Tidewater, an owner and operator of offshore platform supply vessels (OSVs), has entered into a definitive agreement to acquire all outstanding shares of Wilson Sons Ultratug Participações (WSUT) and its subsidiary Atlantic Offshore Services in a transaction valued at approximately $500 million.
Under the terms of the deal, Tidewater will purchase all outstanding shares for cash, funded from available cash on hand. WSUT’s existing debt of roughly $261 million will be refinanced as part of the transaction.
The acquisition—expected to close in late Q2 2026—will add 22 OSVs to Tidewater’s fleet. Following completion, Tidewater will own and operate a total fleet of 213 offshore platform supply vessels.
The transaction will also significantly strengthen Tidewater’s position in Brazil, expanding its current Brazil fleet from six vessels to 28. Tidewater will additionally have 19 Brazil-built OSVs, which are expected to receive priority for operations in the Brazilian market.
The purchase of WSUT is set to add approximately $441 million to Tidewater’s contract backlog. Many of the current contracts are reportedly priced at day rates materially below today’s market levels, which Tidewater expects will support a meaningful increase in earnings and free cash flow as agreements are renewed.
“After reviewing the global market and evaluating various regions, we concluded that Brazil is arguably the most attractive market for Tidewater,” said Quintin Kneen, Tidewater’s President and Chief Executive Officer. He added that given the long-term supply-demand outlook for offshore vessels in Brazil and the potential to bring in international tonnage, the transaction positions Tidewater to benefit from these market dynamics.
