TIDEWATER INC — Director's Dealing 2006

Nov 17, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2006-11-16

Reporting Person: DICK STEPHEN W (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-16	Common Stock	M	15000	$43.625	Acquired	58505	Direct
2006-11-16	Common Stock	S	11500	$53.14	Disposed	47005	Direct
2006-11-16	Common Stock	S	2000	$53.25	Disposed	45005	Direct
2006-11-16	Common Stock	S	1208	$53.28	Disposed	43797	Direct
2006-11-16	Common Stock	S	292	$53.29	Disposed	43505	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-16	Stock Option (Right to Buy)	$43.625	M	15000	Disposed	2007-03-19	Common Stock (15000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2848.1696	Indirect

Footnotes

F1: Acquired on a periodic basis by the Trustee of the Tidewater Inc. 401(k) Savings Plan. Includes shares acquired for my account through October 31, 2006.

F2: The options vested in 3 equal annual installments beginning on the date indicated.