Offshore support vessel owner and operator Tidewater has entered into a definitive agreement to acquire all of the outstanding shares of Wilson Sons Ultratug Participações S.A. and its affiliate Atlantic Offshore Services S.A. (WSUT) at an enterprise value of around $500m, including the assumption of WSUT’s existing debt.
The acquisition strengthens Tidewater’s position in the OSV market as WSUT’s fleet consists of 22 PSVs.
Pro forma for the transaction, Tidewater will own 213 OSVs and a total global fleet of 231 vessels, including crew boats, tug boats and maintenance vessels.
The deal also enhances Tidewater’s presence in Brazil, expanding its current fleet of 6 vessels in the country to a total of 28.
Nineteen of WSUT’s fleet of PSVs are Brazilian-built, establishing Tidewater as one of the main providers of Brazilian-built PSVs; Brazilian-built vessels receive priority to operate in Brazil.
“WSUT’s fleet of Brazilian-built vessels would enable Tidewater to import international-flagged vessels into Brazil under the Brazilian Special Registry,” the statement of Tidewater reads.
Tidewater said 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 $261m (as of September 30, 2025) provided by BNDES and Banco do Brasil will be rolled over as part of the transaction.
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).
Quintin Kneen, Tidewater’s president and chief executive officer, said: “As of today, 21 of WSUT’s 22 vessels are active and working in Brazil, allowing Tidewater to commercialize this new asset base.
“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. WSUT presents a unique opportunity to enter Brazil in scale with a fleet that is almost 90% Brazilian-built.”
Kneen continued, “This provides Tidewater two distinct benefits: first, the attractiveness of these vessels in local commercial tendering processes and, second, the opportunity to utilize the REB capacity afforded by WSUT’s fleet with Tidewater’s international tonnage to pursue opportunities in Brazil and enjoy the same status as a Brazilian-built vessel. Considering the long-term supply and demand for offshore vessels in Brazil, as well as the potential to introduce international tonnage, this transaction provides Tidewater with a compelling opportunity to capitalize on these dynamics.”
