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: DICK STEPHEN W (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-06-15	Common Stock	M	26900	$32.25	Acquired	67464	Direct
2007-06-15	Common Stock	M	6000	$37.55	Acquired	73464	Direct
2007-06-15	Common Stock	M	17500	$35.29	Acquired	90964	Direct
2007-06-15	Common Stock	S	26900	$69.95	Disposed	64064	Direct
2007-06-15	Common Stock	S	6000	$69.98	Disposed	58064	Direct
2007-06-15	Common Stock	S	17500	$69.97	Disposed	40564	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-06-15	Stock Option (Right to Buy)	$32.25	M	26900	Disposed	2010-03-29	Common Stock (26900)	Direct
2007-06-15	Stock Option (Right to Buy)	$37.55	M	6000	Disposed	2015-03-30	Common Stock (6000)	Direct
2007-06-15	Stock Option (Right to Buy)	$35.29	M	17500	Disposed	2011-07-26	Common Stock (17500)	Direct

Footnotes

F1: The sales reported on this Form 4 were 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.