This paper presents an experimental modal analysis of perforated rectangular plates in air or in contact with water. The penetration of holes in the plates had a triangular pattern with P/D (pitch to diameter) 2.125, 2.500, 3.000 and 3.750. The plate was clamped along the plate edges by a number of bolts and nuts. The natural frequencies of the perforated plates in air were obtained by the analytical method based on the relation between the reference kinetic and maximum potential energies and compared with the experimental results. Good agreement between the results was found for the natural frequencies of the perforated plates in air. Additionally, it was empirically found that the natural frequencies of the perforated plate in air increase with an increase of P/D, on the other hand, the natural frequencies of the perforated plate in contact with water decrease with an increase of P/D.