TIDEWATER INC — Director's Dealing 2011

Mar 1, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TIDEWATER INC (TDW)
CIK: 0000098222
Period of Report: 2011-03-01

Reporting Person: Lundstrom Bruce Douglas (Executive Vice President/GC)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-01	Common Stock	M	10774	$33.83	Acquired	51251	Direct
2011-03-01	Common Stock	S	10774	$62.44	Disposed	40477	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-01	Stock Option (Right to Buy)	$33.83	M	10774	Disposed	2019-03-04	Common Stock (10774)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	569.0708	Indirect

Footnotes

F1: Shares acquired on a periodic basis by the Trustee of the Tidewater Inc. 401(k) Savings Plan. Includes shares acquired for the accountthrough February 28, 2011.

F2: The options vest in three equal annual installments beginning on the date shown.

F3: This transaction was executed in multiple trades at prices ranging from $62.38 to $62.5275. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.