TIDEWATER INC — Director's Dealing 2004

May 14, 2004

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2004-03-31

Reporting Person: MURRILL PAUL W (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-10	Stock Option (Right to Buy)	$27.92	G	5000	Disposed	2013-03-12	Common Stock (5000)	Direct
2004-05-10	Stock Option (Right to Buy)	$28.05	G	5000	Disposed	2014-03-30	Common Stock (5000)	Direct

Footnotes

F1: Director stock option granted under the Tidewter Inc. 2001 Stock Incentive Plan.