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                                                                   EXHIBIT 10(c)

                             AMENDED AND RESTATED
                                 TIDEWATER INC.
                             1992 STOCK OPTION AND
                             RESTRICTED STOCK PLAN

                           (EFFECTIVE JULY 27, 2000)

     WHEREAS, Tidewater Inc., a Delaware Corporation (the "Company") restated
the Tidewater Inc. Stock Option and Restricted Stock Plan (the "Plan") effective
August 15, 1996;

     WHEREAS, the Company amended the Plan effective October 1, 1999, and

     WHEREAS, the Company wishes to further amend the Plan to extend the post-
retirement exercise period of options granted in 1996 to non-employee directors
under the Plan and to restate the plan;

     NOW, THEREFORE, pursuant to the power reserved to the Board in Section 21
of the Plan, Section 11 of the Plan entitled "Automatic Grants to Non-Employee
Directors" is hereby amended to read as set forth herein and, as amended, the
Plan is hereby restated to reflect all amendments and to read in its entirety as
follows:

     1.  PURPOSE

         The purpose of the 1992 Stock Option and Restricted Stock Plan (the
     "Plan") is to promote the interests of Tidewater Inc. (the "Company") and
     its shareholders by attracting and retaining directors and key employees
     capable of furthering the future success of the Company and by providing
     such persons an additional incentive through stock ownership to continue
     and increase their efforts with respect to the Company or its subsidiaries.
     The Plan provides for granting such persons (a) options for the purchase of
     Common Shares of the Company (the "Shares") and (b) Shares which are both
     restricted as to transferability and subject to a substantial risk of
     forfeiture ("Restricted Shares").

     2.  ADMINISTRATION

         The Plan shall be administered by a committee (the "Committee")
     consisting of not less than two Directors appointed by the Board of
     Directors, each of whom shall (a) qualify as a "non-employee director"
     under Rule 16B-3 under the Securities Exchange Act of 1934, as in effect
     August 15, 1996 and (b) qualify as an "outside director under Section 162
     (m) of the Internal Revenue Code of 1986, as amended. Unless otherwise
     determined by the Board or required by the Plan, the Compensation Committee
     of the Board of Directors shall be the Committee. Subject to the
     limitations and conditions hereinafter set forth, the Committee shall have
     authority to grant options hereunder, to determine the number of Shares for
     which each option shall be granted and the option price or prices, to make
     awards of Restricted Shares, to determine the number of Restricted Shares
     to be granted, and to establish in its discretion the restrictions to

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     which any such Restricted Shares shall be subject. The Committee shall have
     full power to construe and interpret the Plan, to establish and amend rules
     for its administration, and to establish in its discretion terms and
     conditions applicable to the exercise of options and the grant of
     Restricted Shares.

     3.  SHARES SUBJECT TO THE PLAN

         The Shares to be transferred or sold pursuant to the grant of
     Restricted Shares or the exercise of options granted under the Plan shall
     be authorized Shares, and may be issued Shares reacquired by the Company
     and held in its treasury or may be authorized but unissued Shares. Subject
     to adjustment as provided in Section 19 hereof, the aggregate number of
     Shares to be granted as Restricted Shares or to be delivered upon the
     exercise of options granted under the Plan shall not exceed 2,200,000
     shares.

         If an option expires or terminates for any reason during the term of
     the Plan and prior to the exercise in full of such option, or if Restricted
     Shares are forfeited as provided in the grant of such Shares, the number of
     Shares previously subject to but not delivered under such option or grant
     of Restricted Shares shall be available for the grant of options or
     Restricted Shares thereafter.

     4.  ELIGIBILITY

         Options or Restricted Shares may be granted from time to time to key
     employees, including officers, of the Company and any subsidiary
     ("eligible, employees"), as defined in this Section 4, and options shall be
     granted automatically to non-employee Directors as provided in Section 11
     hereof. From time to time, the Committee shall designate from such eligible
     employees those who will be granted options or Restricted Shares and, in
     connection therewith, the number of Shares to be covered by each grant of
     options or Restricted Shares. Persons granted options are referred to
     hereinafter as "optionees," and persons granted Restricted Shares are
     referred to hereinafter as "grantees." Nothing in the Plan, or in any grant
     of options or Restricted Shares pursuant to the Plan, shall confer on any
     person any right to continue in the employ of the Company or any of its
     subsidiaries, nor in any way interfere with the right of the Company or any
     of its subsidiaries to terminate the person's employment at any time.

         The term "subsidiary" shall mean any corporation now existing or
     hereafter organized or acquired (other than the Company) 'in an unbroken
     chain of corporations beginning with the Company if, at the time of the
     granting of the option, each of the corporations (including the Company)
     other than the last corporation in the unbroken chain owns stock possessing
     40% or more of the total combined voting power of all classes of stock in
     one of the other corporations in such chain; provided that, for all
     purposes in connection with the grant or exercise of ISOs, as defined in
     Section 5 below, "50%" shall be substituted for "40%" in the above
     definition.

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                         PROVISIONS RELATING TO OPTIONS

     5.  Character of Options

         It is the intent of the Plan that options granted hereunder shall be
     incentive stock options ("ISOs") as such term is defined in Section 422A of
     the Internal Revenue Code of 1986, as amended from time to time (the
     "Code"), to the extent and only to the extent that such options are so
     identified in writing in the stock option agreement relating thereto. All
     options not identified as ISOs at the time of grant are intended to be
     "nonqualified" or "nonstatutory" stock options which are not ISOs.

     6.  STOCK OPTION AGREEMENT

         Each option granted under the Plan shall be evidenced by a stock
     option agreement which shall be executed by the Company and by the person
     to whom the option is granted and which shall identify as an ISO any option
     intended to be such. The agreement shall contain such terms and provisions,
     not inconsistent with the Plan, as shall be determined by the Committee.

     7.  LIMITATION ON ISO GRANTS

         The aggregate fair market value (determined on the date the ISO is
     granted) of the Shares with respect to which ISOs are exercisable for the
     first time by an optionee during any calendar year shall not exceed
     $100,000.

     8.  OPTION EXERCISE PRICE

         The price per Share to be paid by the optionee on the date an option
     is exercised shall be not less than the fair market value of one Share on
     the date the option is granted, provided that if the option granted is an
     ISO and if the optionee, on the date of the option grant, owns (within the
     meaning of Section 425 (d) of the Code) stock possessing more than 10% of
     the total combined voting power of all classes of stock of the Company or
     any subsidiary thereof, the price per Share to be paid by the optionee at
     the time an option is exercised shall be not less than 110W of the fair
     market value of one Share on the date the option is granted.

         For purposes of this Plan, the term "fair market value" of a Share
     shall be the closing selling price thereof on the consolidated transaction
     reporting system for New York Stock Exchange issues on the date of
     reference or, if no Shares are traded on that date, the most recent date on
     which Shares are traded, provided that such determination of fair market
     value for ISOs shall comply with regulations issued by the Secretary of the
     Treasury for the purposes of determining fair market value of securities
     subject to an ISO plan under Section 422A of the Code.

     9.  OPTION TERM

         The period after which options granted under the Plan may not be

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     exercised shall be determined by the Committee with respect to each option
     granted, but may not exceed ten years from the date on which the option is
     granted, subject to the third paragraph of Section 10 hereof, provided that
     in the case of any ISO granted to any optionee who, on the date of the
     option grant, owns (within the meaning of Section 425 (d) of the code)
     stock possessing more than 1O% of the total combined voting power of all
     classes of stock of the Company or any subsidiary thereof, the maximum such
     option period shall be five years rather than ten years.

