Tidewater is significantly enhancing its footprint in Brazil’s offshore oil and gas sector by partnering with Wilson Sons to acquire 22 Platform Supply Vessels (PSVs) from Wilson Sons Ultratug Participações S.A. and Atlantic Offshore Services. This transaction, valued at around $500 million, includes the assumption of debt and will bolster Tidewater’s fleet to a total of 28 vessels in Brazil. Notably, nearly 90 percent of the acquired vessels are Brazilian-built, which Tidewater views as a strategic advantage.
Of the 22 vessels, 21 are currently operational in Brazil, although many are on day rates, which Tidewater anticipates will improve as contracts renew. The company also reports a backlog of $441 million, with expectations that the acquisition will positively impact its financial performance in 2026 and 2027. Quintin Kneen, Tidewater’s President and CEO, emphasized Brazil’s offshore vessel market as one of the most attractive globally, reinforcing the company’s commitment to expanding its presence there.
The acquisition will position Tidewater as a leading provider of Brazilian-built PSVs, increasing its fleet from six to 28 vessels, with 19 newly added vessels constructed in Brazil. Additionally, the Brazilian Special Registry benefits will allow Tidewater to pursue opportunities on par with its international fleet. This move follows Tidewater’s history of growth through acquisitions, including previous mergers with GulfMark Offshore, Swire Pacific Offshore, and Solstad Offshore, bringing its total fleet to 231 vessels.
