In the licensing, mergers and portfolio moves bucket, Tidewater has completed its $500 million takeover of Wilson Sons Ultratug Offshore and affiliate Atlantic Offshore Services. The all cash acquisition closed on August 31, about six months after it was announced.
The purchase adds 22 platform supply vessels, including 19 built in Brazil. Tidewater now has 28 vessels in the country, up from six, while its global fleet rises to 231 vessels, including 213 offshore support vessels.
The transaction was originally valued at about $500 million including assumed debt, which stood at roughly $231 million at the end of June. Tidewater also acquired about $441 million in contract backlog, with 21 of the 22 vessels active in Brazil when the deal was announced.
Brazilian built vessels receive operating preference in the domestic market and can provide additional registration rights for foreign vessels. The purchase deepens Tidewater’s access to Brazilian offshore demand and follows its earlier acquisitions of Swire Pacific Offshore and Solstad Offshore fleets.