History and Background Tidewater Middle East was established for the first time under the name of Daryoosh Company on May 14th, 1968 with 10 million rials, divided into 1,000 registered shares, and registered under No. 12341 in Tehran. Then, Tidewater Middle East was formed after participation with 49-51 sharing percent with American Tidewater Company. After overcoming the Islamic Revolution, the expatriates leaved Iran. Then the Company was supervised by the Office of the Islamic Revolution Prosecutor, and its management was assigned to different organs and foundations as follows:

The Authority	Date of Assignment	Date of End of Rule Over
Mostazafan & Janbazan Foundation	February 8th, 1981	March 3rd, 1983
Office of the Islamic Revolution's Prosecutor of Khark	March 29th, 1983	October 19th, 1983
National Iranian Oil Company (NIOC)	October 19th, 1983	December 21st, 1987
Martyr Foundation of the Islamic Revolution	December 21st, 1987	December 21st, 1989

In 1989, after transfer of 49% of the American Tidewater's share capital (amounting to 699,000 USD) following the settlement took place on May 4th, 1985, the transferred shares were placed under control of State Ports and Shipping Organization as per approved regulations of the Council of Ministers No. 754T/ 5439 passed on October 26th, 1989. Then, following some management problems, State Ports and Shipping Organization purchased from Martyr Foundation the 45% of the confiscated shares of the company in favor of Superannuation Fund of State Ports and Shipping Organization on March 5th, 1991. On the basis of the resolutions approved by the general meeting of shareholders of the Company on February 6th, 2008, the Company's name was changed from Tidewater Middle East Marine Services to Tidewater Middle East Company.