TIDEWATER INC — Director's Dealing 2009

Mar 9, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2009-03-05

Reporting Person: DICK STEPHEN W (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-03-05	Common Stock	A	17366	—	Acquired	58742	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-03-05	Stock Option (Right to Buy)	$33.83	A	32967	Disposed	2019-03-04	Common Stock (32967)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	80.4577	Indirect

Footnotes

F1: 11,577 of the shares of restricted stock granted vest 25% per year over four years. 5,789 shares of restricted stock granted will vest after four years depending upon Tidewater's return on capital employed.

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 27, 2009.

F3: The options vest 1/3 per year beginning March 4, 2010.