     10.  EXERCISE OF OPTIONS

          The time or times at which or during which options granted under the
     Plan may be exercised, and any conditions pertaining to such exercise or to
     the vesting in the optionee of the right to exercise options, shall be
     determined by the Committee in its sole discretion.

          No option granted under the Plan shall be assignable or otherwise
     transferable by the optionee, either voluntarily or involuntarily, except
     (a) by will, (b) by the laws of descent and distribution, (c) in the case
     of non-qualified stock options only, if permitted by the Committee and so
     provided in the stock option agreement or an amendment thereto, (i)
     pursuant to a domestic relations order, (ii) to family members, a family
     partnership or trust for the benefit of family members, or (iii) a to
     charitable institutions.

          For employee optionees, an exercisable option shall lapse if an
     optionee's employment by the Company or a subsidiary is terminated for any
     reason other than death, disability, or retirement, provided that the
     option may thereafter be exercised, to the extent it was exercisable on the
     date of termination of employment, for such a period of time not to exceed
     one year, from the date of termination as the Committee shall specify. In
     the event of death, disability, or retirement, any options exercisable by
     the optionee at the time of his or her death, disability, or retirement may
     be exercised within one year thereafter by the optionee (or in the case of
     death by the person or persons to whom the optionee' s rights under the
     options shall pass by will or by the applicable law of descent and
     distribution), provided that more restrictive exercisability restrictions
     may be required to be met if the option is to be treated as an ISO.
     However, in no event may any option be exercised by anyone after the later
     of (a) the final date upon which the optionee could have exercised it had
     the optionee continued in the employment of the Company or its subsidiaries
     to such date, or (b) one year after the optionee's death.

          An option may be exercised only by a notice in writing complying in
     all respects with the applicable stock option agreement. Such notice may
     instruct the Company to deliver Shares due upon the exercise of the option
     to any registered broker or dealer approved by the Company (an "approved
     broker") in lieu of delivery to the optionee. Such instructions shall
     designate the account into which the Shares are to be deposited. The
     optionee may tender such notice, properly executed by the optionee,
     together with the aforementioned delivery instructions,

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     to an approved broker. The purchase price of the Shares as to which an
     option is exercised shall be paid in cash or by check, except that the
     Committee may, in its discretion, allow such payment to be by surrender of
     unrestricted Shares (at their fair market value on the date of exercise),
     or by a combination of cash, check and unrestricted Shares.

          The obligation of the Company to deliver Shares upon such exercise
     shall be subject to all applicable laws, rules and regulations, and to such
     approvals by governmental agencies as may be deemed appropriate by the
     Committee, including, among others, such steps as counsel for the Company
     shall deem necessary or appropriate to comply with requirements of relevant
     securities laws. Such obligation shall also be subject to the condition
     that the Shares reserved for issuance upon the exercise of options granted
     under the Plan shall have been duly listed on any national securities
     exchange which then constitutes the principal trading market for the
     Shares.

     11.  AUTOMATIC GRANTS TO NONEMPLOYEE DIRECTORS

          During each year of the term of this Plan, each Director who is not
     then an employee of the Company or any subsidiary shall receive on the date
     of the annual shareholders meeting options to purchase 1,000 Shares. Each
     such option shall have a term of ten years and must be exercised within one
     year of termination of service as a Director, except that, in the event of
     termination of Board service as a result of retirement (at age 65 or later
     or after having completed five or more years of service on the Board),
     options granted to non-employee Directors under the Plan on the day of the
     1996 annual meeting of stockholders of the Company may be exercised within
     five years from the date of termination of Board service, but no later than
     ten years after the date of grant.  Each such option shall become
     exercisable six months after the date of grant. The price per Share to be
     paid by the holder of such an option shall equal the fair market value of
     one Share on the date the option is granted. The purchase price of the
     Shares as to which such an option is exercised shall be paid only in cash
     or by certified or bank check. Any Director holding options granted under
     this Section 11 who is a member of the Committee shall not participate in
     any action of the Committee with respect to any claim or dispute involving
     such Director.

                    PROVISIONS RELATING TO RESTRICTED SHARES

     12.  GRANTING OF RESTRICTED SHARES

          The Committee may grant Restricted Shares to eligible employees at any
     time. In granting Restricted Shares, the Committee shall determine in its
     sole discretion the period or periods during which the restrictions on
     transferability applicable to such Shares will be in force (the "Restricted
     Period"). The Restricted Period may be the same for all such Shares granted
     at a particular time or to any one grantee or may be different with respect
     to different grantees or with respect to various of the Shares granted to
     the same grantee, all as determined by the Committee in its sole
     discretion.

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          Each grant of Restricted Shares under the Plan shall be evidenced by
     an agreement which shall be executed by the Company and by the person to
     whom the Restricted Shares are granted. The agreement shall contain such
     terms and provisions, not inconsistent with the Plan, as shall be
     determined by the Committee.

     13.  RESTRICTIONS ON TRANSFERABILITY

          During the Restricted Period applicable to each grant of Restricted
     Shares, such Shares may not be sold, assigned, transferred or otherwise
     disposed of, or mortgaged, pledged or otherwise encumbered. Furthermore, a
     grantee's eventual right, if any, to such Shares may not be assigned or
     transferred except by will or by the laws of descent and distribution. The
     restrictions on the transferability of Restricted Shares imposed by this
     Section are referred to in this Plan as the "Transferability Restrictions."

     14.  DETERMINATION OF VESTING RESTRICTIONS

          With respect to each grant of Restricted Shares, the Committee shall
     determine in its sole discretion the restrictions on vesting which will
     apply to the Shares for the Restricted Period, which restrictions, as
     initially determined and as they may be modified pursuant to the Plan, are
     referred to hereinafter as the "Vesting Restrictions." By way of
     illustration but not by way of limitation, any such determination of
     Vesting Restrictions by the Committee may provide (a) that the grantee will
     not be entitled to any such Shares unless he or she is still employed by
     the Company or its subsidiaries at the end of the Restricted Period; (b)
     that the grantee will become vested in such Shares according to such
     schedule as the Committee may determine; (c) that the grantee will become
     vested in such Shares in any combination of the foregoing or under such
     other terms and conditions as the Committee in its sole discretion may
     determine; and (d) how any such Vesting Restrictions will be applied,
     modified or accelerated in the case of the grantee's death, total and
     permanent disability (as determined by the Committee), or retirement.

     15.  MANNER OF HOLDING AND DELIVERING RESTRICTED SHARES

          Unless the Committee shall otherwise determine, each certificate
     issued for Restricted Shares granted hereunder will be registered in the
     name of the grantee and will be held by the Company with a stock power
     executed in blank by the grantee covering such Shares. The certificates for
     such Shares will remain in the possession of the Company until the earlier
     of the end of the applicable Restricted Period or, if the Committee has
     provided for earlier termination of the Transferability Restrictions
     following a grantee's death, total and permanent disability, retirement, or
     earlier vesting of such Shares, such earlier termination of the
     Transferability Restrictions. At whichever time is applicable, the
     certificates representing the number of such Shares to which the grantee is
     then entitled will be delivered to the grantee free and clear of the
     Transferability Restrictions,

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     provided that in the case of a grantee who is not entitled to receive the
     full number of such Shares evidenced by the certificates then being
     released from escrow because of the application of the Vesting
     Restrictions, such certificates will be canceled, and anew certificate
     representing the Shares, if any, to which the grantee is entitled pursuant
     to the Vesting Restriction, will be issued and delivered to the grantee,
     free and clear of the Transferability Restrictions.

