Wilson Sons Ultratug acquired by Tidewater

Tidewater Inc. has finalized the acquisition of all outstanding shares of Wilson Sons Ultratug Participações S.A. and its affiliate Atlantic Offshore Services S.A. Effective August 31, 2026, the transaction officially integrates a robust South American asset base into the acquirer's global portfolio without requiring new equity issuance. The acquired operations are projected to generate approximately in top-line turnover alongside a 58% gross margin during the first twelve months of consolidated operations. Furthermore, the target entity transfers an existing commercial backlog valued at approximately $441 million, featuring numerous legacy contracts currently operating at day rates materially lower than prevailing market averages, thereby presenting substantial contractual roll-over upside for the new parent group. The financial architecture of the definitive agreement involves the direct assumption and rollover of approximately $261 million in long-duration amortizing debt, originally provided by institutional lenders BNDES and Banco do Brasil as of late 2025. This built-in financing mechanism preserves a highly advantageous cost of capital for the incoming operating company. Structurally, the integration effort—while expected to incur roughly $14 million in annual general and administrative expenses—will push the buyer's pro forma net leverage ratio firmly below the 1.0x threshold, securing necessary balance sheet flexibility for subsequent capital deployment opportunities. Strategically, this outright buyout transforms the acquirer's capability within the South American arena. By internalizing the target's regulatory REB capacity, the buyer gains the legal mechanism to aggressively import its own international-flagged vessels into the restricted operating environment, granting them the same commercial status as domestically built units. The execution of this complex cross-border transfer underwent mandatory regulatory scrutiny and successfully secured clearance from the Brazilian Antitrust Authority (CADE). During the negotiation and structuring phases, the buy-side executive board mandated Piper Sandler & Co. as lead financial advisor, while multijurisdictional legal counsel was provided by Skadden, Arps, Slate, Meagher & Flom LLP alongside Machado, Meyer, Sendacz e Opice Advogados.