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JUNE 30, FISCAL YEAR ENDED SEPTEMBER 30,
----------------- -------------------------------------- OCT. 1, SEPT. 30,
1995 1994 1994 1993 1992 1991 1990 1990
-------- -------- -------- -------- -------- -------- -------- --------------
(UNAUDITED, IN THOUSANDS)
BEFORE QUASI-
AFTER QUASI-ORGANIZATION REORGANIZATION
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BALANCE SHEET DATA:
Working capital........ $ 48,664 $ 65,829 $ 60,584 $119,077(7) $ 30,281 $ 48,054 $ 60,217 $(389,673)
Property and equipment,
net................... 123,898 138,275 130,217 100,237 97,768 101,156 107,259 120,469
Net assets of
discontinued
operations............ -- -- -- -- -- -- 290,300 290,300
Total assets........... 269,586 314,098 291,439 345,117 304,339 318,021 580,830 615,830
Current maturities of
long-term debt........ 8,866 2,997 3,009 2,714 19,652 10,671 200,909(8) 639,544
Long-term debt......... 61,948 70,323 69,078 139,646 120,298 139,951 147,513 9,759
Stockholders' equity... 143,151 183,508 154,942 146,264 124,880 122,853 112,525 (174,557)
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(7) Includes $75.1 million of restricted cash primarily generated from the sale
of Tidewater Inc. common stock in June 1993 which was subsequently used to
fund the cash portion of the purchase price of the acquisition of Energy
Industries.
(8) Includes indebtedness of $173.0 million due to senior creditors, $26.9
million due to the holders of subordinated debentures classified as debt
and related restructuring liabilities and $985,000 of current maturities of
long-term debt.
UNAUDITED PRO FORMA CONSOLIDATED
FINANCIAL STATEMENTS
The following unaudited pro forma condensed financial statements reflect the
financial position of the Company as of June 30, 1995 and the results of its
operations for the fiscal year ended September 30, 1994 and the nine months
ended June 30, 1995 and 1994, both historically and on a pro forma basis,
giving effect to the Energy Industries Sale as if it had been consummated as of
June 30, 1995, in the case of the balance sheet, and November 1, 1993, the
effective date of the Energy Industries acquisition by the Company, in the case
of the income statements. The unaudited pro forma condensed financial
statements also give effect to (a) the Company's decision to retain its marine
protein operations as a continuing operation and (b) the sale of the Company's
domestic oil and gas operations which were sold in August 1995. These unaudited
pro forma condensed financial statements should be read in conjunction with the
historical consolidated financial statements of the Company and related notes
and "Management's Discussion and Analysis of Results of Operations and
Financial Conditions" contained in the Company's Annual Report on Form 10-K for
the year ended September 30, 1994. The unaudited pro forma condensed financial
statements set forth below are not necessarily indicative of what the actual
results of operations would have been had these events occurred as of the dates
indicated.
The unaudited pro forma condensed consolidated financial statements are
intended to present information regarding the Company's results of operations
and financial position for purposes of evaluating the impact of the Energy
Industries Sale.
20