnson Rice. Your line is open. David Smith – Johnson Rice: Thanks, good morning, guys?

Hi, David. Good morning. David Smith – Johnson Rice: I want to make sure I understood the foreign exchange impact in the quarter correct. Did I hear correctly that the foreign exchange rates, the devalued the revenue base by about 3% in the first quarter?

$3 million. David Smith – Johnson Rice: Oh, $3 million, okay. And that would be – that was offset on the coast line?

Offset on both the operating expense line and G&A, so primarily on the operating expense line. So if you net the positives and the negatives, it was essentially a push. David Smith – Johnson Rice: Perfect, so good natural hedge there. We’ve seen some really good growth in the average backlog per rig for the global jack-up fleet over the last year or year and half. I wanted to ask if you’re seeing anything different in the term duration of your new contracts, this year relative to last year, particularly in the towing supply and supply fleet?

David, again we are, and have grown some of our Middle East opportunities and that’s with Saudi Aramco those are longer term than some of the shelf operators, say in West Africa. So to that extent we have, but again we haven’t seen a whole lot of change other than what you would expect when you have contracts with state oil companies versus IOCs. David Smith – Johnson Rice: Okay. Thanks. And could you please remind me what might be a good rule of thumb to estimate the portion of your vessel contracts that roll each quarter?

15% to 20%. David Smith – Johnson Rice: Perfect. Thanks a lot guys.

And our next question comes from the line of Todd Scholl from Clarkson Capital Markets. Your line is now open. Todd Scholl – Clarkson Capital Markets: Good morning guys, nice quarter.

Hey, Todd. Thank you. Todd Scholl – Clarkson Capital Markets: I have got a couple of quick questions here. First, was the uptick in the utilization in the Asia-Pacific region mainly related to vessels going to work in Australia for you guys?

No, Todd, I think actually the Australian market, it’s relatively smaller, it’s bigger equipment typically, but we may have had one or two boats go to work there, but overall to move the numbers it’s actually activity outside of the Australia but in the Asia-Pacific region. Todd Scholl – Clarkson Capital Markets: Okay.

(Inaudible) a small benefit that we’re getting from dispositions of the stacked fleet which are coming out of the denominator of available dates. Todd Scholl – Clarkson Capital Markets: Okay. And then can you guys talk a little bit, I mean right now the North Sea seems to be in oversupply and I know you’re not a big player there, but with 15 PSVs that we see currently on the spot market another 18 anchor handlers, I mean is that potential threat to other markets, vessels potentially moving from the North Sea to maybe West Africa, maybe to Brazil, or is the move just – does that prevent that from happening?

No, Todd. I mean, it’s always been that way historically when the North Sea if it gets very soft, certainly the owners there look outside but I’ll tell you, they like their home cooking and when you move from the North Sea and you look at operating in Africa or you look at operating in Brazil I mean you’re not in your home country anymore and it’s a whole different set of problems and challenges that face you. So, yes, certainly the overcapacity, it’s always a potential for those vessels to move into other markets, but again there’s certain natural barriers and certain natural events for the operators in the North Sea, they like to stay with that home cooking as I said before. Todd Scholl – Clarkson Capital Markets: Okay. And then just one final question, with kind of post the Presidential election in Mexico, is that a market that you’re taking a hard look at now, with the potential opening up of the petroleum industry there, is that something that maybe in two to three years you could see a significant increase in your vessel count?

Well, Todd, you know we’ve always taken a hard look at the Mexico, we take a hard look at all the markets we’re in. Certainly, I think if you step back from the political landscape when you just look at the production declines that Mexico has the seen over the last five years, Mexico has to, in our opinion certainly be and have a very robust market certainly when politicians get involved not just in Mexico, but anywhere in the world they can tend to mess things up a little bit if you will and potentially slow things down, but overall the Mexico market is one that we’re very bullish in. We’ve been in Mexico for a long time and as Mexico opens up we’re going to have the right equipment, the right people and we’re going to be enjoying that market. Todd Scholl – Clarkson Capital Markets: Great. Thank you.

