Tidewater Inc. (NYSE: TDW) announced today that it has entered into a definitive agreement to acquire all outstanding shares of Wilson Sons Ultratug Participações S.A. and its affiliate Atlantic Offshore Services S.A. (collectively, "WSUT") at an enterprise value of approximately $500 million, which includes the assumption of WSUT’s existing debt.
Quintin Kneen, Tidewater’s President and Chief Executive Officer, stated, "The agreement to acquire WSUT marks an important milestone in the continued evolution of Tidewater. The Brazilian offshore vessel market is one of the largest in the world, and adding WSUT to our fleet enhances our presence in the country. WSUT has a stellar reputation as both a shipowner and operator, with a fleet that is among the most impressive globally today. Currently, 21 of WSUT’s 22 vessels are active and working in Brazil, allowing Tidewater to capitalize on this new asset base."
Kneen further emphasized, "Brazil stands out as an attractive market for Tidewater. The offshore industry, especially the vessel sector, is robust, and we believe the long-term fundamentals are favorable. WSUT offers a unique opportunity, with a fleet that is nearly 90% Brazilian-built, which enhances our competitiveness in local tender processes and allows us to leverage WSUT’s fleet for additional opportunities in Brazil."
He added, "Assuming the transaction closes by the end of the second quarter, we expect WSUT to generate approximately $220 million in revenue with a gross margin of around 58% in the first year. We anticipate incurring about $14 million in annual G&A expenses."
Following successful refinancing transactions in Q3 2025 and now the WSUT acquisition, Tidewater is positioning itself as a leading OSV operator, boasting one of the industry’s strongest balance sheets. Pro forma for an estimated June 30, 2026 closing of the Transaction, the company expects to have a net leverage ratio below 1.0x, which will provide flexibility for further capital deployment opportunities.
Under the Transaction terms, Tidewater will purchase all outstanding shares of WSUT for cash, funded from cash on hand. WSUT’s existing debt of approximately $261 million, as of September 30, 2025, provided by BNDES and Banco do Brasil, will be rolled over as part of the deal.
The transaction received unanimous approval from Tidewater’s Board of Directors and is expected to close late in Q2 2026, pending regulatory approvals and customary closing conditions, including approval from the Brazilian Antitrust Authority (CADE).
Piper Sandler & Co. is serving as financial advisor, while Skadden, Arps, Slate, Meagher & Flom LLP and Machado, Meyer, Sendacz e Opice Advogados are legal counsel to Tidewater.
In connection with this announcement, Tidewater management will host a conference call on February 23, 2026, at 8:00 am Central Time, to discuss the Transaction further. Interested parties can listen via telephone or a live webcast on Tidewater’s website at investor.tdw.com.
Tidewater operates one of the largest offshore support vessel fleets globally, with over 65 years of experience in offshore energy activities.
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