TIDEWATER INC — Director's Dealing 2006

Mar 24, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2006-03-22

Reporting Person: LABORDE CLIFFE F (Exec. Vice Pres, General Couns)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-03-22	Common Stock	M	12000	$39.00	Acquired	40935	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-03-22	Stock Option (Right to Buy)	$39.00	M	12000	Disposed	2006-03-26	Common Stock (12000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	631	Indirect
Common Stock	631	Indirect
Common Stock	631	Indirect
Common Stock	1346	Indirect

Footnotes

F1: Exercise of employee stock option granted under Tidewater Inc. 1992 Stock Option Plan.

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 February 28, 2006.

F4: Exercisable in 3 annual increments beginning March 26, 1997.