And your next question comes from the line of Richard Sanchez from IHS Petrodata. Your line is now open. Richard Sanchez – IHS Petrodata: Good morning, gentleman. Richard Sanchez, IHS. How are you doing today?

Doing good. Richard, how are you? Richard Sanchez – IHS Petrodata: I’m doing great. I wanted to ask, if you guys anticipate mobilizing any more vessels back to the U.S. Gulf over the next few quarters.

Richard, we look at mobilizing vessels every day, be it to one market or another, we’re continually looking at where is the best contract for that piece of equipment to best meet our clients’ needs. So, the simple answer to you is, everyday we’re looking potentially at opportunities in the Gulf of Mexico as in all of our markets. Would it surprise me that we move something back to the U.S. Gulf? Absolutely not. The Gulf market is certainly one that has improved and appears to continue to be strengthening. So, again do we plan on it? We don’t sit down any one day and say today we’re planning on moving a vessel from one market to the next, but as the Gulf market continues its relative strength, we have the U.S. flagged equipment or some U.S. flagged equipment that has applications for primarily the deepwater in the U.S., Gulf as we take deliveries of our international built deepwater equipment, and potentially freeze it up. So to answer your question, absolutely a possibility and one that we evaluate daily. Richard Sanchez – IHS Petrodata: Thank you very much and congratulations on a good quarter.

Thank you, Richard.

And the next question comes from the line of Fotis Giannakoulis from Morgan Stanley. Your line is now open. Fotis Giannakoulis - Morgan Stanley: Yes. Good morning and congratulations on a good quarter. I would like to ask you about – you talked about the improving deepwater market, can you please be a little bit more specific regarding PSVs and anchor handlers and what is your outlook comparing this to asset classes?

Well, Fotis, again, when you look at the deepwater, we have been very bullish, and I think the market has confirmed that the deepwater especially on the PSV side has been very robust and certainly continues to look that way to continue with the deepwater PSVs. And, I think if you look at the number of new builds and look, drill into the type of new build, rigs we’re talking about, you see that there’s roughly 200 total rigs on order. 50% of those are deepwater floaters, if you will, the other percent are jack-ups for the shelf market. And, when you look at the floaters, I think roughly all, but two of those are dynamically positioned rigs. So, the deepwater market at least for the rig classes, the rigs that are being added in the market are all dynamically positioned. That in effect drives the demand for the PSVs. The larger deepwater anchor handlers, that’s a market that Tidewater for some time we have not been nearly as bullish and we have some vessels, a small amount, that can certainly service the top-end on the deepwater moored rigs, but that is not where we’ve been investing and we are not nearly as bullish on the deepwater anchor handlers. Deepwater PSVs, again we think the market has been good and we think it will continue down the road. Fotis Giannakoulis - Morgan Stanley: All right, thank you for that. Can you also please comment about the other segments? We saw that the rates for crew boats and tugs they declined slightly. Do you expect that as the lower end of the market is improving, this market will also improve or you are not that bullish for this sector?

Fotis, from Tidewater’s perspective, when you talk about crew boats and tugs that you mentioned, we are and we have some equipment, but that is a small percentage of the Tidewater portfolio. If you look at other than the deepwater from Tidewater’s perspective, as Quinn made reference and I did earlier, it’s that towing supply and supply which really addresses for Tidewater, the jack-up market, the shelf drilling worldwide. And again we have seen that market on the rig side continue to build and we saw in this most recent quarter, the 5% increase in utilization on a towing supply and supply and the over $300 a day, day rate. So, from our perspective, we’re starting to see traction in other than the deepwater PSV side. Fotis Giannakoulis - Morgan Stanley: Okay. Thank you very much.

