TIDEWATER INC — Director's Dealing 2004

Jan 13, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2004-01-09

Reporting Person: DICK STEPHEN W (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-09	Common Stock	M	450	$22.25	Acquired	7594	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-09	Employee Stock Option (Right to Buy)	$22.25	M	450	Disposed	2004-08-16	Common Stock (450)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2562	Indirect

Footnotes

F1: Exercise of employee stock options granted under Tidewater Inc. 1975 Incentive Stock Option Plan.

F2: Acquired on a periodic basis by Trustee of Tidewater 401(k) Savings Plan. Includes shares acquired for my account through November 30, 2003.

F3: Exercisable in 3 annual increments beginning August 16, 1995,