TIDEWATER INC — Director's Dealing 2007

Mar 16, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2007-03-15

Reporting Person: BENNETT JOSEPH M (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-15	Common Stock	M	10000	$43.625	Acquired	29318	Direct
2007-03-15	Common Stock	F	8607	$53.98	Disposed	20711	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-03-15	Stock Option (Right to Buy)	$43.625	M	10000	Disposed	2007-03-19	Common Stock (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2394.9945	Indirect

Footnotes

F1: Shares delivered in payment of the exercise price and related taxes.

F2: Acquired on a periodic basis by the Trustee of the Tidewater Inc. 401(k) Savings Plan. Includes shares acquired for the account through February 28, 2007.