(Operator Instructions). And your final question comes from the line of Richard Sanchez from IHS Petrodata. Your line is again open. Richard Sanchez – IHS Petrodata: Thank you. I just had a one last question about the U.S. Gulf of Mexico. Have you guys noticed a change in demand for dynamically positioned supply vessels since the deepwater horizon?

Richard, when you look at the Gulf of Mexico, the shelf activity has really been down and that’s more a function of the price of natural gas and the success of the shale gas drilling. So, the shelf market has been relatively depressed. Post-Macondo, when you look at it certainly the work in the deepwater that has bounced back is deepwater floaters and I don’t think it’s naturally the result of Macondo, it’s a more a function of what rigs are working. These are big new expensive DP floaters working in deepwater and not necessary just for the gulf, that as a result looks at DP-2 equipment, so the requirements certainly for the deepwater side are high spec DP-2 PSVs. Richard Sanchez – IHS Petrodata: So, are you saying that you have more of those sort of mid-water vessels with DP working for floaters that might normally be replaced with the big 3,000-4,000 deadweight ton PSV if it were available?

Richard, I don’t understand. We have U.S. flagged deepwater PSVs that are currently not in the U.S. Gulf of Mexico, that are working internationally. So, those vessels could be freed up with some international built vessels and potentially move that equipment back. But we’re not – we have equipment that could absolutely service the deepwater requirements here in the Gulf of Mexico. Richard Sanchez – IHS Petrodata: All right. Thank you.

Okay. Thank you, Richard.

(Operator Instructions). And we do have a question from the line of Cole Sullivan from ISI Group. Your line is now open.

Hello, Cole.

Hi, how are you. On the Southeast Asia outlook, you’ve had a few competitors, at least one competitor talk about a little bit better conditions there overall. Your utilization ticked up there. Can you give me a little bit of color on what you’re seeing in that market, and if you are seeing that that supply picture kind of clear up a little bit better, the oversupply that is?

Cole, you know certainly the rig activity there has been fairly robust. I think in terms of the jack-up market, that’s second to the Middle East, Med for us, or the Middle East primarily. But again kind offsetting that, it’s also the areas that are closest to where a lot of the new construction is. So you have that continued delivery and it’s nearby so a lot of the new construction – finds or tries to find homes in that Southeast Asia market, so again we are seeing some little bit of signs of optimism, but again it’s the first area that picks up all the new build on the OSV side.

Okay, thanks for that. And then I’ll ask one last question on the Gulf, have you guys looked into doing any stretch projects? it looks like you guys may have ordered a couple for the Gulf of Mexico new build vessels, but or at least they’re being built in the Gulf of Mexico, have you guys looked into any stretch projects and some of the, even the foreign flagged or the U.S. flagged vessels that are in foreign markets?

Well, Cole again, and this is going back in history. Tidewater, this is going back six, eight, ten years ago, we went through and did a lot of stretches with U.S. flagged equipment. Some of that equipment today is still what we use as our shelf equipment, it’s DP, it’s serviceable equipment, it certainly is good equipment to work on the jack-up on the shelf side. We really don’t have equipment that I think would be really suitable for stretch equipment in the U.S. market. I know some of our competitors, Todd made mention of some class of vessels that he would be looking at. Quite honestly, I don’t think with the rigs that are here that a stretch candidate from the Tidewater side makes a whole lot of sense. We will be delivering to the market top end, high spec PSVs, that’s what Tidewater will be addressing the deepwater market here in the Gulf of Mexico.

Okay. That’s it for me. I’ll turn it back. Thanks.

And we have no further questions at this time. Now I’d like to turn the call over to Jeff Platt, President and CEO for closing remarks.

Okay. Thank you, Alicia. I want to thank everybody. This is my first earnings call and I can tell you just from the standpoint of it being over, I’ll have a little bit better day. But I thank everybody for listening in and I wish everybody a great day. Thank you.

And with that ladies and gentlemen, this concludes today’s conference call. You may now disconnect.