     16.  TRANSFER IN THE EVENT OF DEATH, DISABILITY OR RETIREMENT

          Notwithstanding a grantee's death, total and permanent disability, or
     retirement, the certificates for his or her Restricted Shares will remain
     in the possession of the Company and the Transferability Restrictions will
     continue to apply to such Shares unless the Committee determines otherwise.
     Upon the termination of the Transferability Restrictions, either upon any
     such determination by the Committee or at the end of the Applicable
     Restricted Period, as the case may be, the portion of such grantee's
     Restricted Shares to which he or she is entitled, determined pursuant to
     his or her applicable Vesting Restrictions, will be awarded and delivered
     to the grantee or to the person or persons to whom the grantee's rights, if
     any, to the Shares shall pass by will or by the applicable law of descent
     and distribution, as the case may be.

     17.  LIMITATIONS ON OBLIGATION TO DELIVER SHARES

          The Company shall not be obligated to deliver any Restricted Shares
     free and clear, of the Transferability Restrictions until the Company has
     satisfied itself that such delivery complies with all laws and regulations
     by which the Company is bound. Furthermore, prior to receiving delivery of
     any Restricted Shares free of the Transferability Restrictions, the grantee
     or other person entitled to receive such Shares must pay the Company an
     amount equal to the taxes, if any, which the Company is required to
     withhold due to such delivery.

                               GENERAL PROVISIONS

     18.  SHAREHOLDER RIGHTS

          Except for the Transferability Restrictions, a grantee of Restricted
     Shares shall have all the rights of a holder of the Shares, including the
     right to receive dividends paid on such Shares and the right to vote such
     Shares at meetings of shareholders of the Company. However, no optionee
     shall have any of the rights of a shareholder with respect to any Shares
     unless and until he or she has exercised his or her option with respect to
     such Shares and has paid the full purchase price therefor.

     19.  CHANGES IN SHARES

          The aggregate number of Shares for which options or Restricted Shares
     may be granted or options exercised, the maximum number of Shares which,
     with respect to any one person at any time, may be subject to restrictions
     or subject to

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     unexercised and outstanding options, and the number of Shares subject to
     each outstanding option or Restricted Share grant and option prices per
     share shall be subject to appropriate adjustment for any changes in the
     number of outstanding Shares resulting from a merger, recapitalization,
     stock exchange, stock split, stock dividend, corporate division or other
     change in the Company's corporate or capital structure.

     20.  CHANGE OF CONTROL

               (a) This Section 20 has been amended, effective October 1, 1999
          (the "Amendment") to read as provided herein.  However, to the extent
          that (and only to the extent that) any right to which a grantee of
          outstanding options or restricted stock under the Plan is entitled
          prior to the effective date of the Amendment (whether under the Plan,
          related agreements, amendments thereto, or interpretations by the
          Compensation Committee) would be detrimentally affected by the
          Amendment, the Amendment shall not apply.  By way of illustration, and
          not limitation, the following interpretations of the Compensation
          Committee with respect to an "Acceleration Date", as defined in the
          Plan (and related agreements and amendments thereto) prior to the
          Amendment, remain in full force and effect: (i) the 30-day
          exercisability period following an Acceleration Date shall not be
          affected by the termination of employment of an optionee on the
          Acceleration Date or during such 30-day period, and (ii) all
          outstanding options, both non-qualified and incentive, shall be
          accelerated and become exercisable in full at the Acceleration Date
          (and to the extent, if any, required by section 422(d) of the Internal
          Revenue Code of 1986, as amended from time to time (the "Code"),
          accelerated incentive stock options shall thereby become non-qualified
          stock options).

               (b) Notwithstanding any other provision of the Plan (or any
          provision of any agreement with respect to any grant hereunder),
          immediately prior to any Change of Control of the Company (as defined
          in Section 20(d) hereof), all stock options (whether non-qualified or
          incentive and whether granted to an employee or to a nonemployee
          Director) which are then outstanding hereunder shall become fully
          vested and exercisable and all Transferability Restrictions and
          Vesting Restrictions on Restricted Shares then outstanding hereunder
          shall automatically lapse and be deemed waived.  As used in the
          immediately preceding sentence, "immediately prior" to the Change of
          Control shall mean sufficiently in advance of the Change of Control to
          permit the grantee to take all steps reasonably necessary (i) if an
          optionee, to exercise any such option fully and (ii) to deal with the
          Shares purchased under any such option and any formerly  Restricted
          Shares on which restrictions have lapsed so that both types of Shares
          may be treated in the same manner in connection with the Change of
          Control as the Shares of other shareholders.  To the extent, if any,
          required by section 422(d) of the Code, incentive stock options which
          become exercisable immediately prior to a Change of Control pursuant
          to this Section 20(b) shall thereby become non-qualified stock
          options.  Notwithstanding any other provision of the Plan (or any
          provision of any agreement with respect to any grant hereunder), (i)

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          any stock option which becomes exercisable pursuant to this Section
          20(b) shall remain exercisable until the earlier of the end of the
          option term or the lapse of the option, and (ii) any lapse and deemed
          waiver of Transferability Restrictions and Vesting Restrictions on
          Restricted Shares pursuant to this Section 20(b) shall be a permanent
          lapse and deemed waiver of such restrictions.

               (c) If any corporation, person or other entity (other than the
          Company) makes a tender offer or exchange offer for shares of the
          Company's common stock pursuant to which purchases are made (an
          "Offer"), then from and after the date of the first purchase of the
          Company's common stock pursuant to the Offer (the "Acceleration
          Date"), all outstanding options shall automatically become fully
          exercisable and the Transferability Restrictions and Vesting
          Restrictions on Restricted Shares shall automatically be deemed waived
          by the Company, without the necessity of any action by any person, for
          a period of 30 calendar days following the Acceleration Date.  Subject
          to the other provisions of this Section 20, following the expiration
          of the 30-day period, any options not exercised and any shares of the
          Company's common stock issued hereunder not tendered or exchanged
          shall again be subject to the terms and conditions applicable prior to
          the Offer."

               (d) As used in this Section 20, "Change of Control" shall mean:

               (i) the acquisition by any "Person" (as defined in Section 20(e)
          hereof) of "Beneficial Ownership" (as defined in Section 20(e) hereof)
          of 30% or more of the outstanding Shares of the Company's Common
          Stock, $0.10 par value per share (the "Common Stock") or 30% or more
          of the combined voting power of the Company's then outstanding
          securities; provided, however, that for purposes of this subsection
          (d)(i), the following shall not constitute a Change of Control:

               (A) any acquisition (other than a "Business Combination" (as
          defined in Section 20(d)(iii) hereof) which constitutes a Change of
          Control under Section 20(d)(iii) hereof) of Common Stock directly from
          the Company,

               (B) any acquisition of Common Stock by the Company or its
          subsidiaries,

               (C) any acquisition of Common Stock by any employee benefit plan
          (or related trust) sponsored or maintained by the Company or any
          corporation controlled by the Company, or

               (D) any acquisition of Common Stock by any corporation pursuant
          to a Business Combination which does not constitute a Change of
          Control under Section 20(d)(iii) hereof; or

               (ii) individuals who, as of the effective date of the Amendment,

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          constitute the Board (the "Incumbent Board" cease for any reason to
          constitute at least a majority of the Board; provided, however, that
          any individual becoming a director subsequent to the effective date of
          the Amendment whose election, or nomination for election by the
          Company's shareholders, was approved by a vote of at least a majority
          of the directors then comprising the Incumbent Board shall be
          considered a member of the Incumbent Board, unless such individual's
          initial assumption of office occurs as a result of an actual or
          threatened election contest with respect to the election or removal of
          directors or other actual or threatened solicitation of proxies or
          consents by or on behalf of a Person other than the Incumbent Board;
          or

               (iii)  consummation of a reorganization, merger or consolidation
          (including a merger or consolidation of the Company or any direct or
          indirect subsidiary of the Company), or sale or other disposition of
          all or substantially all of the assets of the Company (a "Business
          Combination"), in each case, unless, immediately following such
          Business Combination,

