Tidewater Approves $500 Million Acquisition of WSUT Offshore Fleet

Tidewater Inc. has finalized an agreement to purchase all outstanding shares of Wilson Sons Ultratug Participações S.A. and Atlantic Offshore Services S.A., collectively known as WSUT, in a transaction valued at approximately $500 million including debt.

The company’s Board of Directors unanimously approved the acquisition, which is structured as an all-cash transaction. The closing is scheduled for late in the second quarter of 2026, pending regulatory approvals such as clearance from the Brazilian Antitrust Authority (CADE) and fulfillment of other standard conditions.

WSUT’s fleet consists of 22 platform supply vessels, with the majority—19 vessels—constructed in Brazil. This acquisition will expand Tidewater’s global offshore support vessel fleet to a total of 231 vessels, which will include crew boats, tug boats, and maintenance vessels.

The transaction’s enterprise value includes the assumption of WSUT’s existing debt, which was reported at about $261 million as of September 30, 2025. Tidewater stated that it plans to novate WSUT’s low-cost, long-duration amortizing debt, which the company said provides a cost of capital advantage.

What the numbers show

• Transaction enterprise value is about $500 million
• WSUT’s existing debt is approximately $261 million
• Tidewater’s fleet will total 231 vessels after the deal
• WSUT operates 22 platform supply vessels
• Tidewater expects $220 million in revenue from WSUT in the first year post-closing

Tidewater expects the WSUT business to generate around $220 million in revenue and achieve a gross margin of about 58% during the first twelve months after the transaction closes. These projections are based on the company’s assessment at the time of the agreement.

The acquisition is subject to several regulatory reviews, including from CADE in Brazil. Tidewater indicated that the deal will only be finalized once all necessary approvals and customary closing conditions have been met.

WSUT’s vessels are primarily active in the Brazilian offshore market, and the addition of these assets is set to increase Tidewater’s operational presence in the region. The company’s expanded fleet will include a range of vessel types beyond platform supply vessels.

Tidewater’s statement on the transaction emphasized the expected financial and operational benefits, including the integration of WSUT’s fleet and the company’s intention to manage the acquired debt under favorable terms. The company confirmed that all procedural steps for the acquisition are underway as outlined in the agreement.

* This article is based on publicly available information at the time of writing.