New York, Feb 24, 2026, 07:47 EST — Premarket
- Tidewater shares jumped roughly 7.6% in after-hours trading following news that the company struck a deal to acquire a Brazilian offshore-vessel operator.
- Wilson Sons Ultratug Offshore and Atlantic Offshore Services are being valued at around $500 million in this all-cash deal, debt included.
- Investors keep an eye on Brazil antitrust moves and lender sign-offs, with the aim still set on a late-Q2 close.
Tidewater Inc shares jumped roughly 7.6% to $78.91 after hours, as the offshore-vessel operator announced a $500 million expansion move in Brazil.
Tidewater’s play here is all about scale—and speed. The company wants to add heft in one of the largest offshore markets, sidestepping the years-long wait for new vessel construction.
The deal brings in contracted work, too. Tidewater reported the acquired business has roughly $441 million in backlog—locked-in revenue still to be recognized. A lot of those contracts are priced below today’s day rates, so as old deals expire, the company expects to reset pricing higher.
Tidewater is set to acquire all outstanding shares of Wilson Sons Ultratug Participações and the affiliated Atlantic Offshore Services, according to a U.S. securities filing. The transaction, carried out through its subsidiaries, brings in 22 platform supply vessels—workboats that handle cargo runs to offshore rigs. The deal is valued at $500 million on a debt-free, cash-free basis. That headline figure will be adjusted for assumed debt, which stood at roughly $261 million as of Sept. 30, 2025.
Chief Executive Quintin Kneen said 21 out of 22 WSUT vessels are currently operating in Brazil. If the deal wraps up around the end of Q2, Tidewater projects about $220 million in revenue from the unit during the first year, with gross margin landing near 58%. Annual general and administrative expense should come in at roughly $14 million.
Tidewater’s investor deck points out that 19 out of 22 PSVs were built in Brazil—a key fact for a market governed by cabotage laws that tilt toward locally flagged ships. The company also highlighted WSUT’s entry in Brazil’s Special Registry (REB), a move Tidewater says opens doors for bringing in foreign-flagged vessels, if certain requirements are met.
WSUT’s outstanding debt carries a weighted average interest rate near 3.6%, according to that same presentation, which also described the borrowings as long-duration financing Tidewater plans to maintain.
James Rollyson over at Raymond James is sticking with his Outperform call and $75 price target following the announcement, Investing.com reported.
Tidewater hosted an acquisition call Monday to go over the details.
Still, plenty could shift. The deal faces regulatory sign-offs from CADE in Brazil, plus green lights for transferring debt with state lender BNDES and Banco do Brasil. Any holdup or stricter terms might alter the math, and if the offshore market weakens, the company’s expectations for contract renewals could run into trouble.
Next session, focus shifts to whether that post-deal surge sticks around once regular trading kicks in, and if more analysts jump in with their views. This coming week, the main thing to watch is movement on CADE and lender consents. Tidewater is still aiming to wrap things up by the end of Q2 2026.
