TIDEWATER INC — Director's Dealing 2006

Dec 1, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2006-11-29

Reporting Person: LABORDE CLIFFE F (Exec. VP, General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-29	Common Stock	M	26666	$22.75	Acquired	71791	Direct
2006-11-29	Common Stock	S	26666	$54.75	Disposed	45125	Direct
2006-11-30	Common Stock	S	4279	$55.50	Disposed	40846	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-29	Stock Option (Right to Buy)	$22.75	M	26666	Disposed	2009-03-11	Common Stock (26666)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	631	Indirect
Common Stock	631	Indirect
Common Stock	631	Indirect
Common Stock	1368.4183	Indirect

Footnotes

F1: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan previously entered into by the Reporting Person.

F2: These shares are held in trusts for the benefit of the reporting person's children. The reporting person is Trustee. Beneficial ownership is expressly disclaimed.

F3: Acquired on a periodic basis by the Trustee of the Tidewater Inc. 401(k) Savings Plan. Includes shares acquired for my account through November 30, 2006.

F4: The options vested in 3 equal annual installments beginning on the date indicated.