Tidewater Closes $500 Million Wilson Sons Ultratug Deal
The offshore vessel operator completed its all-cash purchase of 22 platform supply vessels, adding Brazilian-built tonnage to a pro forma fleet of 213 OSVs.
Tidewater Inc. (TDW) closed its previously announced acquisition of Wilson Sons Ultratug Participações S.A. and its affiliate Atlantic Offshore Services S.A., collectively WSUT, for an enterprise value of approximately $500 million, including the assumption of WSUT’s existing debt.
President and Chief Executive Officer Quintin Kneen said the company was pleased to close the deal and excited to welcome the new employees. He called the 22-vessel platform supply fleet “an excellent complement to the Tidewater fleet” that further expands the company’s global position in offshore support vessels.
The transaction was all-cash, funded from cash on hand, with Tidewater also rolling over about $261 million of WSUT debt provided by BNDES and Banco do Brasil as of September 30, 2025. The weighted average annual interest rate on that outstanding debt was approximately 3.6%. Closing was subject to regulatory approvals, including Brazil’s antitrust authority, CADE, and lender consent for the debt conveyance.
WSUT owns 22 PSVs, 19 of them Brazilian-built, establishing Tidewater as one of the main providers of Brazilian-built PSVs and giving it a larger presence in Brazil’s offshore vessel market. The acquired fleet also provides meaningful REB capacity, giving legacy Tidewater vessels optionality to pursue work in Brazil. Pro forma, Tidewater’s offshore support fleet stood at 213 OSVs with an average age of 13.6 years, excluding 18 other vessels such as crew boats, maintenance vessels, and tugboats.
The deal delivers significant accretion to 2026 and 2027 earnings and free cash flow per share and, pro forma for an estimated June 30, 2026 close, would result in a net leverage ratio below 1.0x. The fleet also brings backlog coverage with the opportunity for contracts to roll onto higher day rates.
Tidewater’s updated 2026 guidance was $1.43 billion to $1.48 billion in revenue and 49% to 51% gross margin, assuming a midyear close of the Wilson acquisition. Tidewater remained optimistic about 2026 growth after combining the Wilson fleet with a broad set of demand drivers beyond drilling support.