Tidewater Inc. announced the acquisition of 100% of Wilson Sons Ultratug Offshore Participações S.A. and Atlantic Offshore Services S.A. in an all-cash transaction valued at US$ 500 million, expanding its operational scale in Brazil’s offshore support vessel market.
The transaction includes a fleet of 22 Brazilian-flagged platform supply vessels, 19 of which were built in Brazil, positioning Tidewater as one of the main providers of Brazilian-built PSVs in the country. The acquired fleet holds an estimated US$ 441 million backlog, with approximately 88% linked to Petrobras contracts.
The acquisition will be financed through available cash and the assumption of approximately US$ 261 million in long-term debt provided by BNDES and Banco do Brasil, with an average annual cost of about 3.6%. Closing is expected in late Q2 2026, subject to customary regulatory approvals, including Conselho Administrativo de Defesa Econômica authorization and creditor consent.
Following completion, Tidewater’s global fleet is expected to reach approximately 231 vessels, including OSVs and other support assets, while its Brazilian fleet will expand from 6 to 28 vessels, becoming the third largest of the country. The company projects around US$ 220 million in annual revenue contribution from the acquired assets, with an estimated gross margin near 58% in the first year after closing.
The transaction reflects ongoing consolidation dynamics in Brazil’s PSV segment, where operators including CBO and other local players compete in a market shaped by scale, financing structure and Brazilian-built tonnage availability.
This will not be the last Merger & Acquisition (M&A) movement in the marine & offshore market in 2026.
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