Good morning. My name is Ashley and I’ll be your conference operator today. At this time, I would like to welcome everyone to the 2012 fourth 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. Mr. Bennett, you may begin your conference.

Thank you, Ashley. Good morning everyone and welcome to Tidewater’s fiscal 2012 full year and fourth quarter earnings results conference call for the period ended March 31st, 2012. I am Joe Bennett, Tidewater’s Executive Vice President and Chief Investor Relations Officer. With me this morning on the call are our Chairman, President and CEO, Dean Taylor; Jeff Platt, our Chief Operating Officer; Quinn Fanning, Executive Vice President and CFO; and Bruce Lundstrom, our Executive Vice President, General Counsel and Secretary. We’ll follow our usual conference call format. After the formalities, I’ll turn the call over to Dean for his initial comments, to be followed by Quinn’s review of the financial details for the quarter. Dean will then provide some wrap-up comments before we open the call for questions. During today’s conference call, Dean, 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 Tidewater’s most recent Form 10-K. With that, I’ll turn the call over to Dean.

Thank you, Joe, and good morning, everyone. Earlier this morning, we reported fully diluted earnings per share for our fourth fiscal quarter of $0.66, which compared to an adjusted $0.51 a year ago. For all of fiscal 2012, our fully diluted earnings per share were $1.70, which if adjusted for our goodwill impairment charge in the second fiscal quarter when we elected to reorganize our business into four geographic regions would have been $2.13, down from the adjusted $2.40 per share for fiscal 2011. This year’s annual report has the theme “the tide is turning”, reflecting our belief that the industry cycle has turned and that Tidewater is both prepared for this upturn and continues to actively invest in order to capitalize on the business opportunities we see emerging on the horizon. Our last two quarterly results confirm our belief about slowly improving industry conditions. If you look at the past fiscal year by halves, we averaged revenues of about $250 million per quarter in the first half compared to about $280 million per quarter in the second. Our consolidated vessel revenues were $288 million in the fourth quarter, up 14% from the year ago quarter and are setting the stage for further improvement this fiscal year. Our financial results for the fourth quarter reflected revenues coming in at the upper end 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. A part of that diligence is our attention to safety. Although our last quarter’s safety performance was marred by one last time[ph] accident, Tidewater’s safety record for the full year was the second best in the company’s history, with the total recordable incident rate of…

Thank you, Dean. Good morning, everyone. First, I’ll call your attention to earnings press release, which we put out this morning prior to the market’s opening. I’ll also note that we expect to file our annual report on Form 10-K through the EDGAR filing service sometime before the close of business today. Turning to financial results, as of and for three and twelve month periods ended March 31st, 2012; as usual, I will provide a recap of the quarter and year just completed, offer a few perspectives on what’s driving financial results, and then provide our near- to immediate-term outlook. I’ll conclude my remarks with a review of capital commitments and available liquidity. As Dean noted in his introductory remarks, we reported diluted earnings per common share of $0.66 for the March quarter versus diluted earnings per common share of $0.67 for the December quarter. For fiscal 2012, diluted EPS was a $1.70 as compared to $2.05 for fiscal 2011. To assist your period-to-period comparisons recall that the December quarter of fiscal 2012 included a $0.16 per share benefit associated with a reversal of liability that have been previously established for uncertain tax positions. Also, recall that in the second quarter of fiscal 2012, we reported a $0.43 per share goodwill impairment charge in connection with a change in our segment reporting. Fiscal 2012 and most significantly the second quarter of fiscal 2012 was also negatively impacted by start-up delays in MENA and Asia-Pacific regions, the total effect of which exceeded $0.20 per share. Fiscal 2011 had a number of unusual items, including charges totalling $10.7 million or $0.20 per share related to our separate settlements with the US Department of Justice and the Federal Government of Nigeria, in connection with our previously disclosed internal investigation. Accounting for these unusual…

Thank you, Quinn. As I said at the outset of the call we believe that tide is turning for the offshore vessel industry and for Tidewater, in particular. As mariners we know tides go through stages when they turn. First, there is an ebb tide followed by a flat tide and eventually a flood tide. In our view, we are at flat tide waiting for the flood tide, much like the global economy and the energy business. Despite the political chaos in Europe and sluggish economic recovery in the United States, global oil demand continues to rise. The only question seems to be the pace at which energy demand globally will grow. That demand is putting a floor on the global oil and gas prices with the supply gluts in North America being a function of aggressive production growth coupled with a warm winter and infrastructure issues. Over time, those gluts will disappear and North American energy prices will rebound. Our clients continue to demonstrate a desire to expand their resource reserves and to increase their production. As a result, they continue spending on exploration and development at a healthy pace. Their commitment to reserve and production growth is being reflected in the future growth of the offshore drilling rig fleet and as a corollary the need for additional support vessels. At the present time, there are 190 offshore drilling rigs either under construction, or on order. 91 are floating rigs and 99 are jackup, or other type drilling rigs. Combined with the new offshore drilling rigs delivered the past two years, the industry will grow by well over 200 rigs this decade. This decade will trail only the 1970s for fleet growth in the 60 plus year history of the global offshore drilling industry. Tidewater has played an important…

(Operator Instructions). Our first question comes from the line of Jim Crandell with Dahlman Rose. James Crandell – Dahlman Rose & Company: Hello Dean, congratulations on your retirement. We will all miss you.

