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: TAYLOR DEAN E (Director, President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-03-05	Common Stock	A	48747	—	Acquired	140177	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	92538	Acquired	2019-03-04	Common Stock (92538)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2628	Indirect
Common Stock	3867.6188	Indirect

Footnotes

F1: 32,498 of the shares of restricted stock granted vest 25% per year over four years. 16,249 shares of restricted stock granted will vest after four years depending upon Tidewater's return on capital employed.

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

F3: 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.

F4: The options vest 1/3 per year beginning March 4, 2010.