TIDEWATER INC — Director's Dealing 2007

Sep 25, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2007-09-24

Reporting Person: Lundstrom Bruce Douglas (Senior Vice President/GC)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-09-24	Common Stock	A	7000	—	Acquired	7000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-09-24	Stock Option (Right to Buy)	$65.69	A	5333	Acquired	2017-09-24	Common Stock (5333)	Direct

Footnotes

F1: The restricted stock award vests at the rate of 25% per year if the change in Economic Value Added (EVA) meets or exceeds annual targeted improvement. EVA equals after-tax operating profits less a charge for debt and equity capital. Capital is charged at a rate equal to weighted average cost of debt and equity. Any unvested restricted stock will automatically vest on March 21, 2011.