Tidewater has reported completion of its acquisition of Wilson, Sons Ultratug Participações and its affiliate Atlantic Offshore Services (collectively WSUT) effective August 31, 2026.
"The WSUT fleet of 22 PSVs is an excellent complement to the Tidewater fleet and further expands our leading global market position in OSVs," said Quintin Kneen, Tidewater’s President and Chief Executive Officer.
"We are excited about growing our presence in Brazil and remain optimistic about the long-term opportunities ahead of us in this market."
The transaction has expanded Tidewater's OSV fleet to 213, bringing the company’s total global fleet size to 231 vessels, including crewboats, tugs and maintenance vessels.
The transaction has also expanded Tidewater’s current fleet of six vessels in Brazil to a total of 28.
Tidewater said the transaction will provide meaningful scale and the operational capability required to support the continued growth of the Brazilian offshore energy market.
Tidewater acquired WSUT for approximately US$500 million. The transaction also included the assumption of WSUT's existing debt.
Tidewater said earlier that WSUT’s fleet delivers approximately US$441 million of existing backlog, with many contracts on day rates materially lower than current market day rates, providing for expected significant earnings and free cash flow uplift as contracts roll over.
