TIDEWATER INC — Director's Dealing 2007

Jun 18, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2007-06-15

Reporting Person: BENNETT JOSEPH M (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-06-15	Common Stock	M	20000	$40.280	Acquired	46011	Direct
2007-06-15	Common Stock	S	20000	$69.70	Disposed	26011	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-06-15	Stock Option (Right to Buy)	$40.280	M	20000	Disposed	2012-03-27	Common Stock (20000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2421.3654	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: Acquired on a periodic basis by the Trustee of the Tidewater Inc. 401(k) Savings Plan. Includes shares acquired for the account through May 31, 2007.

F3: The options vested in three equal annual installments beginning on the date indicated.