TIDEWATER INC — Director's Dealing 2007

May 2, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: LABORDE CLIFFE F (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-04-30	Common Stock	M	40000	$45.625	Acquired	81115	Direct
2007-04-30	Common Stock	M	35000	$32.25	Acquired	116115	Direct
2007-04-30	Common Stock	M	51100	$42.1875	Acquired	167215	Direct
2007-04-30	Common Stock	S	10000	$64.00	Disposed	157215	Direct
2007-04-30	Common Stock	S	3400	$64.01	Disposed	153815	Direct
2007-04-30	Common Stock	S	5000	$64.02	Disposed	148815	Direct
2007-04-30	Common Stock	S	2300	$64.03	Disposed	146515	Direct
2007-04-30	Common Stock	S	1600	$64.04	Disposed	144915	Direct
2007-04-30	Common Stock	S	1100	$65.01	Disposed	143815	Direct
2007-04-30	Common Stock	S	600	$65.02	Disposed	143215	Direct
2007-04-30	Common Stock	S	1000	$65.03	Disposed	142215	Direct
2007-04-30	Common Stock	S	700	$65.04	Disposed	141515	Direct
2007-04-30	Common Stock	S	700	$65.05	Disposed	140815	Direct
2007-04-30	Common Stock	S	1700	$65.06	Disposed	139115	Direct
2007-04-30	Common Stock	S	600	$65.07	Disposed	138515	Direct
2007-04-30	Common Stock	S	4400	$65.08	Disposed	134115	Direct
2007-04-30	Common Stock	S	200	$65.09	Disposed	133915	Direct
2007-04-30	Common Stock	S	8900	$65.10	Disposed	125015	Direct
2007-04-30	Common Stock	S	2700	$65.11	Disposed	122315	Direct
2007-04-30	Common Stock	S	4300	$65.12	Disposed	118015	Direct
2007-04-30	Common Stock	S	1000	$65.13	Disposed	117015	Direct
2007-04-30	Common Stock	S	1600	$65.14	Disposed	115415	Direct
2007-04-30	Common Stock	S	800	$65.15	Disposed	114615	Direct
2007-04-30	Common Stock	S	800	$65.17	Disposed	113815	Direct
2007-04-30	Common Stock	S	400	$65.20	Disposed	113415	Direct
2007-04-30	Common Stock	S	1200	$65.22	Disposed	112215	Direct
2007-04-30	Common Stock	S	1800	$65.24	Disposed	110415	Direct
2007-04-30	Common Stock	S	800	$65.25	Disposed	109615	Direct
2007-04-30	Common Stock	S	300	$65.28	Disposed	109315	Direct
2007-04-30	Common Stock	S	200	$65.29	Disposed	109115	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-04-30	Stock Option (Right to Buy)	$45.625	M	40000	Disposed	2008-03-26	Common Stock (40000)	Direct
2007-04-30	Stock Option (Right to Buy)	$32.25	M	35000	Disposed	2010-03-29	Common Stock (35000)	Direct
2007-04-30	Stock Option (Right to Buy)	$42.1875	M	51100	Disposed	2011-01-18	Common Stock (51100)	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.