Tidewater acquires Wilson Sons offshore fleet for $500 million

Tidewater Inc. has signed a definitive agreement to acquire Wilson Sons Ultratug Participações S.A. and affiliate Atlantic Offshore Services S.A. in an all-cash transaction valued at approximately US$500 million, including the assumption of existing debt, the company announced on Feb. 23, 2026. The purchase brings 22 platform supply vessels into Tidewater’s fleet and will expand its Brazil presence from six vessels to 28 pro forma.

The acquired fleet is overwhelmingly Brazilian-built: 19 of the 22 PSVs were constructed in Brazil, a characteristic Tidewater highlighted as strategically important because Brazilian-built tonnage receives priority in local tenders and access to Brazilian Special Registry, or REB, tonnage rights. Tidewater President and Chief Executive Quintin Kneen said, "The Brazilian offshore vessel market is one of the largest and most compelling in the world," and added that "WSUT presents a unique opportunity to enter Brazil in scale with a fleet that is almost 90% Brazilian-built."

Tidewater noted that, as of the announcement, 21 of WSUT’s 22 vessels were active and working in Brazil. The acquisition adds approximately US$441 million of contracted backlog to Tidewater’s forward revenue visibility. An adviser report cited in the transaction materials estimated that about 88 percent of that backlog is linked to Petrobras contracts, underscoring concentrated exposure to Brazil’s state oil company.

Analysts and advisers see clear near-term commercial upside. Several industry notices point out that many of WSUT’s contracts are priced below prevailing market day rates, creating potential earnings and free cash flow uplift as contracts roll over to market rates. One advisory firm projected the acquired assets could contribute roughly US$220 million in annual revenue and deliver a gross margin near 58 percent in the first year after closing; that projection is an estimate from that adviser and not a company forecast.

Pro forma, Tidewater will own 213 offshore support vessels and a global fleet of about 231 vessels when the deal closes. Company materials described WSUT as having "an excellent reputation as both a shipowner and ship operator, with a fleet that is among the most impressive worldwide today," and said the transaction will allow Tidewater to commercialize the new asset base in Brazil.

The board has approved the purchase, which Tidewater said will be funded with cash on hand. The deal remains subject to customary regulatory and antitrust approvals, including clearance from Brazil’s CADE, and is expected to close in the late second quarter of 2026 if approvals proceed on schedule.

The acquisition further concentrates industry scale in Brazil’s PSV segment, where local players including CBO - Companhia Brasileira de Offshore compete for contracts. Market watchers say consolidation is likely to continue in 2026 as firms chase Brazilian-built tonnage, scale advantages and contract exposure to Petrobras. Key risks for Tidewater include the company’s concentrated Petrobras exposure, the timing and outcome of regulatory reviews, and the successful integration and commercialization of the WSUT fleet as contracts roll into higher market rates.