TIDEWATER INC — Director's Dealing 2006

Jan 3, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2006-01-03

Reporting Person: MURRILL PAUL W (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-01-03	Phantom Stock Units	$0	I	656.83	Disposed		Common Stock (656.83)	Direct

Footnotes

F1: Cashed out pursuant to election made in accordance with Tidewater Inc. Deferred Compensation Plan for Outside Directors. Reporting person has elected to withdraw his deferred compensation in 10 annual installments commencing on January 3, 2005.

F2: The security converts to common stock on a one-for-one basis.

F3: Phantom Stock Units are paid in cash upon termination of Board service or such other date chosen by reporting person in accordance with Tidewater Deferred Compensation Plan For Outside Directors.