TIDEWATER INC. COMPANY PERFORMANCEEXECUTIVE OFFICER ANNUAL INCENTIVE PLAN FOR FISCAL YEAR 2013

EXHIBIT 10.20

TIDEWATER INC.

COMPANY PERFORMANCE EXECUTIVE OFFICER

ANNUAL INCENTIVE PLAN

FOR FISCAL YEAR 2013

The primary objective of the Tidewater Inc. Company Performance Executive Officer Annual Incentive Plan (the “Executive Incentive Plan” or the “Plan”) is to reward Tidewater’s executive officers for their assistance in helping Tidewater Inc. (the “Company”) achieve its financial and operating goals for the fiscal year. The Plan links a significant element of potential variable annual compensation to the accomplishment of these goals.

The Compensation Committee of the Board of Directors established the Plan to maximize Tidewater’s deduction under Section 162(m) of the Internal Revenue Code of 1986, as amended, and the regulations and guidance thereunder (“Section 162(m)”), provided that such actions are consistent with its philosophy and in the best interest of Tidewater and its stockholders. At the Company’s 2008 Annual Meeting of Stockholders, the stockholders approved the material terms of the performance goals applicable to the Plan in order to qualify amounts paid as performance-based compensation under Section 162(m). The provisions of this Plan document operate in conjunction with, and are subject to the material terms of, the Plan approved by the stockholders at the 2008 Annual Meeting. The stockholders will be asked to reapprove the performance goals at the 2013 Annual Meeting of Stockholders in accordance with the requirements of Section 162(m). The provisions hereof are subject to the material terms of the Plan as last approved by the stockholders. Notwithstanding the provisions of Section 162(m), the Compensation Committee may award compensation outside of the Plan that is not fully tax deductible, if the Compensation Committee determines that such award is consistent with its philosophy and in the best interest of Tidewater and its stockholders. Such compensation issued outside of the Plan shall include, but not be limited to, the Tidewater Inc. Individual Performance Annual Incentive Plan (the “Individual Performance Plan”), which is a separate plan providing annual awards based upon an evaluation of individual performance.

The Plan shall be administered by the Compensation Committee of the Board of Directors of the Company; provided that all of the members of the Compensation Committee qualify as “outside directors” under Section 162(m). If all of the members do not so qualify, the Plan shall be administered by a special subcommittee of the Compensation Committee, all of the members of which qualify as “outside directors” under Section 162(m). The term “Committee” shall be used herein to refer to the committee that is currently authorized to administer the Plan. The authority of the Committee shall include, in particular, authority to:

The Committee may use its discretion to reduce or to eliminate, but not to increase, the bonus amount payable to a participant under the Plan formula.

The Plan concept focuses upon Tidewater’s performance in the areas of financial, safety, and individual performance.

The Committee has designated all of the Company’s executive officers (Chief Executive Officer, Chief Financial Officer, Chief Operations Officer, Executive Vice President – General Counsel, and Executive Vice President – Chief Investment Relations Officer) as participants in this Plan. The Committee has determined that the participants in this Plan and in the Company’s Management Annual Incentive Plan shall constitute the “specified employees” of the Company under Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance thereunder (“Section 409A”).

The performance goals approved by the Company’s stockholders at the 2008 Annual Meeting of Stockholders included financial and safety metrics and the Committee has designed an annual bonus program for fiscal 2013 under which potential bonuses will be based upon those factors.

The Committee has specified target incentive awards for each participant. These amounts are determined based upon each eligible participant’s base salary in effect on June 29, 2012 multiplied by the target percent associated with the participant’s position within the Company. This percentage increases or decreases based upon performance above or below the target. If a participant has a change in position during the fiscal year, that participant’s target percentage will be adjusted prospectively and his or her annual award will be calculated on a pro rata basis (based on the number of days the participant served at each position). The annual award to a participant under this Plan may not exceed $3 million.

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For this fiscal year, the Company performance annual bonus amount will be based upon economic value-added growth (“EVA”) and safety. At target performance levels, each performance component would generate the following:

The remaining 25% of the target bonus amount will be eligible for payment under the Individual Performance Plan. At EVA and safety levels above and below the target levels, the 50%/25% relationship will change. The EVA bonus declared shall not exceed 3.5 times target. The safety portion of the bonus shall not exceed 2 times target for pre-approved metrics indicating exceptional performance.

The performance criteria described below will be used to determine potential annual bonus amounts. No later than June 29, 2012, the financial and safety performance goals for the 2013 fiscal year will be established by the Compensation Committee in writing or will be reflected in minutes of a Compensation Committee meeting.

Certain adjustments to NOPAT will be made in determining EVA. Accordingly, the following items reported in the Company’s consolidated statement of earnings will be added to or subtracted from NOPAT as reported in order to determine EVA for purposes of the Plan:

The EVA target is set at $5 million improvement in EVA per year.

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The Committee is under no obligation to declare or pay a financial portion of the bonus. The declared EVA portion of the bonus for a participant may not exceed 3.5 times the target financial portion.

Non-job related deaths will not count toward the TRIR. A TRIR below a certain level will permit a safety payment to a participant in an amount that is greater than 25% of the pool funding amount, which under the pre-established formula may not exceed 200% of the target pool funding amount (25% of total bonus), except the Committee may determine not to award all or a portion of this additional amount. Pro-rating will be permitted. The safety performance portion of the Plan operates independently from the financial portion. The Committee may determine not to pay the safety portion of the bonus, because of the occurrence of one or more fatalities or for any other reason.

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For purposes of this provision, no act or failure to act, on the part of the participant, shall be considered “willful” unless it is done, or omitted to be done, by the participant in bad faith or without reasonable belief that the participant’s action or omission was in the best interests of the Company or its affiliates. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the instructions of a senior officer of the Company or its affiliates or based upon the advice of counsel for the Company or its affiliates shall be conclusively presumed to be done, or omitted to be done, by the participant in good faith and in the best interests of the Company or its affiliates.

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Awards determined by the Committee to be paid hereunder will be paid in cash no later than the June 15, 2013, unless deferred by a participant under a separate benefit plan of the Company.

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EXECUTED this 30th day of October, 2012, with effect from March 14, 2012.

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