Offshore support vessel owner Tidewater has entered into a definitive agreement to acquire all outstanding shares of Wilson Sons Ultratug Participações and its affiliate Atlantic Offshore Services in a deal worth around $500m.
Under the terms of the Transaction, Tidewater will acquire all outstanding shares of the company for cash consideration to be funded from cash on hand. WSUT’s existing debt of approximately $261m will be rolled over as part of the transaction.
The acquisition, which will add 22 PSVs to Tidewater, is expected to close late in the second quarter of 2026. Following the closing, Tidewater will own a fleet of 213 OSVs.
This also boosts Tidewater’s Brazilian presence by expanding its current fleet of six vessels to 28. The company will also have 19 Brazilian-built PSVs, which will receive priority for operations in Brazil.
The acquisition of Wilson Sons Ultratug Participações delivers approximately $441m of existing backlog, with many contracts currently on day rates materially lower than current market day rates, providing for expected significant earnings and free cash flow uplift as contracts roll over.
“As we’ve surveyed the world and evaluated different regions, Brazil stands out as perhaps the most attractive to Tidewater. The scale of the offshore industry in Brazil, and in particular the offshore vessel industry, is one of the best in the world, and we believe the long-term fundamentals for this market are highly favourable,” said Quintin Kneen, Tidewater’s president and CEO.
He added that, considering the long-term supply and demand for offshore vessels in Brazil, as well as the potential to introduce international tonnage, this transaction provides Tidewater with a compelling opportunity to capitalise on these dynamics.
