US offshore vessel operator Tidewater announced that it will increase its global fleet to 231 vessels through the acquisition of Brazilian shipping company Wilson Sons Ultratug Participações and its affiliate Atlantic Offshore Services (WSUT).
Tidewater announced that it has signed a definitive agreement to acquire all outstanding shares of Wilson Sons Ultratug Participações and its subsidiary WSUT for an enterprise value of approximately $500 million, funded by the company’s existing cash reserves. The transaction includes the assumption of WSUT’s existing debt.
The transaction has been unanimously approved by the Tidewater board and is expected to close by the end of the second quarter of 2026, subject to regulatory approval and other customary closing conditions, including approval from the Conselho Administrativo de Defesa Econômica (Administrative Council for Economic Defense, CADE).
WSUT’s fleet currently comprises 22 platform supply vessels (PSVs). Following the transaction, Tidewater will own 213 offshore support vessels (OSVs), increasing its global fleet to 231 vessels, encompassing various types of vessels including crew transfer vessels (CTVs), tugboats, and repair vessels. This acquisition will also expand Tidewater’s fleet in Brazil from the current 6 vessels to 28.
Tidewater stated that the 19 vessels built by WSUT’s Brazilian shipyards will enable Tidewater to introduce international flag vessels into Brazil under Brazil’s Special Register of Registries (REB).
A Tidewater representative stated, “Brazil is one of the world’s largest and most attractive markets for offshore support vessels, and the addition of WSUT to the Tidewater fleet will strengthen the company’s business presence in Brazil. WSUT enjoys an excellent reputation as a shipowner and operator, and its fleet size ranks among the world’s largest. Currently, 21 of WSUT’s 22 vessels are operating in Brazil, which will help Tidewater realize the commercial value of this new asset base.”
Tidewater also noted: “After conducting research and evaluation of global markets, Brazil is undoubtedly the most attractive region for Tidewater. The country’s maritime industry—especially the shipbuilding industry—is among the world’s largest…and its long-term market fundamentals have great potential for growth.”