TIDEWATER INC — Director's Dealing 2006

Mar 16, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2006-03-14

Reporting Person: LOUSTEAU J KEITH (Exec. V. P., CFO, & Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-03-14	Common Stock	M	10000	$39.00	Acquired	46900	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-03-14	Common Stock (Right to Buy)	$39.00	M	10000	Disposed	2006-03-26	Common Stock (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4773	Indirect

Footnotes

F1: Exercise of employee stock options granted under Tidewater Inc. 1992 Plan.

F2: Acquired on a periodic basis by the Trustee of Tidewater 401(k) Savings Plan. Includes shares acquired for my account through February 28, 2006.

F3: The options are exercisable in 1/3 increments on March 26, 1997, March 26, 1998, and March 26, 1999.