               (A) the individuals and entities who were the Beneficial Owners
          of the Company's outstanding Common Stock and the Company's voting
          securities entitled to vote generally in the election of directors
          immediately prior to such Business Combination have direct or indirect
          Beneficial Ownership, respectively, of more than 50% of the then
          outstanding shares of common stock, and more than 50% of the combined
          voting power of the then outstanding voting securities entitled to
          vote generally in the election of directors, of the Post-Transaction
          Corporation (as defined in Section 20(e) hereof), and

               (B) except to the extent that such ownership existed prior to the
          Business Combination, no Person (excluding the Post-Transaction
          Corporation and any employee benefit plan or related trust of either
          the Company, the Post-Transaction Corporation or any subsidiary of
          either corporation) Beneficially Owns, directly or indirectly, 30% or
          more of the then outstanding shares of common stock of the corporation
          resulting from such Business Combination or 30% or more of the
          combined voting power of the then outstanding voting securities of
          such corporation, and

               (C) at least a majority of the members of the board of directors
          of the Post-Transaction Corporation were members of the Incumbent
          Board at the time of the execution of the initial agreement, or of the
          action of the Board, providing for such Business Combination; or

               (iv) approval by the shareholders of the Company of a complete
          liquidation or dissolution of the Company.

               (e) As used in Section 20(d) hereof, the following words or terms
          shall have the meanings indicated:

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               (i) Affiliate: "Affiliate" (and variants thereof) shall mean a
          Person that controls, or is controlled by, or is under common control
          with, another specified Person, either directly or indirectly.

               (ii) Beneficial Owner: "Beneficial Owner" (and variants thereof),
          with respect to a security, shall mean a Person who, directly or
          indirectly (through any contract, understanding, relationship or
          otherwise), has or shares (i) the power to vote, or direct the voting
          of, the security, and/or (ii) the power to dispose of, or to direct
          the disposition of, the security.

               (iii)  Person:  "Person" shall mean a natural person or company,
          and shall also mean the group or syndicate created when two or more
          Persons act as a syndicate or other group (including, without
          limitation, a partnership or limited partnership) for the purpose of
          acquiring, holding, or disposing of a security, except that "Person"
          shall not include an underwriter temporarily holding a security
          pursuant to an offering of the security.

               (iv) Post-Transaction Corporation:  Unless a Change of Control
          includes a Business Combination (as defined in Section 20(d)(iii)
          hereof), "Post-Transaction Corporation" shall mean the Company after
          the Change of Control.  If a Change of Control includes a Business
          Combination, "Post-Transaction Corporation" shall mean the corporation
          resulting from the Business Combination unless, as a result of such
          Business Combination, an ultimate parent corporation controls the
          Company or all or substantially all of the Company's assets either
          directly or indirectly, in which case, "Post-Transaction Corporation"
          shall mean such ultimate parent corporation.

     21.  AMENDMENT AND DISCONTINUANCE

          The Board of Directors may alter, suspend, or discontinue the Plan.

     22.  GOVERNING LAW

          The Plan shall be applied and construed in accordance with and
     governed by the law of the State of Delaware, to the extent such law is not
     superseded by or inconsistent with federal law.

     23.  EFFECTIVE DATE AND DURATION OF PLAN

          The Plan shall become effective only if approved by the holders of a
     majority of the Company's Shares outstanding and entitled to vote at the
     annual meeting of stockholders and if so approved shall be effective from
     the date of such meeting. The term during which options and Restricted
     Shares may be granted under the Plan shall expire ten years after the date
     the Plan became effective.

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     24.  WITHHOLDING

          At any time that a participant is required to pay to the Company an
     amount required to be withheld under the applicable income tax laws in
     connection with the issuance of shares of Common Stock upon exercise of an
     option or upon the lapse of restrictions on shares of restricted stock, the
     participant may satisfy this obligation in whole or in part by electing
     (the "Election") to have the Company withhold shares of Common Stock having
     a value up to the amount of the maximum applicable tax under federal
     (including FICA), state and local law; provided, however, that the
     Committee shall have the right to disapprove of any portion of a
     participant's Election that is in excess of the amount required to be
     withheld under applicable income tax laws. The value of the shares to be
     withheld shall be based on the fair market value of the Common Stock on the
     date that the amount of tax to be withheld is required to be determined
     (the "Tax Date").

          Each Election must be made prior to the Tax Date. The Committee may
     disapprove of any Election as provided above or may suspend or terminate
     the right to make Elections. If a participant makes an election under
     Section 83 (b) of the Internal Revenue Code with respect to shares of
     restricted stock, an Election is not permitted to be made and the
     participant is required to pay the amount of the withholding tax liability
     to the Company in cash.

     This Amended and Restated Plan is executed effective July 27, 2000.

                                         TIDEWATER INC.

                                         By:    /s/ Cliffe F. Laborde
                                              -----------------------------
                                                    Cliffe F. Laborde
                                                  Senior Vice President,
                                              Secretary and General Counsel

                                       12<PAGE>

                                                                   EXHIBIT 10(n)

                             AMENDED AND RESTATED
                                TIDEWATER INC.
                           1997 STOCK INCENTIVE PLAN
                           (Effective June 9, 2000)

     WHEREAS, Tidewater Inc., a Delaware corporation (the "Company"), restated
the Tidewater Inc. 1997 Stock Incentive Plan (the "Plan") effective October 1,
1999; and

     WHEREAS, the Company wishes to amend the Plan to extend the post-retirement
exercise period of options granted to non-employee directors under the Plan in
1997 and to be granted in the future to non-employee directors under the Plan;

     NOW, THEREFORE, pursuant to the power provided to the Board in Section
9.10.A. of the Plan, Section 8.4 of the Plan entitled "Exercise After
Termination of Board Service" is hereby amended to read as set forth herein and,
as so amended, the Plan is hereby restated in its entirety as follows:

          1.  PURPOSE.  The purpose of the 1997 Stock Incentive Plan (the
     "Plan") of Tidewater Inc. ("Tidewater") is to increase shareholder value
     and to advance the interests of Tidewater and its subsidiaries
     (collectively, the "Company") by furnishing stock-based economic incentives
     (the "Incentives") designed to attract, retain and motivate key employees,
     officers and directors and to strengthen the mutuality of interests between
     such employees, officers and directors and Tidewater's shareholders.
     Incentives consist of opportunities to purchase or receive shares of common
     stock, $.10 par value per share, of Tidewater (the "Common Stock"), on
     terms determined under the Plan.  As used in the Plan, the term
     "subsidiary" means any corporation of which Tidewater owns (directly or
     indirectly) within the meaning of Section 425(f) of the Internal Revenue
     Code of 1986, as amended (the "Code"), 50% or more of the total combined
     voting power of all classes of stock.

          2.  ADMINISTRATION.

          2.1.  COMPOSITION.  The Plan shall be administered by the Compensation
     Committee of the Board of Directors of Tidewater or by a subcommittee
     thereof (the "Committee").  The Committee shall consist of not fewer than
     two members of the Board of Directors, each of whom shall (a) qualify as a
     "non-employee director" under Rule 16b-3 under the Securities Exchange Act
     of 1934 (the "1934 Act") or any successor rule, and (b) qualify as an
     "outside director" under Section 162(m) of the Code.

