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: BENNETT JOSEPH M (Sr. VP & Princ. Acctng. Off.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-04-30	Common Stock	M	10000	$32.25	Acquired	37287	Direct
2007-04-30	Common Stock	M	10000	$35.29	Acquired	47287	Direct
2007-04-30	Common Stock	M	5334	$28.05	Acquired	52621	Direct
2007-04-30	Common Stock	M	6000	$37.55	Acquired	58621	Direct
2007-04-30	Common Stock	S	500	$65.49	Disposed	58121	Direct
2007-04-30	Common Stock	S	300	$65.52	Disposed	57821	Direct
2007-04-30	Common Stock	S	2000	$65.53	Disposed	55821	Direct
2007-04-30	Common Stock	S	1634	$65.54	Disposed	54187	Direct
2007-04-30	Common Stock	S	1300	$65.55	Disposed	52887	Direct
2007-04-30	Common Stock	S	700	$65.56	Disposed	52187	Direct
2007-04-30	Common Stock	S	1200	$65.57	Disposed	50987	Direct
2007-04-30	Common Stock	S	200	$65.58	Disposed	50787	Direct
2007-04-30	Common Stock	S	600	$65.59	Disposed	50187	Direct
2007-04-30	Common Stock	S	200	$65.6	Disposed	49987	Direct
2007-04-30	Common Stock	S	2600	$65.75	Disposed	47387	Direct
2007-04-30	Common Stock	S	1800	$65.76	Disposed	45587	Direct
2007-04-30	Common Stock	S	1200	$65.77	Disposed	44387	Direct
2007-04-30	Common Stock	S	800	$65.78	Disposed	43587	Direct
2007-04-30	Common Stock	S	1700	$65.79	Disposed	41887	Direct
2007-04-30	Common Stock	S	7400	$65.8	Disposed	34487	Direct
2007-04-30	Common Stock	S	200	$65.81	Disposed	34287	Direct
2007-04-30	Common Stock	S	800	$65.82	Disposed	33487	Direct
2007-04-30	Common Stock	S	600	$65.83	Disposed	32887	Direct
2007-04-30	Common Stock	S	200	$65.84	Disposed	32687	Direct
2007-04-30	Common Stock	S	100	$65.85	Disposed	32587	Direct
2007-04-30	Common Stock	S	900	$65.86	Disposed	31687	Direct
2007-04-30	Common Stock	S	300	$65.88	Disposed	31387	Direct
2007-04-30	Common Stock	S	100	$65.89	Disposed	31287	Direct
2007-04-30	Common Stock	S	900	$65.90	Disposed	30387	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-04-30	Stock Option (Right to Buy)	$32.25	M	10000	Disposed	2010-03-29	Common Stock (10000)	Direct
2007-04-30	Stock Option (Right to Buy)	$35.29	M	10000	Disposed	2011-07-26	Common Stock (10000)	Direct
2007-04-30	Stock Option (Right to Buy)	$28.05	M	5334	Disposed	2014-03-30	Common Stock (5334)	Direct
2007-04-30	Stock Option (Right to Buy)	$37.55	M	6000	Disposed	2015-03-30	Common Stock (6000)	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.