TIDEWATER INC — Director's Dealing 2007

May 4, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2007-05-02

Reporting Person: Platt Jeffrey (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-02	Common Stock	M	30000	$27.92	Acquired	59479	Direct
2007-05-02	Common Stock	M	17500	$28.05	Acquired	76979	Direct
2007-05-02	Common Stock	S	47500	$63.75	Disposed	29479	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-02	Stock Option (Right to Buy)	$27.92	M	30000	Disposed	2013-03-12	Common Stock (30000)	Direct
2007-05-02	Stock Option (Right to Buy)	$28.05	M	17500	Disposed	2014-03-30	Common Stock (17500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	708	Indirect
Common Stock	872.7728	Indirect

Footnotes

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

F2: 1/3 exercisable on the date indicated and 1/3 exercisable on each of the two anniversaries thereof.