          2.2.  AUTHORITY.  The Committee shall have plenary authority to award
     Incentives under the Plan, to interpret the Plan, to establish any rules or
     regulations relating to the Plan that it determines to be appropriate, to
     enter into

                                       1
<PAGE>

     agreements with participants as to the terms of the Incentives (the
     "Incentive Agreements") and to make any other determination that it
     believes necessary or advisable for the proper administration of the Plan.
     Its decisions in matters relating to the Plan shall be final and conclusive
     on the Company and participants. The Committee may delegate its authority
     hereunder to the extent provided in Section 3 hereof. The Committee shall
     not have authority to award Incentives under the Plan to directors who are
     not also employees of the Company ("Outside Directors"). Outside Directors
     may receive awards under the Plan only as specifically provided in Section
     8 hereof.

          3.  ELIGIBLE PARTICIPANTS.  Key employees and officers of the Company
     (including officers who also serve as directors of the Company) shall
     become eligible to receive Incentives under the Plan when designated by the
     Committee.  Employees may be designated individually or by groups or
     categories, as the Committee deems appropriate.  With respect to
     participants not subject to Section 16 of the 1934 Act or Section 162(m) of
     the Code, the Committee may delegate to appropriate personnel of the
     Company its authority to designate participants, to determine the size and
     type of Incentives to be received by those participants and to determine or
     modify performance objectives for those participants.  Outside Directors
     may participate in the Plan only as specifically provided in Section 8
     hereof.

          4.  TYPES OF INCENTIVES.  Incentives may be granted under the Plan to
     eligible participants in the forms of (a) incentive stock options; (b) non-
     qualified stock options; and (c) restricted stock.

          5.  SHARES SUBJECT TO THE PLAN.

          5.1.  NUMBER OF SHARES.  Subject to adjustment as provided in Section
     9.5, a total of 3,000,000 shares of Common Stock are authorized to be
     issued under the Plan.  Incentives with respect to no more than 500,000
     shares of Common Stock may be granted through the Plan to a single
     participant in one calendar year.  In the event that a stock option granted
     hereunder expires or is terminated or cancelled prior to exercise, any
     shares of Common Stock that were issuable thereunder may again be issued
     under the Plan.  In the event that shares of restricted stock are issued as
     Incentives under the Plan and thereafter are forfeited such forfeited
     shares may again be issued under the Plan.  Additional rules for
     determining the number of shares granted under the Plan may be made by the
     Committee, as it deems necessary or appropriate.

          5.2.  TYPE OF COMMON STOCK.  Common Stock issued under the Plan may be
     authorized and unissued shares or issued shares held as treasury shares.

          6.  STOCK OPTIONS.  A stock option is a right to purchase shares of
     Common Stock from Tidewater.  Stock options granted under this Plan may be
     incentive stock options or non-qualified stock options.  Any option that is

                                       2
<PAGE>

     designated as a non-qualified stock option shall not be treated as an
     incentive stock option.  Each stock option granted by the Committee under
     this Plan shall be subject to the following terms and conditions:

          6.1.  PRICE.  The exercise price per share shall be determined by the
     Committee, subject to adjustment under Section 9.5; provided that in no
     event shall the exercise price be less than the Fair Market Value of a
     share of Common Stock on the date of grant, except  that in connection with
     an acquisition, consolidation, merger or other extraordinary transaction,
     options may be granted at less than the then Fair Market Value in order to
     replace options previously granted by one or more parties to such
     transaction (or their affiliates) so long as the aggregate spread on such
     replacement options for any recipient of such options is equal to or less
     than the aggregate spread on the options being replaced.

          6.2.  NUMBER.  The number of shares of Common Stock subject to the
     option shall be determined by the Committee, subject to Section 5.1 and
     subject to adjustment as provided in Section 9.5.

          6.3.  DURATION AND TIME FOR EXERCISE.  The term of each stock option
     shall be determined by the Committee.  Each stock option shall become
     exercisable at such time or times during its term as shall be determined by
     the Committee.  Notwithstanding the foregoing, the Committee may accelerate
     the exercisability of any stock option at any time, in addition to the
     automatic acceleration of stock options under Section 9.11.

          6.4.  MANNER OF EXERCISE.  A stock option may be exercised, in whole
     or in part, by giving written notice to the Company, specifying the number
     of shares of Common Stock to be purchased.  The exercise notice shall be
     accompanied by the full purchase price for such shares.  The option price
     shall be payable in United States dollars and may be paid by (a) cash; (b)
     uncertified or certified check; (c) unless otherwise determined by the
     Committee, by delivery of shares of Common Stock held by the optionee for
     at least six months, which shares shall be valued for this purpose at the
     Fair Market Value on the business day immediately preceding the date such
     option is exercised; (d) unless otherwise determined by the Committee,
     through arrangements with a brokerage firm under which such firm, on behalf
     of the optionee, will pay the exercise price to the Company and the Company
     will promptly deliver to such firm the number of shares of Common Stock
     subject to the option so that the firm may sell such shares, or a portion
     thereof, for the account of the optionee, or (e) in such other manner as
     may be authorized from time to time by the Committee.

          6.5.  INCENTIVE STOCK OPTIONS.  Notwithstanding anything in the Plan
     to the contrary, the following additional provisions shall apply to the
     grant of stock options that are intended to qualify as Incentive Stock
     Options (as such term is defined in Section 422 of the Code):

                                       3
<PAGE>

          A.  Any Incentive Stock Option agreement authorized under the Plan
     shall contain such other provisions as the Committee shall deem advisable,
     but shall in all events be consistent with and contain or be deemed to
     contain all provisions required in order to qualify the options as
     Incentive Stock Options.

          B.  All Incentive Stock Options must be granted within ten years from
     the date on which this Plan is adopted by the Board of Directors.

          C.  Unless sooner exercised, all Incentive Stock Options shall expire
     no later than ten years after the date of grant.

          D.  No Incentive Stock Options shall be granted to any participant
     who, at the time such option is granted, would own (within the meaning of
     Section 422 of the Code) stock possessing more than 10% of the total
     combined voting power of all classes of stock of the employer corporation
     or of its parent or subsidiary corporation.

          E.  The aggregate Fair Market Value (determined with respect to each
     Incentive Stock Option as of the time such Incentive Stock Option is
     granted) of the Common Stock with respect to which Incentive Stock Options
     are exercisable for the first time by a participant during any calendar
     year (under the Plan or any other plan of Tidewater or any of its
     subsidiaries) shall not exceed $100,000.  To the extent that such
     limitation is exceeded, such options shall not be treated, for federal
     income tax purposes, as Incentive Stock Options.

          7.  RESTRICTED STOCK.

          7.1.  GRANT OF RESTRICTED STOCK.  The Committee may award shares of
     restricted stock to such officers and key employees as the Committee
     determines pursuant to the terms of Section 3.  An award of restricted
     stock shall be subject to such restrictions on transfer and forfeitability
     provisions and such other terms and conditions as the Committee may
     determine, subject to the provisions of the Plan.  An award of restricted
     stock may also be subject to the attainment of specified performance goals
     or targets.  To the extent restricted stock is intended to qualify as
     performance-based compensation under Section 162(m) of the Code, it must be
     granted subject to the attainment of performance goals as described in
     Section 7.2 below and meet the additional requirements imposed by Section
     162(m).

          7.2  PERFORMANCE-BASED RESTRICTED STOCK.  To the extent that
     restricted stock granted under the Plan is intended to vest based upon the
     achievement of pre-established performance goals rather than solely upon
     continued employment over a period of time, the performance goals pursuant
     to which the restricted stock shall vest shall be any or a combination of
     the following performance measures:  earnings per share, return on assets,
     an economic value added measure, shareholder return, earnings, stock price,
     return on equity, return

                                       4
<PAGE>

     on total capital, safety performance, reduction of expenses or increase in
     cash flow of Tidewater, a division of Tidewater or a subsidiary. For any
     performance period, such performance objectives may be measured on an
     absolute basis or relative to a group of peer companies selected by the
     Committee, relative to internal goals or relative to levels attained in
     prior years. The Committee may not waive any of the pre-established
     performance goal objectives, except that such objectives shall be waived as
     provided in Section 9.11 hereof, or as may be provided by the Committee in
     the event of death, disability or retirement.

