TIDEWATER INC — Director's Dealing 2007

Jul 3, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2007-07-03

Reporting Person: LOUSTEAU J KEITH (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-07-03	Common Stock	M	25000	$42.1875	Acquired	63532	Direct
2007-07-03	Common Stock	S	25000	$72.50	Disposed	38532	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-07-03	Stock Option (Right to Buy)	$42.1875	M	25000	Disposed	2011-01-18	Common Stock (25000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4932.6491	Indirect

Footnotes

F1: The sale reported on this Form 4 was effected pursuant to a Rule 10b5-1 trading plan previously entered into by the Reporting Person.

F2: The options vested in three equal annual installments beginning on the date indicated.

F3: Acquired on a periodic basis by the Trustee of the Tidewater Inc. 401(k) Savings Plan. Includes shares acquired for the account through June 30, 2007.