Like a bad rash, I think. James Crandell – Dahlman Rose & Company: Not at all, you’ve done a wonderful job over the last decade. Dean, a couple of questions about Angola first, can you disclose how many vessels you moved out of Angola and is Sonangol finding other companies to work under conditions that you’ve rejected?

Jim, I’m not trying to be evasive. But for this sanctity of the negotiations and our relationship with Sonangol, I prefer to just let our statements stand as we’ve made them. We start parsing details, we’re going to get into trouble and I just (inaudible) to avoid that if I can. James Crandell – Dahlman Rose & Company: Okay, I will go on to my second topic, Dean. As I recall after you reported the last quarter you were seeing instances deep water PSVs finding rates up into the mid 30’s. Have those become more a prevalent now and do you think that’s sort of the new standard for deep water PSV rates?

Jim this Jeff Platt. Again as contracts are rolling over and when you say deepwater PSVs, understand that there are segments within the deepwater PSVs as well, not to get too detail, but certainly Jim, the market continues to I think move in a positive direction. So what we said in the previous quarter, where we’re seeing some of the rates being achieved, we haven’t seen any pullback in the markets, so I think it’s a fair statement to say that that is becoming certainly the new statement on certain classes of the deepwater PSVs. James Crandell – Dahlman Rose & Company: And as deepwater PSVs Jeff strengthens, how would you expect the trajectory of the deepwater anchor handlers to compare to the trajectory of the growth in the deep water PSVs?

Jim, you know again, I don’t the two are linked when you look at the number of new rigs and the rig types that are coming to market. It’s the DP rigs. So what we’re seeing is that the new DP rigs that are going on to the projects are requiring the PSVs. With respect to the anchor handlers again, I think we’ve stated in the past, that our outlook for that market segment is not nearly as bullish, and certainly we don’t have a position in that, that we do in the PSVs, so quite honestly I would not expect to see anything close to the trajectory that you’re seeing or have seen deepwater PSVs. James Crandell – Dahlman Rose & Company: Okay and final question. I think that one of the more important factors behind the outlook for the standard supply, towing vessels was Saudi Arabia. Have there been any further contracts let out of Saudi Arabia since the first contract when I believe you put nine vessels to work at memory serves me correct?

Jim, there’s currently a tender that’s underway the evaluation by Saudi that was submitted some time ago. Saudi is in the middle of both their technical evaluation and the commercial evaluation. So that will be coming out, expectations maybe within the next 30 days or so when you look at the time it takes Saudi to evaluate that. That was for a stated 22 vessels and there had been some industry scuttlebutt that that number may go up, but really since that, direct Saudi contracts that’s the next big event within Saudi. James Crandell – Dahlman Rose & Company: And hasn’t there Jeff, even been scuttlebutt of an additional contact beyond that?

Jim, there’s all kinds of discussions, certainly the number of rigs I think, somewhere the expectation is five additional jack-ups. Additionally, Saudi is stepping out into the Red sea, so there’s talk of some of certainly some deepwater work for Saudi, that’s all incremental and good, but again, I think, you know the rumors as well as we do. James Crandell – Dahlman Rose & Company: Thank you Jeff and Dean, congratulations again.

Thanks Jim.

Your next question comes from the line of Veny Aleksandrov with Pritchard Capital. Veny Aleksandrov – Pritchard Capital Partners: Good morning, Dean, Quinn, and Jeff.

Good morning. Veny Aleksandrov – Pritchard Capital Partners: My first question is on the revenue side. In the Americas on the deepwater, you had revenues go down sequentially this quarter as opposed to Asia-pacific and Africa region where revenues were sequentially up. Was there anything quarter specific?