          7.3.  THE RESTRICTED PERIOD.  At the time an award of restricted stock
     is made, the Committee shall establish a period of time during which the
     transfer of the shares of  restricted stock shall be restricted (the
     "Restricted Period").  The Restricted Period shall be a minimum of three
     years, except that if the vesting of the shares of restricted stock is
     based upon the attainment of performance goals, a minimum Restricted Period
     of one year is permitted.  Each award of restricted stock may have a
     different Restricted Period.  The expiration of the Restricted Period shall
     also occur as provided under Section 9.3 and under the conditions described
     in Section 9.11 hereof.

          7.4.  ESCROW.  The participant receiving restricted stock shall enter
     into an Incentive Agreement with the Company setting forth the conditions
     of the grant.  Certificates representing shares of restricted stock shall
     be registered in the name of the participant and deposited with the
     Company, together with a stock power endorsed in blank by the participant.
     Each such certificate shall bear a legend in substantially the following
     form:

     The transferability of this certificate and the shares of Common Stock
     represented by it are subject to the terms and conditions (including
     conditions of forfeiture) contained in the Tidewater Inc. 1997 Stock
     Incentive Plan (the "Plan"), and an agreement entered into between the
     registered owner and Tidewater Inc. thereunder.  Copies of the Plan and the
     agreement are on file at the principal office of the Company.

          7.5.  DIVIDENDS ON RESTRICTED STOCK.  Any and all cash and stock
     dividends paid with respect to the shares of restricted stock shall be
     subject to any restrictions on transfer, forfeitability provisions or
     reinvestment requirements as the Committee may, in its discretion,
     prescribe in the Incentive Agreement.

          7.6.  FORFEITURE.  In the event of the forfeiture of any shares of
     restricted stock under the terms provided in the Incentive Agreement
     (including any additional shares of restricted stock that may result from
     the reinvestment of cash and stock dividends, if so provided in the
     Incentive Agreement), such forfeited shares shall be surrendered and the
     certificates cancelled.  The participants shall have the same rights and
     privileges, and be subject to the same forfeiture provisions, with respect
     to any additional shares received pursuant to Section 9.5 due to a
     recapitalization, merger or other change in capitalization.

                                       5
<PAGE>

          7.7.  EXPIRATION OF RESTRICTED PERIOD.  Upon the expiration or
     termination of the Restricted Period and the satisfaction of any other
     conditions prescribed by the Committee, the restrictions applicable to the
     restricted stock shall lapse and a stock certificate for the number of
     shares of restricted stock with respect to which the restrictions have
     lapsed shall be delivered, free of all such restrictions and legends,
     except any that may be imposed by law, to the participant or the
     participant's estate, as the case may be.

          7.8.  RIGHTS AS A SHAREHOLDER.  Subject to the terms and conditions of
     the Plan and subject to any restrictions on the receipt of dividends that
     may be imposed in the Incentive Agreement, each participant receiving
     restricted stock shall have all the rights of a shareholder with respect to
     shares of stock during the Restricted Period, including without limitation,
     the right to vote any shares of Common Stock.

     8.  STOCK OPTIONS FOR OUTSIDE DIRECTORS.

          8.1  GRANT OF OPTIONS.  Beginning with the 1997 annual meeting of
     stockholders and for as long as the Plan remains in effect and shares of
     Common Stock remain available for issuance hereunder, each Outside Director
     shall be automatically granted a non-qualified stock option on the day of
     the annual meeting of stockholders of Tidewater, provided such Outside
     Director continues to serve as a director following such annual meeting.
     An option to purchase no more than 5,000 shares shall be granted to each
     Outside Director each year, the exact number of which shall be set by the
     Committee.

          8.2  EXERCISABILITY OF STOCK OPTIONS.  The stock options granted to
     Outside Directors under this Section 8 shall become exercisable six months
     following the date of grant and shall expire ten years following the date
     of grant.

          8.3  EXERCISE PRICE.  The Exercise Price of the Stock Options granted
     to Outside Directors shall be equal to the Fair Market Value, as defined in
     the Plan, of a share of Common Stock on the date of grant.  The Exercise
     Price may be paid as provided in Section 6.4 hereof.

     8.4  EXERCISE AFTER TERMINATION OF BOARD SERVICE.

          In the event an Outside Director ceases to serve on the Board, the
     stock options granted hereunder must be exercised, to the extent otherwise
     exercisable at the time of termination of Board service, within one year
     from termination of Board service; provided, however, that

               (a) In the event of termination of Board service as a result of
          death or disability, the stock options must be exercised within two
          years from the date of termination of Board service;

                                       6
<PAGE>

               (b) As to stock options granted to Outside Directors under the
          Plan on the dates of the annual meetings of stockholders of Tidewater
          held in 1998 and 1999, in the event of termination of Board service as
          a result of retirement (at age 65 or later or after having completed
          five or more years of service on the Board), the stock options must be
          exercised within two years from the date of termination of Board
          service;

               (c) As to stock options granted to Outside Directors under the
          Plan on the date of the annual meetings of stockholders of Tidewater
          held in 1997 and in the year 2000 and thereafter, in the event of
          termination of Board service as a result of retirement (at age 65 or
          later or after having completed five or more years of service on the
          Board), the stock options must be exercised within five years from the
          date of termination of Board service;

     and further provided, that no stock options may be exercised later than 10
     years after the date of grant.

          9.  GENERAL.

          9.1.  DURATION.  Subject to Section 9.10, the Plan shall remain in
     effect until all Incentives granted under the Plan have either been
     satisfied by the issuance of shares of Common Stock or the payment of cash
     or been terminated under the terms of the Plan and all restrictions imposed
     on shares of Common Stock in connection with their issuance under the Plan
     have lapsed.

          9.2.  TRANSFERABILITY.  No Incentives granted hereunder may be
     transferred, pledged, assigned or otherwise encumbered by a participant
     except: (a) by will; (b) by the laws of descent and distribution; (c)
     pursuant to a domestic relations order, as defined in the Code, if
     permitted by the Committee and so provided in the Incentive Agreement or an
     amendment thereto; or (d) as to options only, if permitted by the Committee
     and so provided in the Incentive Agreement or an amendment thereto, (i) to
     Immediate Family Members, (ii) to a partnership in which Immediate Family
     Members, or entities in which Immediate Family Members are the sole owners,
     members or beneficiaries, as appropriate, are the sole partners, (iii) to a
     limited liability company in which Immediate Family Members, or entities in
     which Immediate Family Members are the sole owners, members or
     beneficiaries, as appropriate, are the sole members, or (iv) to a trust for
     the sole benefit of Immediate Family Members. "Immediate Family Members"
     shall be defined as the spouse and natural or adopted children or
     grandchildren of the participant and their spouses.  To the extent that an
     Incentive Stock Option is permitted to be transferred during the lifetime
     of the participant, it shall be treated thereafter as a nonqualified stock
     option.  Any attempted assignment, transfer, pledge, hypothecation or other
     disposition of Incentives, or levy of attachment or similar process upon
     Incentives not specifically permitted herein, shall be null and void and
     without effect.

