TIDEWATER INC — Director's Dealing 2007

Mar 23, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2007-03-21

Reporting Person: TAYLOR DEAN E (Director, President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-21	Common Stock	A	25000	—	Acquired	98202	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-03-21	Stock Option (Right to Buy)	$57.65	A	20000	Acquired	2017-03-21	Common Stock (20000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5757	Indirect
Common Stock	3688.5804	Indirect

Footnotes

F1: The restricted stock award vests at the rate of 25% per year if the change in Economic Value Added (EVA) meets or exceeds annual targeted improvement. EVA equals after-tax profits less a charge for debt and equity capital. Capital is charged at a rate equal to the weighted average cost of debt and equity. Any unvested restricted stock will automatically vest on March 21, 2011.

F2: The reporting person disclaims benficial ownership of these securities and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for the purposes of Section 16 or any other purpose.

F3: Acquired on a periodic basis by the Trustee of Tidewater Inc. 401(k) Savings Plan. Includes shares acquired for the account through February 28, 2007.