TIDEWATER INC — Director's Dealing 2007

Feb 23, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2007-02-22

Reporting Person: OMALLEY WILLIAM C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-22	Common Stock	M	50000	$44	Acquired	308826	Direct
2007-02-22	Common Stock	M	50000	$35.29	Acquired	358826	Direct
2007-02-22	Common Stock	M	50000	$27.85	Acquired	408826	Direct
2007-02-22	Common Stock	F	99094	$54.06	Disposed	309732	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-22	Stock Option (Right to Buy)	$44	M	50000	Disposed	2007-03-28	Common Stock (50000)	Direct
2007-02-22	Stock Option (Right to Buy)	$35.29	M	50000	Disposed	2007-03-28	Common Stock (50000)	Direct
2007-02-22	Stock Option (Right to Buy)	$27.85	M	50000	Disposed	2007-03-28	Common Stock (50000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	643	Indirect

Footnotes

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

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