                                       7
<PAGE>

          9.3.  EFFECT OF TERMINATION OF EMPLOYMENT OR DEATH. Except as provided
     in Section 8.4 with respect to Outside Directors, in the event that a
     participant ceases to be an employee of the Company for any reason,
     including death, disability, early retirement or normal retirement, any
     Incentives may be exercised, shall vest or shall expire at such times as
     may be determined by the Committee in the Incentive Agreement.  The
     Committee has complete authority to modify the treatment of an Incentive in
     the event of termination of employment of a participant by means of an
     amendment to the Incentive Agreement. Consent of the participant to the
     modification is required only if the modification materially impairs the
     rights previously provided to the participant in the Incentive Agreement.

          9.4.  ADDITIONAL CONDITION.  Anything in this Plan to the contrary
     notwithstanding:  (a) the Company may, if it shall determine it necessary
     or desirable for any reason, at the time of award of any Incentive or the
     issuance of any shares of Common Stock pursuant to any Incentive, require
     the recipient of the Incentive, as a condition to the receipt thereof or to
     the receipt of shares of Common Stock issued pursuant thereto, to deliver
     to the Company a written representation of present intention to acquire the
     Incentive or the shares of Common Stock issued pursuant thereto for his own
     account for investment and not for distribution; and (b) if at any time the
     Company further determines, in its sole discretion, that the listing,
     registration or qualification (or any updating of any such document) of any
     Incentive or the shares of Common Stock issuable pursuant thereto is
     necessary on any securities exchange or under any federal or state
     securities or blue sky law, or that the consent or approval of any
     governmental regulatory body is necessary or desirable as a condition of,
     or in connection with the award of any Incentive, the issuance of shares of
     Common Stock pursuant thereto, or the removal of any restrictions imposed
     on such shares, such Incentive shall not be awarded or such shares of
     Common Stock shall not be issued or such restrictions shall not be removed,
     as the case may be, in whole or in part, unless such listing, registration,
     qualification, consent or approval shall have been effected or obtained
     free of any conditions not acceptable to the Company.

          9.5.  ADJUSTMENT.  In the event of any merger, consolidation or
     reorganization of the Company with any other corporation or corporations,
     there shall be substituted for each of the shares of Common Stock then
     subject to the Plan, including shares subject to restrictions, options or
     achievement of performance objectives, the number and kind of shares of
     stock or other securities to which the holders of the shares of Common
     Stock will be entitled pursuant to the transaction.  In the event of any
     recapitalization, stock dividend, stock split, combination of shares or
     other change in the Common Stock, the number of shares of Common Stock then
     subject to the Plan, including shares subject to outstanding Incentives,
     shall be adjusted in proportion to the change in outstanding shares of
     Common Stock.  In the event of any such adjustments, the purchase price of
     any option, the performance objectives of any Incentive, and the

                                       8
<PAGE>

     shares of Common Stock issuable pursuant to any Incentive shall be adjusted
     as and to the extent appropriate, in the reasonable discretion of the
     Committee, to provide participants with the same relative rights before and
     after such adjustment. No substitution or adjustment shall require the
     Company to issue a fractional share under this Plan and the substitution or
     adjustment shall be limited by deleting any fractional share.

          9.6.  INCENTIVE AGREEMENTS.  The terms of each Incentive shall be
     stated in an agreement approved by the Committee.

          9.7.  WITHHOLDING.

          A.  The Company shall have the right to withhold from any payments
     made under the Plan or to collect as a condition of payment, any taxes
     required by law to be withheld.  At any time that a participant is required
     to pay to the Company an amount required to be withheld under applicable
     income tax laws in connection with the issuance of Common Stock, the lapse
     of restrictions on Common Stock or the exercise of an option, the
     participant may, subject to disapproval by the Committee, satisfy this
     obligation in whole or in part by electing (the "Election") to have the
     Company withhold shares of Common Stock having a value equal to the amount
     required to be withheld.  The value of the shares to be withheld shall be
     based on the Fair Market Value of the Common Stock on the date that the
     amount of tax to be withheld shall be determined ("Tax Date").

          B.  Each Election must be made prior to the Tax Date.  The Committee
     may disapprove of any Election, may suspend or terminate the right to make
     Elections, or may provide with respect to any Incentive that the right to
     make Elections shall not apply to such Incentive.  If a participant makes
     an election under Section 83(b) of the Internal Revenue Code with respect
     to shares of restricted stock, an Election is not permitted to be made.

          9.8.  NO CONTINUED EMPLOYMENT.  No participant under the Plan shall
     have any right, because of his or her participation, to continue in the
     employ of the Company for any period of time or to any right to continue
     his or her present or any other rate of compensation.

          9.9.  DEFERRAL PERMITTED.  Payment of cash or distribution of any
     shares of Common Stock to which a participant is entitled under any
     Incentive shall be made as provided in the Incentive Agreement.  Payment
     may be deferred at the option of the participant if provided in the
     Incentive Agreement.

          9.10.  AMENDMENTS TO OR TERMINATION OF THE PLAN.

          A.  The Board may amend, suspend or terminate the Plan or any portion
     thereof at any time, provided that no amendment shall be made without

                                       9
<PAGE>

     stockholder approval if such approval is necessary to comply with any tax
     or regulatory requirement, including any approval necessary to qualify
     Incentives as "performance- based" compensation under Section 162(m) or any
     successor provision, if such qualification is deemed necessary or advisable
     by the Committee.

          B.  Any provision of this Plan or any Incentive Agreement to the
     contrary notwithstanding, the Committee may cause any Incentive granted
     hereunder to be cancelled in consideration of a cash payment or alternative
     Incentive made to the holder of such cancelled Incentive equal in value to
     such cancelled Incentive.  The determinations of value under this
     subparagraph shall be made by the Committee in its sole discretion.

          9.11.  CHANGE OF CONTROL; TENDER OFFER OR EXCHANGE OFFER.

          A.  This Section 9.11 has been amended, effective October 1, 1999 (the
     "Amendment") to read as provided herein.  However, to the extent that (and
     only to the extent that) any right to which a grantee of outstanding
     options or restricted stock under the Plan is entitled prior to the
     effective date of the Amendment (whether under the Plan, related
     agreements, amendments thereto, or interpretations by the Compensation
     Committee) would be detrimentally affected by the Amendment, the Amendment
     shall not apply.

          B.  Notwithstanding any other provision of the Plan (or any provision
     of any agreement with respect to any grant hereunder), immediately prior to
     any Change of Control of the Company (as defined in Section 9.11(D)
     hereof), all stock options (whether non-qualified or incentive and whether
     granted to an employee or to a nonemployee Director) which are then
     outstanding hereunder shall become fully vested and exercisable and all
     restrictions and limitations on restricted shares of Common Stock then
     outstanding hereunder shall automatically lapse and all performance
     criteria and other conditions relating to the payment of Incentives shall
     automatically be deemed to be achieved or waived by the Company.  As used
     in the immediately preceding sentence, `immediately prior' to the Change of
     Control shall mean sufficiently in advance of the Change of Control to
     permit the grantee to take all steps reasonably necessary (i) if an
     optionee, to exercise any such option fully and (ii) to deal with the
     shares purchased under any such option and any formerly restricted shares
     on which restrictions have lapsed so that both types of shares may be
     treated in the same manner in connection with the Change of Control as the
     shares of Common Stock of other shareholders.  To the extent, if any,
     required by section 422(d) of the Code, incentive stock options which
     become exercisable immediately prior to a Change of Control pursuant to
     this Section 9.11(B) shall thereby become non-qualified stock options.
     Notwithstanding any other provision of the Plan, including, without
     limitation, Section 9.11(C) hereof (or any provision of any agreement with
     respect to any grant hereunder), (i) any stock option which becomes
     exercisable pursuant to this Section 9.11(B) shall remain exercisable until
     the earlier of the end of the option term or the lapse of the option, and
     (ii) any lapse and deemed waiver of restrictions and limitations on
     restricted shares pursuant to

                                       10
<PAGE>

     this Section 9.11(B) shall be a permanent lapse and deemed waiver of such
     restrictions and limitations.

