PRESS RELEASE BAY SHIPBUILDING COMPANY, A DIVISION OF FINCANTIERI MARINE GROUP, A FINCANTIERI COMPANY, STARTS STEEL CUTTING ON PLATFORM SUPPLY VESSELS FROM TIDEWATER MARINE, LLC STURGEON BAY, WI – September 19, 2011 – Fincantieri Marine Group (FMG) announced that its’ Bay Shipbuilding Company started steel cutting on two (2) 92.4 meter (303’) Platform Supply Vessels (PSVs) of the MMC 887 LH PSV Design from MMC Ship Design of Poland for New Orleans, La.-based Tidewater Marine, LLC, a wholly-owned subsidiary of Tidewater Inc. The “Deepwater” Platform Supply Vessels are being built at FMG’s shipyard Bay Shipbuilding Company located in Sturgeon Bay, WI, and are state of the art diesel-electric Z-drive propulsion vessels with redundant dynamic positioning (DPS-2), polar class 7 (Ice Class PC 7), fire fighting class 2 (Fire Fighting Vessel Class 2), and ENVIRO ABS notations. “I am very pleased and excited that we are building the first Polar Class 7 Platform Supply Vessels under the newly developed American Bureau of Shipping (ABS) Rules for Tidewater Marine, which has allowed us to transition from the OPA ’90 Tank Barge Market into the Offshore “Arctic and Deepwater” Market Sectors. Also equally important, this start of production will jump-start the recall of our previously laid off workers,” said Gene Caldwell, Vice President and General Manager of Bay Shipbuilding Company. “With the win of this project our focus remains to win additional contracts and grow our commercial business in concert with the continued CAPEX support being provided by our parent company, Fincantieri Cantieri Navali Italiani S.p.A.,” said Floyd Charrier, Vice President Sales & Marketing. About Tidewater Inc. Tidewater Inc. is the world’s largest and most experienced provider of marine support services for the offshore energy industry. With the largest and newest vessel fleet, a broad global footprint and leading safety performance, it serves customers operating in more remote, deeper and increasingly hostile environments in order to meet the world’s energy demands. About The Fincantieri Marine Group Fincantieri Marine Group (FMG) is one of the leading mid-sized shipbuilders in the United States for commercial and governmental customers, including the U.S. Navy and U.S. Coast Guard. FMG is comprised of the following shipyards: Marinette Marine: shipyard located in Marinette (WI), focused in the design and production of government ships, Bay Shipbuilding: shipyard located in Sturgeon Bay (WI), specialized in newbuilding of commercial ships and in shiprepair services, and ACE Marine: production plant specialized in aluminum constructions located in Green Bay (WI). About Fincantieri Fincantieri-Cantieri Navali Italiani SpA (www.fincantieri.com) is one of the world’s most prominent and diversified shipbuilding groups. World leader in the construction of cruise ships, reference operator in the large ferry sector, the company also boasts a considerable order book in the military sector. To encourage the group’s growth, Fincantieri has developed a series of initiatives in fields close to its core business: ship repairs and conversion, marine systems and components and mega-yachts. Headquartered in Trieste, the company employs more than 10,000 people and has eight shipyards in Italy. In the United States, it operates through its subsidiary Fincantieri Marine Group (FMG), which builds ships for commercial and government customers, including the U.S. Navy and Coast Guard, at three facilities (Marinette Marine, Bay Shipbuilding, ACE Marine), in the Great Lakes region. # # # Contact: Floyd Charrier On behalf of Fincantieri Marine Group (920) 265-1069 [email protected] For additional information on Bay Shipbuilding Company and Fincantieri Marine Group, visit: www.fincantierimarinegroup.com For additional information on Fincantieri, visit: www.fincantieri.it .