TIDEWATER INC — Director's Dealing 2007

May 21, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2007-05-17

Reporting Person: LABORDE CLIFFE F (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-17	Common Stock	M	17500	$28.05	Acquired	39339	Direct
2007-05-17	Common Stock	S	1100	$65.19	Disposed	38239	Direct
2007-05-17	Common Stock	S	1100	$65.18	Disposed	37139	Direct
2007-05-17	Common Stock	S	100	$65.17	Disposed	37039	Direct
2007-05-17	Common Stock	S	1500	$65.13	Disposed	35539	Direct
2007-05-17	Common Stock	S	200	$65.12	Disposed	35339	Direct
2007-05-17	Common Stock	S	200	$65.11	Disposed	35139	Direct
2007-05-17	Common Stock	S	2700	$65.10	Disposed	32439	Direct
2007-05-17	Common Stock	S	1000	$65.09	Disposed	31439	Direct
2007-05-17	Common Stock	S	700	$65.08	Disposed	30739	Direct
2007-05-17	Common Stock	S	400	$65.07	Disposed	30339	Direct
2007-05-17	Common Stock	S	800	$65.06	Disposed	29539	Direct
2007-05-17	Common Stock	S	2300	$65.05	Disposed	27239	Direct
2007-05-17	Common Stock	S	1700	$65.04	Disposed	25539	Direct
2007-05-17	Common Stock	S	400	$65.03	Disposed	25139	Direct
2007-05-17	Common Stock	S	300	$65.02	Disposed	24839	Direct
2007-05-17	Common Stock	S	500	$65.01	Disposed	24339	Direct
2007-05-17	Common Stock	S	2500	$65.00	Disposed	21839	Direct
2007-05-18	Common Stock	I	1412	$66.54	Disposed	0	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-17	Stock Option (Right to Buy)	$28.05	M	17500	Disposed	2014-03-30	Common Stock (17500)	Direct

Footnotes

F1: These shares were acquired on a periodic basis by the Trustee of the Tidewater Inc. 401(k) Savings Plan through April 30, 2007.

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