          C.  If any corporation, person or other entity (other than the
     Company) makes a tender offer or exchange offer for shares of the Common
     Stock pursuant to which purchases are made (an "Offer"), then from and
     after the date of the first purchase of the Common Stock pursuant to the
     Offer (the "Acceleration Date"), all outstanding options shall
     automatically become fully exercisable, all restrictions or limitations on
     any Incentives shall lapse and all performance criteria and other
     conditions relating to the payment of Incentives shall be deemed to be
     achieved or waived by the Company, without the necessity of any action by
     any person, for a period of 30 calendar days following the Acceleration
     Date.  Subject to the other provisions of this Section 9.11, following the
     expiration of the 30-day period, any options not exercised and any shares
     of Common Stock issued hereunder not tendered or exchanged shall again be
     subject to the terms and conditions applicable prior to the Offer.

          D.  As used in this Section 9.11, `Change of Control' shall mean:

              (i) the acquisition by any `Person' (as defined in Section
     9.11(E) hereof) of `Beneficial Ownership' (as defined in Section 9.11(E)
     hereof) of 30% or more of the outstanding Shares of the Company's Common
     Stock, $0.10 par value per share (the "Common Stock") or 30% or more of the
     combined voting power of the Company's then outstanding securities;
     provided, however, that for purposes of this subsection (D)(i), the
     following shall not constitute a Change of Control:

              (A) any acquisition (other than a `Business Combination' (as
     defined in Section 9.11(D)(iii) hereof) which constitutes a Change of
     Control under Section 9.11(D)(iii) hereof) of Common Stock directly from
     the Company,

              (B) any acquisition of Common Stock by the Company or its
     subsidiaries,

              (C) any acquisition of Common Stock by any employee benefit plan
     (or related trust) sponsored or maintained by the Company or any
     corporation controlled by the Company, or

              (D) any acquisition of Common Stock by any corporation pursuant
     to a Business Combination which does not constitute a Change of Control
     under Section 9.11(D)(iii) hereof; or

              (ii) individuals who, as of the effective date of the Amendment,
     constitute the Board (the "Incumbent Board") cease for any reason to
     constitute at least a majority of the Board; provided, however, that any
     individual becoming a director subsequent to the effective date of the
     Amendment whose election, or

                                       11
<PAGE>

     nomination for election by the Company's shareholders, was approved by a
     vote of at least a majority of the directors then comprising the Incumbent
     Board shall be considered a member of the Incumbent Board, unless such
     individual's initial assumption of office occurs as a result of an actual
     or threatened election contest with respect to the election or removal of
     directors or other actual or threatened solicitation of proxies or consents
     by or on behalf of a Person other than the Incumbent Board; or

              (iii)  consummation of a reorganization, merger or consolidation
     (including a merger or consolidation of the Company or any direct or
     indirect subsidiary of the Company), or sale or other disposition of all or
     substantially all of the assets of the Company (a `Business Combination'),
     in each case, unless, immediately following such Business Combination,

               (A) the individuals and entities who were the Beneficial Owners
     of the Company's outstanding Common Stock and the Company's voting
     securities entitled to vote generally in the election of directors
     immediately prior to such Business Combination have direct or indirect
     Beneficial Ownership, respectively, of more than 50% of the then
     outstanding shares of common stock, and more than 50% of the combined
     voting power of the then outstanding voting securities entitled to vote
     generally in the election of directors, of the Post-Transaction Corporation
     (as defined in Section 9.11(E) hereof), and

               (B) except to the extent that such ownership existed prior to the
     Business Combination, no Person (excluding the Post-Transaction Corporation
     and any employee benefit plan or related trust of either the Company, the
     Post-Transaction Corporation or any subsidiary of either corporation)
     Beneficially Owns, directly or indirectly, 30% or more of the then
     outstanding shares of common stock of the corporation resulting from such
     Business Combination or 30% or more of the combined voting power of the
     then outstanding voting securities of such corporation, and

               (C) at least a majority of the members of the board of directors
     of the Post-Transaction Corporation were members of the Incumbent Board at
     the time of the execution of the initial agreement, or of the action of the
     Board, providing for such Business Combination; or

               (iv) approval by the shareholders of the Company of a complete
     liquidation or dissolution of the Company.

          E.  As used in Section 9.11(D) hereof, the following words or terms
     shall have the meanings indicated:

              (i) Affiliate:  `Affiliate' (and variants thereof) shall mean a
     Person that controls, or is controlled by, or is under common control with,
     another specified Person, either directly or indirectly.

                                       12
<PAGE>

              (ii) Beneficial Owner:  `Beneficial Owner' (and variants
     thereof), with respect to a security, shall mean a Person who, directly or
     indirectly (through any contract, understanding, relationship or
     otherwise), has or shares (i) the power to vote, or direct the voting of,
     the security, and/or (ii) the power to dispose of, or to direct the
     disposition of, the security.

              (iii)  Person:  `Person' shall mean a natural person or company,
     and shall also mean the group or syndicate created when two or more Persons
     act as a syndicate or other group (including, without limitation, a
     partnership or limited partnership) for the purpose of acquiring, holding,
     or disposing of a security, except that `Person' shall not include an
     underwriter temporarily holding a security pursuant to an offering of the
     security.

               (iv) Post-Transaction Corporation:  Unless a Change of Control
     includes a Business Combination (as defined in Section 9.11(D)(iii)
     hereof), `Post-Transaction Corporation' shall mean the Company after the
     Change of Control.  If a Change of Control includes a Business Combination,
     `Post-Transaction Corporation' shall mean the corporation resulting from
     the Business Combination unless, as a result of such Business Combination,
     an ultimate parent corporation controls the Company or all or substantially
     all of the Company's assets either directly or indirectly, in which case,
     `Post-Transaction Corporation' shall mean such ultimate parent corporation.

          9.12.  DEFINITION OF FAIR MARKET VALUE.  Whenever "Fair Market Value"
     of Common Stock shall be determined for purposes of this Plan, it shall be
     the closing sale price on the consolidated transaction reporting system for
     New York Stock Exchange issues on the date of reference for a share of the
     Common Stock, or if no sale of the Common Stock shall have been made on
     that day, on the next preceding day on which there was a sale of the Common
     Stock.

          9.13  LOANS TO OPTIONEES.  In the event of a Change of Control of the
     Company, as defined in Section 9.11, in connection with which a
     participant's employment with the Company will be terminated and the
     participant is precluded for any reason from selling shares of Common
     Stock, the Company shall, in connection with the exercise of an option, if
     requested by the participant, extend a loan to the participant in the
     maximum amount of the exercise price of the options to be exercised, plus
     the maximum tax liability that may be incurred in connection with the
     option exercise.  Any such loan shall be unsecured, shall be on market
     terms and shall be payable in full no later than thirty days after the
     termination of the period during which the participant is precluded from
     selling shares of Common Stock.  Any participant to whom a loan is extended
     hereunder shall, if requested by the Company, agree in writing not to sell
     shares of Common Stock for such period as shall be requested, it being
     understood that the Company's request that the participant not sell shares
     of Common Stock shall only be invoked to the extent necessary to preserve
     or recognize pooling-of-interests accounting treatment, tax-free
     reorganization status, or comparable corporate benefits from making such a
     request.

                                       13
<PAGE>

     This Amended and Restated Plan is executed effective the 9th day of June,
2000.

                                          TIDEWATER INC.

                                          By:      /s/ Cliffe F. Laborde
                                                ------------------------------
                                                       Cliffe F. Laborde
                                                    Senior Vice President,
                                                 Secretary and General Counsel

                                       14

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