New York, Feb 24, 2026, 07:47 EST — Premarket
- Tidewater shares last traded up about 7.6% in extended hours after the company agreed to buy a Brazilian offshore-vessel operator
- The all-cash deal values Wilson Sons Ultratug Offshore and Atlantic Offshore Services at about $500 million, including assumed debt
- Investors are watching Brazil antitrust and lender approvals ahead of a targeted late-Q2 close
Tidewater Inc shares were last up about 7.6% at $78.91 in extended trading, after the offshore-vessel operator struck a $500 million deal to expand in Brazil.
For Tidewater, the timing is about scale. The company is trying to bulk up in one of the world’s biggest offshore markets without waiting for new ships to be built, a process that can take years.
The purchase also comes with contracted work. Tidewater said the target business carries about $441 million of backlog — revenue already under contract but not yet earned — with many contracts at day rates below current levels, setting up a reset as deals roll over.
A U.S. securities filing showed Tidewater will buy all outstanding shares of Wilson Sons Ultratug Participações and affiliate Atlantic Offshore Services through subsidiaries, adding 22 platform supply vessels, or PSVs — workboats that ferry cargo and equipment to offshore platforms. The $500 million price is on a debt-free, cash-free basis and will be adjusted for assumed debt that was about $261 million as of Sept. 30, 2025. (Sec)
Chief Executive Quintin Kneen said 21 of WSUT’s 22 vessels are active and working in Brazil. Assuming a close at the end of the second quarter, Tidewater expects the business to generate about $220 million of revenue with a gross margin of roughly 58% over the first 12 months, and about $14 million in annual general and administrative expense. (Tdw)
In an investor presentation, Tidewater said 19 of the 22 PSVs are Brazilian-built — a detail that matters in a market shaped by cabotage rules that favor Brazilian-flagged tonnage. The deck also flagged WSUT’s access to Brazil’s Special Registry, known as REB, which Tidewater said can help bring in foreign-flagged vessels under certain conditions. (Sec)
The same presentation put the weighted average interest rate on WSUT’s outstanding debt at about 3.6%, describing it as long-duration financing Tidewater intends to carry over.
Raymond James analyst James Rollyson maintained an Outperform rating and a $75 price target after the announcement, according to Investing.com. (Investing)
Tidewater also held an acquisition call on Monday to discuss the transaction. (Tdw)
Still, there are moving parts. The deal needs regulatory approvals, including CADE in Brazil, and approvals tied to shifting the debt with Brazil’s state lender BNDES and Banco do Brasil; delays or tougher conditions could change the economics, and a softer offshore market would test the company’s assumptions on contract rollovers.
In the next session, traders will be looking to see whether the stock’s post-deal pop holds into regular trading and whether more analysts weigh in. Over the week ahead, the clean catalyst is progress on CADE and lender consents, with Tidewater targeting a late second-quarter 2026 close.
