U.S. offshore vessel operator Tidewater is set to see an increase in its global vessel fleet size to 231 units thanks to the acquisition of Brazilian shipping company Wilson Sons.
Tidewater has entered into a definitive agreement to acquire all of the outstanding shares of Wilson Sons Ultratug Participações and its affiliate Atlantic Offshore Services (WSUT) at an enterprise value of approximately $500 million, including the assumption of WSUT’s existing debt.
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WSUT’s fleet consists of 22 platform supply vessels (PSVs) and following the transaction, Tidewater will own a fleet of 213 offshore support vessels (OSVs), bringing its total global fleet size to 231 vessels, including crew boats, tug boats and maintenance vessels.
The acquisition will also expand Tidewater’s current fleet of 6 vessels in Brazil to a total of 28. According to the company, WSUT’s 19-unit-strong fleet of Brazilian-built vessels would enable Tidewater to import international-flagged vessels into Brazil under the Brazilian Special Registry (REB).
“The Brazilian offshore vessel market is one of the largest and most compelling in the world and the addition of WSUT to the Tidewater fleet will enhance our presence in the country. WSUT has an excellent reputation as both a shipowner and ship operator, with a fleet that is among the most impressive worldwide today. As of today, 21 of WSUT’s 22 vessels are active and working in Brazil, allowing Tidewater to commercialize this new asset base,” said Quintin Kneen , Tidewater’s President and CEO.
“As we’ve surveyed the world and evaluated different regions, Brazil stands out as perhaps the most attractive to Tidewater. The scale of the offshore industry in Brazil, and in particular the offshore vessel industry, is one of the best in the world and we believe the long-term fundamentals for this market are highly favorable.”
Under the terms of the transaction, Tidewater will acquire all of the outstanding shares of WSUT for cash consideration to be funded from cash on hand. It is also anticipated that WSUT’s existing debt of approximately $261 million, as of September 30, 2025, will be rolled over as part of the transaction.
Already unanimously approved by Tidewater’s Board of Directors, the transaction is expected to close late in the second quarter of 2026, subject to required regulatory approvals and other customary closing conditions, including approval from the Brazilian Antitrust Authority (CADE).
“Assuming the transaction closes at the end of the second quarter, we expect the WSUT business to generate approximately $220 million of revenue and generate a gross margin of approximately 58% over the first twelve months. In addition, we would expect to incur approximately $14 million of annual G&A expense,” Kneen stated.
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U.S. offshore vessel operator Tidewater is set to see an increase in its global vessel fleet size to 231 units thanks to the acquisition of Brazilian shipping company Wilson Sons. Tidewater has entered into a definitive agreement to acquire all of the outstanding shares of Wilson Sons Ultratug Parti
