Tidewater To Acquire Insurance Firm In Texas

Tidewater Inc., 1440 Canal Street, Suite 2100, New Orleans, La. 70112, has announced that it has reached an agreement in principle with Angelina Casualty Company of Lufkin, Texas, for Tidewater to acquire Angelina for the equivalent of $3,650,000 in the form of Tidewater common stock. The exact amount of stock to be offered will be determined under a formula based on the average price of Tidewater stock over a 30-day period prior to the formal o f f e r i n g to Angelina's shareholders and providing for a maximum of 165,000 and a minimum of 145,000 shares of Tidewater stock. Subject to regulatory approval, Tidewater presently intends to acquire sufficient treasury shares to effect the transaction.

The acquisition is subject to the negotiation and execution of a definitive agreement between the parties and approval by the board of directors of Tidewater Inc., the board of directors and shareholders of Angelina Casualty Company, as well as clearances by various regulatory authorities.

Angelina Casualty Company is a closely held insurance firm specializing in the underwriting of workers' compensation insurance in Texas. Tidewater Inc. is an oil and gas service firm providing marine support services to the world's offshore oil and gas industry and natural gas and air compression services. The New York Stock Exchange-listed company is also engaged in oil and gas exploration and production, and has interests in insurance and real estate.

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