TIDEWATER INC — Director's Dealing 2006

Nov 13, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2006-11-08

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-08	Common Stock	M	2292	$43.625	Acquired	75266	Direct
2006-11-08	Common Stock	F	1964	$50.91	Disposed	73302	Direct
2006-11-09	Common Stock	M	12708	$43.625	Acquired	86010	Direct
2006-11-09	Common Stock	S	400	$52	Disposed	85610	Direct
2006-11-09	Common Stock	S	200	$52.02	Disposed	85410	Direct
2006-11-09	Common Stock	S	1300	$52.07	Disposed	84110	Direct
2006-11-09	Common Stock	S	200	$52.12	Disposed	83910	Direct
2006-11-09	Common Stock	S	200	$52.15	Disposed	83710	Direct
2006-11-09	Common Stock	S	200	$52.19	Disposed	83510	Direct
2006-11-09	Common Stock	S	500	$52.2	Disposed	83010	Direct
2006-11-09	Common Stock	S	2300	$52.25	Disposed	80710	Direct
2006-11-09	Common Stock	S	2000	$52.28	Disposed	78710	Direct
2006-11-09	Common Stock	S	400	$52.33	Disposed	78310	Direct
2006-11-09	Common Stock	S	200	$52.34	Disposed	78110	Direct
2006-11-09	Common Stock	S	100	$52.36	Disposed	78010	Direct
2006-11-09	Common Stock	S	4708	$52.44	Disposed	73302	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-08	Stock Option (Right to Buy)	$43.625	M	2292	Disposed	2007-03-19	Common Stock (2292)	Direct
2006-11-09	Stock Option (Right to Buy)	$43.625	M	12708	Disposed	2007-03-19	Common Stock (12708)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5757	Indirect
Common Stock	3639.5319	Indirect

Footnotes

F1: Mr. Taylor attested to ownership of the 1,964 shares delivered in payment of the exercise price and delivered the attestation form to the Company's agent after the close of the trading markets on November 7, 2006. On November 8, the agent transmitted the attestation form and necessary documentation to Mr. Taylor's broker through DTC to effect the payment of the exercise price.

F2: The Reporting Person disclaims beneficial ownership of these securities and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for the purposes of Section 16 or any other purpose.

F3: 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.

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