UPDATE 1-Tidewater posts lower Q4 profit; shares down

Thu May 20, 2010 12:02pm EDT

* Q4 EPS $1.10 vs $2.13 year ago

* Q4 rev down 24 pct

* Shares down as much as 9 pct

May 20 (Reuters) - Tidewater Inc (TDW.N) reported a lower quarterly profit, hurt by a decline in vessel utilization levels, sending the oil services company's shares down as much as 9 percent. For the fourth quarter, net income was $56.9 million, or $1.10 a share, compared with $109.7 million, or $2.13 a share, last year.

Total revenue fell 24 percent to $260 million.

Total vessel utilization declined 23 percent during the quarter.

Shares of the company were down $3.56 at $43.82 in midday trade Thursday on the New York Stock Exchange. They touched a low of $43.06 earlier in the session. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Maju Samuel)