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: 2007-03-14

Reporting Person: OMALLEY WILLIAM C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-14	Common Stock	M	125000	$45.625	Acquired	434732	Direct
2007-03-14	Common Stock	M	100000	$43.625	Acquired	534732	Direct
2007-03-14	Common Stock	M	75000	$32.25	Acquired	609732	Direct
2007-03-14	Common Stock	F	152696	$53.19	Disposed	457036	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-03-14	Stock Option (Right to Buy)	$45.625	M	125000	Disposed	2007-03-28	Common Stock (125000)	Direct
2007-03-14	Stock Option (Right to Buy)	$43.625	M	100000	Disposed	2007-03-19	Common Stock (100000)	Direct
2007-03-14	Stock Option (Right to Buy)	$32.25	M	75000	Disposed	2007-03-28	Common Stock (75000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	646	Indirect

Footnotes

F1: Shares delivered for payment of exercise price of options.

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

F3: Pursuant to their terms, these options expire on the fifth anniversary of the Reporting Person's retirement, which occurred on March 28, 2002.