Tidewater to Acquire Wilson’s Brazil Fleet for $500 Million
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Tidewater has entered into a definitive agreement to acquire all of the outstanding shares of Wilson Sons Ultratug Participações (WSUT) and its affiliate Atlantic Offshore Services at an enterprise value of approximately $500 million, including the assumption of WSUT’s existing debt.
WSUT’s fleet consists of 22 PSVs and expands Tidewater’s current fleet of six vessels in Brazil to a total of 28, providing meaningful scale and the operational capability required to support the continued growth of the Brazilian offshore energy market.
WSUT’s fleet of Brazilian-built vessels would enable Tidewater to import international-flagged vessels into Brazil under the Brazilian Special Registry (REB).
“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. 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 chief executive officer.
“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 percent Brazilian-built. 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,” added Kneen.
The transaction was unanimously approved by Tidewater’s doard of Directors and 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).
Tidewater 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.
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