I wouldn’t say there was anything specific to the region in terms of trends that are different than what we’re seeing elsewhere around the world. What you are seeing, however, is idiosyncratic, ebbs and flows, if you will, to revenue-related, to dry-dock time, and also our really continuous repositioning of vessels within segments, and among the segments. So I would say that the trends that we’re seeing and the positive trends we’re seeing, particularly in the deepwater vessels is consistent around the world. The other thing is, picking up on Jim’s earlier question is that, the direction of movement and the pace of improvement in the deepwater PSVs is certainly better than what we’re seeing in the deepwater anchor handlers, but are handful if you will. Deepwater anchor handlers are gainfully employed at decent rates, but just not moving up at the same pace that we’re seeing in the deepwater PSVs. Veny Aleksandrov – Pritchard Capital Partners: Thank you. And then about wage inflation, apparently, there is wage inflation both domestically and internationally, but do you see more pressure domestically than internationally, can you give us a little bit more details?

Certainly, the number of mariners, the pool of mariners domestically has not grown nearly as big as the number of more complex US flagged PSVs. So there is some localized pressure here more than on a worldwide basis. Some of that is a function of the market contraction and people leaving the market. So it is a challenge for the industry domestically, but overall, as the industry rebounds, we’ve been through these cycles before, and one of the attributes of a growing market is the fact that the labor issue is one that the industry has to confront, we’ve done it before and we’re confident that we’ll do so in the future. Veny Aleksandrov – Pritchard Capital Partners: Thank you and Dean, congratulations on your term.

Thank you, Veny.

And your next question comes from the line of Greg Lewis with Credit Suisse. Gregory Lewis – Credit Suisse: Yes, thank you and good morning. Dean first you know, congratulations and best of luck. Quinn, in your prepared remarks you mentioned that we’re in a cyclical upturn in the industry. When we think about that and we think about the demand for boats in the second hand market increasing, should we think about Tidewater increasing the number of boats they’re selling over the next sort of few quarters into that sort of cyclical upturn?

I think we’ve had reasonably good success, quite frankly through the trough of the cycle in selling our older vessels. Remember Greg that a very significant portion of that equipment has been sold outside of the oil and gas industry. It’s going to shrimping, fishing, tourism industries, West African Security markets, Caribbean cargo trade, you name it. We’ve also scrapped a handful of vessels seven in the last quarter, but we don’t really see the trends in the oil and gas business, which we believe to positive as really what’s driving our vessel dispositions. And quite frankly the customers are looking for the newer equipment within the oil and gas industry and that’s really where we’re focused on, so our disposition activity is really focused on other industries. Gregory Lewis – Credit Suisse: Okay. So in thinking about operating and maintaining the active segment of the fleet, what we really should think about, you know sort of Tidewater holding on to the majority of its, I guess core assets and maybe sort of selling off a few, continue to sell off its noncore assets sort of over the next one to two years. Is sort of kind of just be business as usual, is that the right way to think about it?

Our hope is that we’ll maintain that, the phase of 10 to 15 vessels a quarter. I think we’ve come up on five years I think that that we’ve sold over 40 vessels per annum. And yes, we will focus on the core fleet, which is 215 plus or minus new vessels and was now less than 50 vessels in the way of older tonnage. There is going to be a handful of those that we’ll continue to work within our fleet for some time and our stacking activity has moderated quite significantly recently, and then we do have a way older vessels, has a similar contract profile as the rest of the equipment. Gregory Lewis – Credit Suisse: Okay, perfect. And then just follow up question. In thinking about the new building fleet?

Ashley, did we lose Greg?

Greg your line is open. (Operator Instructions)

Think he may have been on the cell phone Ashley.

His line has dropped.

Okay, while we move on and maybe he’ll circle back on again.

Your next question comes from the line of Joe Gibney with Capital One. Joseph Gibney – Capital One Southcoast: Thanks, good morning. Just Quinn, one question for you, just trying to calibrate a little bit on fiscal first quarter revenue guidance should the 285 to 295 you referenced, some deferred drydocks moving into the quarter. Just trying to understand the lost revenue impact of some of these drydocks in 1Q, I think you referenced 4Q was a million in lost revenue, just curious what the 1Q figure is embedded in that guidance?

I think my comment was that it’s at least going be a couple million dollars and what we try to do in way of bridging quarter over quarter revenue is highlight what is the delta in lost revenue on dry dock activity. We have vessels in dry dock every quarter and again, our expectation next quarter is that the lost revenue associated with drydocks will be at least a couple of million dollars higher than we had this quarter. Joseph Gibney – Capital One Southcoast: Okay, perfect thank you, and just wanted to add to the congratulations to you Dean. Really enjoyed working with you and wish you all the best.

Thank you, Joe.

Your next question comes from John Donald with Howard Weil. Jonathan Donnel – Howard Weil: Good morning guys, I’m doing well. Dean just wanted to thank you for your contributions here over the years and then best of luck going forward. As we think about the demand for these deepwater PSVs improving here, what kind of pressures are you seeing, if any in terms of pricing on new build vessels of the shipyards for that class. And are there may be more opportunities for you to be purchasing existing boats out of the shipyards as opposed to going on with a new incremental new build yourself?

