TIDEWATER INC — Director's Dealing 2003

May 14, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2003-05-14

Reporting Person: TAYLOR DEAN E (Director, CEO and President)

Footnotes

F1: Exercise of employee stock options granted under Tidewater Inc. 1992 Stock Option Plan.

F2: Receipt of common stock awarded under Tidewater Inc. 1992 Stock Option Plan.

F3: Acquired on a period basis by the Trustee of Tidewater 401(k) Savings Plan. Includes shares acquired for my account through April 30, 2003.

F4: Exercisable in 3 annual increments beginning August 16, 1995

F5: Shares are issued in 1/3 increments at the time of and in tandem with exercise of related employee stock options. (See Note 1 above).