TIDEWATER INC — Director's Dealing 2006

Mar 10, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2006-03-08

Reporting Person: BENNETT JOSEPH M (Vice Pres., Controller, & CAO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-03-08	Common Stock	M	4667	$39.00	Acquired	18994	Direct
2006-03-08	Common Stock	S	4667	$49.1708	Disposed	14327	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-03-08	Stock Option (Right to Buy)	$39.00	M	4667	Disposed	2006-03-26	Common Stock (4667)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2251	Indirect

Footnotes

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

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

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