It depends on whether you’re speaking of domestic vessels or international vessels. I know there’s some pressure on domestic pricing, but not significant pressure which --. Jonathan Donnel – Howard Weil: Okay.

Lately, has not been significant pressure at all, very slight pressure on international pricing for deepwater PSVs, which indicates that the order book for the deepwater PSVs is winding down, and shipyards are becoming relatively hungry in the international marketplace. Domestically it’s not quite the same, but there has been some pricing pressure in the domestic markets. Jeff you want to say something?

John the other thing I just want to say when Dean says that, I think he’s referring to the new construction internationally. Really new equipment on the second hand market because the market is more at the evaluation of that by the current owners is reflective of their expectation as the market continues to move up.

I was referring to ship yards John. Jonathan Donnel – Howard Weil: Okay, that makes sense. And then, could you maybe talk just generally a little bit about the opportunities that you all see in East Africa? I mean that’s clearly getting a lot more focus here on the deepwater side of business, just wondering, as you look to the vessel side here, maybe what kind of opportunities you’ve had to be moving vessels into that market, and how maybe the day rates would compare with some of the other alternatives that you have out there right now as well?

Jon, there was a glaring omission in my last statement of our shipyard. I forgot to mention Brazil, where pricing is out of sight. Jonathan Donnel – Howard Weil: Okay.

So, you would have to tamper my remarks on international shipyard new building pricing with the situation in Brazil where shipyard construction costs are out of sight. Jonathan Donnel – Howard Weil: Right, okay, that makes sense. And then

Jeff?

Yeah, the market in East Africa is one that we’ve grown with. That’s a significant growth area for us, greenfield[ph] activity. Certainly, several of the operators at least one have made some major announcements of commercial discovery. So, the whole industry looks to that as a great opportunity greenfield growth. I think the rates over there, again it’s more remote. There is certainly security challenges there, and it is certainly at the leading edge or would be at the leading edge with the day rates as required by the service required in remotest of locations. Jonathan Donnel – Howard Weil: Okay, great, that is very helpful. Thanks a lot for the time guys, I appreciate it.

Thank you, Jon.

And your next question comes from the line Al Rivera[ph] with Individual Investor.

Hello, Al. Al Rivera – Individual Investor: (inaudible), I think the company is great. I just am asking why we didn’t have in the release your CEO Dean here retiring?

That was subject of the press release about a month ago Al. There was no need to duplicate it. Al Rivera – Individual Investor: Okay, I didn’t know that. Yeah, the stock dropped, I thought on that news and that’s why I was asking. It just seemed to me that it was an odd drop in the stock and I believe it was for that reason. Okay, thank you very much.

Thank you, Al.

(Operator Instructions). Your next question comes from the line of Todd Scholl with Clarkson Capital Markets. Todd Scholl – Clarkson Capital Markets: Good morning, guys. Congratulations on your retirement Dean.

Thank you, Todd. Todd Scholl – Clarkson Capital Markets: I just had one question, in the Asia-Pacific region, it looks like that the deepwater day rates picked above 30,000, that was just a little bit surprising to me because, I had been under the impression that that market had been a little bit oversupply and it seemed like day rates were very strong there for you guys, was that just a function of maybe getting some one-off spot market contracts or were there something larger at work there?

Todd, that has to do with vessels going to work at Australia Todd Scholl – Clarkson Capital Markets: Okay.

The vessels at large contracts are reflective of the size of vessel and also the Australian labor cost component is somewhat --, has reflected in the day rates as well. Todd Scholl – Clarkson Capital Markets: Okay. So was it just a larger mix, I mean, there was a larger amount of vessels working in Australia relative to what you have seen typically?

Todd we had some big projects that were delayed and didn’t start up till late in the previous quarter. So what you are seeing is the full effect of the quarter with those higher day rates in Australia. Todd Scholl – Clarkson Capital Markets: Okay, thanks. I remember you guys saying that those had been delayed. I just wasn’t sure that was -- I didn’t fully understand the impact of that. And also on the dry docking expenses, I think you’ve probably given us as much as you’re going to give us there, but I was just curious, could you maybe tell us the number of drydocks that moved from last quarter to the next quarter?

We historically have not gotten in the rates[ph] in terms of what we are accelerating and deferring. Todd Scholl – Clarkson Capital Markets: Okay, alright, thanks.

Thank you, Todd.

And there are no further questions in the queue at this time.

Well we thank everyone for your participation in the call today. We thank for your interest in our company. We wish you God’s blessings and take care. Thank you very much, bye.