Tidewater has completed its acquisition of Wilson, Sons Ultratug Participações and affiliate Atlantic Offshore Services, collectively known as WSUT, giving the U.S. offshore vessel operator another 22 platform supply vessels and a substantially larger presence in Brazil.
The transaction closed on August 31, Tidewater said Monday. According to a regulatory filing, the acquisition carries an aggregate purchase price of $500 million on a debt-free, cash-free basis, subject to customary adjustments. Tidewater paid approximately $283.1 million in cash at closing and acquired the businesses with roughly $229.3 million of existing debt. The final consideration remains subject to a post-closing adjustment.
The acquisition strengthens Tidewater’s exposure to Brazil, one of the industry’s major offshore oil and gas markets. When the deal was announced in February, Tidewater said the 22 WSUT vessels would increase its Brazilian fleet from six vessels to 28. At that point, the company projected the transaction would lift its offshore support vessel fleet to 213 vessels and its total global fleet, including other vessel types, to 231.
WSUT’s fleet consists entirely of platform supply vessels, or PSVs, which transport equipment, fuel and other supplies between shore bases and offshore installations. Tidewater CEO Quintin Kneen said the acquired vessels complement the company’s existing fleet and give Tidewater additional scale in Brazil.
The transaction was first announced on February 22 and initially targeted an earlier closing. Tidewater said by the end of June that it had received the required local regulatory approvals, including clearance from Brazil’s antitrust authority, while work continued on documentation related to WSUT’s credit facilities.
The deal adds to Tidewater’s broader expansion in the offshore support vessel market at a time when higher offshore activity and a limited supply of newer vessels have supported utilization and day rates across parts of the sector. Tidewater reported an average day rate of $22,938 in the second quarter of 2026, up 2.9% sequentially, while its weighted-average leading-edge day rate reached $24,341.
The acquisition also gives Tidewater greater operational scale in a Brazilian market where offshore and deepwater developments are expected to remain an important source of vessel demand.
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