TIDEWATER INC — Director's Dealing 2007

May 3, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2007-04-30

Reporting Person: DICK STEPHEN W (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-04-30	Common Stock	M	44550	$22.75	Acquired	86572	Direct
2007-04-30	Common Stock	M	35000	$27.92	Acquired	121572	Direct
2007-04-30	Common Stock	M	17500	$28.05	Acquired	139072	Direct
2007-04-30	Common Stock	S	100	$63.81	Disposed	138972	Direct
2007-04-30	Common Stock	S	100	$63.84	Disposed	138872	Direct
2007-04-30	Common Stock	S	200	$63.85	Disposed	138672	Direct
2007-04-30	Common Stock	S	600	$63.86	Disposed	138072	Direct
2007-04-30	Common Stock	S	1100	$63.87	Disposed	136972	Direct
2007-04-30	Common Stock	S	2200	$63.88	Disposed	134772	Direct
2007-04-30	Common Stock	S	1000	$63.89	Disposed	133772	Direct
2007-04-30	Common Stock	S	300	$63.9	Disposed	133472	Direct
2007-04-30	Common Stock	S	600	$63.91	Disposed	132872	Direct
2007-04-30	Common Stock	S	100	$63.92	Disposed	132772	Direct
2007-04-30	Common Stock	S	100	$63.93	Disposed	132672	Direct
2007-04-30	Common Stock	S	600	$63.96	Disposed	132072	Direct
2007-04-30	Common Stock	S	800	$63.97	Disposed	131272	Direct
2007-04-30	Common Stock	S	400	$63.98	Disposed	130872	Direct
2007-04-30	Common Stock	S	700	$63.99	Disposed	130172	Direct
2007-04-30	Common Stock	S	10600	$64	Disposed	119572	Direct
2007-04-30	Common Stock	S	3300	$64.01	Disposed	116272	Direct
2007-04-30	Common Stock	S	5400	$64.02	Disposed	110872	Direct
2007-04-30	Common Stock	S	2600	$64.03	Disposed	108272	Direct
2007-04-30	Common Stock	S	1600	$64.04	Disposed	106672	Direct
2007-04-30	Common Stock	S	500	$64.05	Disposed	106172	Direct
2007-04-30	Common Stock	S	800	$65	Disposed	105372	Direct
2007-04-30	Common Stock	S	2850	$65.02	Disposed	102522	Direct
2007-04-30	Common Stock	S	1000	$65.03	Disposed	101522	Direct
2007-04-30	Common Stock	S	100	$65.04	Disposed	101422	Direct
2007-04-30	Common Stock	S	100	$65.06	Disposed	101322	Direct
2007-04-30	Common Stock	S	200	$65.07	Disposed	101122	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-04-30	Stock Option (Right to Buy)	$22.75	M	44550	Disposed	2009-03-11	Common Stock (44550)	Direct
2007-04-30	Stock Option (Right to Buy)	$27.92	M	35000	Disposed	2013-03-12	Common Stock (35000)	Direct
2007-04-30	Stock Option (Right to Buy)	$28.05	M	17500	Disposed	2014-03-30	Common Stock (17500)	Direct

Footnotes

F1: Continued on next Form 4.

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