TIDEWATER INC — Director's Dealing 2007

Apr 11, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2007-04-10

Reporting Person: LABORDE CLIFFE F (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-04-10	Common Stock	G	400	—	Acquired	1031	Indirect
2007-04-10	Common Stock	G	400	—	Acquired	1031	Indirect
2007-04-10	Common Stock	G	400	—	Acquired	1031	Indirect
2007-04-10	Common Stock	S	5570	$60.25	Disposed	41115	Direct
2007-04-11	Common Stock	M	26667	$22.75	Acquired	67782	Direct
2007-04-11	Common Stock	S	26667	$60.75	Disposed	41115	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-04-11	Stock Option (Right to Buy)	$22.75	M	26667	Disposed	2009-03-11	Common Stock (26667)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1411.8882	Indirect

Footnotes

F1: The reporting person disclaims beneficial ownership of these shares, and this report should not be deemed an admission that the reporting person is the beneficial owner of these shares for purposes of Section 16 or any other purpose.

F2: Acquired on a periodic basis by the Trustee of the Tidewater Inc. 401(k) Savings Plan. Includes shares acquired for the account through March 31, 2007.

F3: The sale reported on this Form 4 was effected pursuant to a Rule 10b5-1 trading plan previously entered into by the Reporting Person.

F4: The options vested in three equal annual installments beginning on the date indicated.