Tidewater Acquires Wilson Sons Ultratug Offshore in $500M Deal

Acquisition strengthens Tidewater's offshore support vessel position in Brazil

Published on Feb. 22, 2026

Got story updates? Submit your updates here. ›

Tidewater Inc. (NYSE: TDW) announced it 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. (collectively, 'WSUT') for an enterprise value of approximately $500 million, including the assumption of WSUT's existing debt. The acquisition will strengthen Tidewater's offshore support vessel (OSV) position, enhance its presence in the Brazilian market, and establish the company as a leading provider of Brazilian-built platform supply vessels (PSVs).

Why it matters

The Brazilian offshore energy market is one of the largest and most compelling in the world, and the addition of WSUT's fleet will significantly expand Tidewater's footprint in the country. The acquisition provides Tidewater with meaningful scale and operational capabilities to support the continued growth of the Brazilian offshore energy industry. Additionally, WSUT's fleet of Brazilian-built vessels will enable Tidewater to import international-flagged vessels into Brazil under the Brazilian Special Registry, further strengthening the company's position.

The details

WSUT's fleet consists of 22 PSVs, and pro forma for the transaction, Tidewater will own a fleet of 213 OSVs, bringing its total global fleet size to 231 vessels. The acquisition also provides Tidewater with approximately $441 million in existing backlog, with many contracts currently on day rates lower than current market rates, offering significant earnings and free cash flow uplift as the contracts roll over. Tidewater expects the WSUT business to generate approximately $220 million in revenue and a gross margin of around 58% over the first twelve months following the closing 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.
  • Tidewater management will host a conference call on February 23, 2026 at 8:00 am Central Time to provide additional comments on the transaction.

The players

Tidewater Inc.

An American company that owns and operates one of the largest fleets of offshore support vessels in the industry, with more than 65 years of experience supporting offshore energy exploration, production, generation and offshore wind activities worldwide.

Wilson Sons Ultratug Participações S.A.

A Brazilian company that, along with its affiliate Atlantic Offshore Services S.A., owns a fleet of 22 platform supply vessels (PSVs).

Quintin Kneen

The President and Chief Executive Officer of Tidewater.

Got photos? Submit your photos here. ›

What they’re saying

“The agreement to acquire WSUT marks yet another important milestone in the continued evolution of Tidewater. 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.”

— Quintin Kneen, President and Chief Executive Officer, Tidewater (Business Wire)

“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.”

— Quintin Kneen, President and Chief Executive Officer, Tidewater (Business Wire)

What’s next

The transaction is expected to close late in the second quarter of 2026, subject to required regulatory approvals and other customary closing conditions.

The takeaway

This acquisition strengthens Tidewater's position as a leading global offshore support vessel operator, particularly in the strategically important Brazilian market. The addition of WSUT's fleet and capabilities will provide Tidewater with significant scale, operational expertise, and financial benefits that are expected to drive long-term value for the company and its shareholders.