Tidewater to Acquire Wilson Sons Ultratug Offshore in $500M
February 23, 2026
All-Cash Deal, Expanding Brazil Footprint
Tidewater Inc. (NYSE: TDW) has signed a definitive agreement to acquire Wilson Sons Ultratug Participações S.A. and its affiliate Atlantic Offshore Services S.A. (collectively, WSUT) in an all-cash transaction valued at approximately $500 million, including the assumption of existing debt.
The acquisition significantly strengthens Tidewater’s position in the global offshore support vessel (OSV) market while marking a decisive expansion in Brazil — one of the world’s most active offshore energy regions.
WSUT brings a fleet of 22 platform supply vessels (PSVs) to Tidewater. Pro forma for the transaction, Tidewater will own 213 OSVs and a total global fleet of 231 vessels, including crew boats, tug boats and maintenance vessels.
The deal also dramatically expands Tidewater’s presence in Brazil, increasing its fleet in the country from six vessels to 28. According to Tidewater President and CEO Quintin Kneen, that scale is critical. “The Brazilian offshore vessel market is one of the largest and most compelling in the world,” Kneen said. “WSUT presents a unique opportunity to enter Brazil in scale with a fleet that is almost 90% Brazilian-built.”
Nineteen of WSUT’s 22 PSVs were built in Brazil — a key strategic asset. Brazilian-built vessels receive priority in local tenders, and the fleet provides access to Brazilian Special Registry (REB) tonnage rights. That registry enables Tidewater to import and operate international-flagged vessels in Brazil under favorable regulatory status.
WSUT enters the transaction with approximately $441 million in backlog, offering substantial forward revenue visibility. Tidewater noted that many of the contracts are currently priced below prevailing market day rates, creating upside potential as contracts roll over.
Assuming a late second-quarter 2026 closing, Tidewater expects the WSUT business to generate roughly $220 million in revenue over the first 12 months, with a projected gross margin of approximately 58%. Annual G&A expenses tied to the business are expected to total around $14 million.
The company stated that the transaction is expected to be meaningfully accretive to both 2026 and 2027 earnings and free cash flow per share.
In addition to fleet expansion, the deal includes what Tidewater describes as “built-in, low-cost financing.” WSUT carries approximately $261 million in long-duration amortizing debt as of September 30, 2025, primarily provided by Brazil’s BNDES and Banco do Brasil. Tidewater intends to novate and roll over this debt as part of the transaction, preserving attractive financing terms.
Kneen emphasized that the acquisition follows refinancing actions executed in the third quarter of 2025 that strengthened the company’s balance sheet. Pro forma for an anticipated June 30, 2026 closing, Tidewater expects its net leverage ratio to remain below 1.0x.
“With substantial near-term free cash generation,” Kneen said, “we will have continued flexibility to pursue additional capital deployment opportunities.”
Positioning for Brazil’s Offshore Growth
Brazil’s offshore oil and gas sector — anchored by Petrobras’ deepwater and pre-salt developments — remains one of the most active offshore markets globally. Tidewater’s expanded footprint positions the company to compete more effectively in local tenders while leveraging REB capacity to deploy additional international tonnage.
As of announcement, 21 of WSUT’s 22 vessels are active and operating in Brazil, providing immediate commercial integration.
The transaction was unanimously approved by Tidewater’s Board of Directors and is expected to close late in the second quarter of 2026, subject to regulatory approvals and customary closing conditions, including approval from Brazil’s antitrust authority, CADE.
Piper Sandler is serving as financial advisor to Tidewater, with Skadden, Arps, Slate, Meagher & Flom LLP and Machado, Meyer, Sendacz e Opice Advogados acting as legal counsel.
If completed as planned, the acquisition further consolidates Tidewater’s position as one of the world’s largest and most geographically diversified offshore support vessel operators — with Brazil now firmly in the center of its growth strategy.
