Tidewater Expands Brazilian Presence with $500M Wilson Sons Ultratug Acquisition

In a move to strengthen its position in the Brazilian offshore market, Tidewater Inc. has agreed to acquire Wilson Sons Ultratug Offshore, a joint venture between Wilson Sons and Ultratug, for $500 million. The acquisition will add a fleet of 22 offshore support vessels to Tidewater's operations, expanding the company's presence in Brazil, one of the world's most important offshore oil and gas markets. Wilson Sons Ultratug is a leading provider of offshore support vessels, operating a diverse fleet that includes platform supply vessels, anchor handling tug supply vessels, and other specialized offshore units. 'This transaction represents an important strategic step forward for Tidewater as we continue to grow our business in Brazil, a key market for offshore energy,' said Quintin Kneen, Tidewater's President and CEO. 'The Wilson Sons Ultratug fleet is highly complementary to our existing Brazilian operations, and we look forward to welcoming their talented team to the Tidewater family.' The deal is subject to customary closing conditions and regulatory approvals, but is expected to close in the first half of 2023, according to a statement from Tidewater. Once complete, the acquisition will solidify Tidewater's position as one of the largest offshore vessel providers operating in Brazil. Industry analysts have viewed the transaction positively, noting that it aligns with Tidewater's strategy of expanding its global footprint and fleet capabilities. 'This is an excellent move by Tidewater to grow its presence in Brazil, a market that is critical for offshore energy operations,' said Richard Sanchez, a senior maritime analyst at gCaptain. The acquisition comes amid a gradual recovery in offshore oil and gas activity, as energy companies ramp up investments in new projects to meet rising global demand. Brazil, with its vast deepwater pre-salt oil reserves, is seen as a key growth market for offshore service providers like Tidewater.