TIDEWATER INC — Director's Dealing 2006

Nov 7, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2006-11-03

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-03	Common Stock	M	35000	$43.625	Acquired	80125	Direct
2006-11-03	Common Stock	S	600	$50.72	Disposed	79525	Direct
2006-11-03	Common Stock	S	3900	$50.73	Disposed	75625	Direct
2006-11-03	Common Stock	S	4400	$50.74	Disposed	71225	Direct
2006-11-03	Common Stock	S	100	$50.75	Disposed	71125	Direct
2006-11-03	Common Stock	S	1000	$50.77	Disposed	70125	Direct
2006-11-03	Common Stock	S	800	$50.78	Disposed	69325	Direct
2006-11-03	Common Stock	S	3200	$50.80	Disposed	66125	Direct
2006-11-03	Common Stock	S	700	$50.81	Disposed	65425	Direct
2006-11-03	Common Stock	S	4100	$50.82	Disposed	61325	Direct
2006-11-03	Common Stock	S	800	$50.83	Disposed	60525	Direct
2006-11-03	Common Stock	S	1000	$50.84	Disposed	59525	Direct
2006-11-03	Common Stock	S	500	$50.85	Disposed	59025	Direct
2006-11-03	Common Stock	S	1700	$50.87	Disposed	57325	Direct
2006-11-03	Common Stock	S	3100	$50.88	Disposed	54225	Direct
2006-11-03	Common Stock	S	4400	$50.89	Disposed	49825	Direct
2006-11-03	Common Stock	S	200	$50.90	Disposed	49625	Direct
2006-11-03	Common Stock	S	1300	$50.91	Disposed	48325	Direct
2006-11-03	Common Stock	S	1200	$50.92	Disposed	47125	Direct
2006-11-03	Common Stock	S	2000	$50.93	Disposed	45125	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-03	Stock Option (Right to Buy)	$43.625	M	35000	Disposed	2007-03-19	Common Stock (35000)	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: 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.

F2: 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.

F3: The options vested in 3 equal annual installments beginning on the date indicated.