Tidewater Expands Brazil Fleet to 28 Vessels in $500M Deal
On February 22, 2026, Tidewater Inc. (NYSE: TDW) executed a definitive agreement to acquire Wilson Sons Ultratug Participações S.A. (WSUT) for an enterprise value of approximately $500 million. The all-cash transaction, which includes the assumption of WSUT's existing debt, marks a decisive move to solidify Tidewater's leadership in the global offshore support vessel (OSV) market.
The deal significantly scales up Tidewater’s operational capacity in Brazil, one of the world's most active offshore energy markets. With the addition of WSUT's 22 platform supply vessels (PSVs), Tidewater's Brazilian fleet will increase from six to 28 vessels. Following the transaction, Tidewater will own 213 OSVs within a total global fleet of 231 vessels, including crew and tug boats.
Acquisition Adds $441M Backlog and Local Advantage
The acquisition provides a crucial competitive edge in Brazil. Nineteen of WSUT's 22 PSVs are Brazilian-built, a key factor that grants them priority in local contract tenders. This also gives Tidewater access to Brazilian Special Registry (REB) tonnage rights, allowing it to operate international-flagged vessels in the country under more favorable regulations.
The Brazilian offshore vessel market is one of the largest and most compelling in the world. WSUT presents a unique opportunity to enter Brazil in scale with a fleet that is almost 90% Brazilian-built.
— Quintin Kneen, President and CEO of Tidewater.
The transaction also delivers immediate financial visibility. WSUT contributes approximately $441 million in contract backlog. Tidewater projects the business will generate roughly $220 million in revenue and a gross margin of 58% in the first 12 months after closing, with annual G&A expenses estimated at $14 million. The company noted that many existing contracts are priced below current market day rates, creating significant upside potential as they are renewed.
Deal Preserves Sub-1.0x Leverage Ratio with Low-Cost Debt
Tidewater will manage the acquisition's financial impact by rolling over approximately $261 million of WSUT's long-duration debt, preserving its attractive financing terms. The company confirmed that its pro forma net leverage ratio is expected to remain below 1.0x upon the anticipated closing on June 30, 2026.
This disciplined financial approach ensures the deal will be meaningfully accretive to both 2026 and 2027 earnings and free cash flow per share. By maintaining a strong balance sheet, Tidewater retains the flexibility for additional capital deployment opportunities. The transaction, unanimously approved by Tidewater's board, is now subject to regulatory approval in Brazil.
