Tidewater to Expand in Brazil with Acquisition of OSVs from Wilson Sons
Tidewater is making a major move to expand its presence in the Brazilian offshore oil and gas market while highlighting the strong growth opportunities in the market. It announced an agreement with Brazilian-based Wilson Sons to acquire 22 PSVs with Wilson Sons Ultratug Participações S.A. and its affiliate Atlantic Offshore Services.
The deal values the business segment with an enterprise value of approximately $500 million, including the assumption of approximately $261 million in debt. The 22 vessels are 14 PSV – DP2 ships ranging between 3,200 and 5,000 dwt and eight PSV – DP1 class ships. Critically, Tidewater highlights that almost 90 percent are Brazilian-built, which it sees as a strong advantage in the market. It will give Tidewater a total of 28 vessels in Brazil, providing scale to meet the needs of the market.
It highlights that 21 of the 22 vessels being acquired are active and working in Brazil, although many are on day rates, which Tidewater expects to enhance as the contracts roll over. The group also has an existing backlog of $441 million. Tidewater expects the deal to deliver meaningful accretion to its financial results in 2026 and 2027.
“The Brazilian offshore vessel market is one of the largest and most compelling in the world, and the addition of WSUT to the Tidewater fleet will enhance our presence in the country,” said Quintin Kneen, Tidewater’s President and Chief Executive Officer. “As we’ve surveyed the world and evaluated different regions, Brazil stands out as perhaps the most attractive to Tidewater. The scale of the offshore industry in Brazil, and in particular the offshore vessel industry, is one of the best in the world, and we believe the long-term fundamentals for this market are highly favorable.”
According to Tidewater, the deal, which is targeted to close in the second quarter, will enhance its presence in Brazil by making the company the main provider of Brazilian-built PSVs. Tidewater currently has six vessels in the market, but will add 22 OSVs, of which 19 were built in Brazil.
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In addition to the advantage in commercial tendering, Tidewater points to the Brazilian Special Registry benefits of acquiring the Brazilian-built ships. It will permit Tidewater to pursue opportunities with its international fleet having the same status as Brazilian-built vessels.
This deal is the latest in Tidewater’s history of growth through acquisitions. In 2018, it merged with GulfMark Offshore to become the world's largest global OSV operator. It acquired Swire Pacific Offshore in 2022 and Solstad Offshore in 2023. The company highlights that with the acquisition in Brazil, it will own a fleet of 213 OSVs and a total fleet of 231 vessels, including crew boats, tug boats, and maintenance vessels.