Tidewater to Acquire Wilson Sons Ultratug Offshore for $500M, Expanding Brazil Fleet and Backlog

summarizeSummary

Tidewater announced a definitive agreement to acquire Wilson Sons Ultratug Offshore for $500 million, adding 22 PSVs and significantly boosting its Brazilian market presence and financial outlook.

check_boxKey Events

• Major Acquisition Announced

  Tidewater entered a definitive agreement to acquire Wilson Sons Ultratug Offshore (WSUT) for an enterprise value of approximately $500 million, including the assumption of $261 million in existing debt.

• Strategic Expansion in Brazil

  The acquisition adds 22 platform supply vessels (PSVs), increasing Tidewater's Brazilian fleet from 6 to 28 vessels and establishing it as a key provider of Brazilian-built PSVs with associated REB tonnage rights.

• Expected Financial Accretion

  The transaction is anticipated to be immediately accretive to 2026E and 2027E earnings and free cash flow per share, with WSUT's fleet contributing an estimated $441 million in backlog.

• Strong Balance Sheet Post-Deal

  Tidewater projects a pro forma net leverage ratio below 1.0x following the expected closing in late Q2 2026, maintaining financial flexibility.

auto_awesomeAnalysis

This 8-K announces a highly strategic acquisition for Tidewater, significantly expanding its presence in the attractive Brazilian offshore vessel market. The all-cash deal for Wilson Sons Ultratug Offshore (WSUT), valued at $500 million including assumed debt, adds 22 PSVs, many of which are Brazilian-built, granting priority in local operations and valuable REB tonnage rights. The transaction is expected to be immediately accretive to earnings and free cash flow, supported by WSUT's substantial backlog and low-cost debt. This move solidifies Tidewater's position as a leading global OSV operator with a strong balance sheet, reinforcing its growth trajectory.