Houston-based offshore support vessel operator Tidewater announced that the transaction closed on August 31, giving the company another 22 platform supply vessels and a substantially larger presence in Brazil. According to a regulatory filing, the acquisition carries an aggregate purchase price of $500 million on a debt-free, cash-free basis, subject to customary adjustments, with Tidewater paying approximately $283.1 million in cash at closing and acquiring the businesses with roughly $229.3 million of existing debt. The final consideration remains subject to a post-closing adjustment.
The deal expands Tidewater’s Brazilian fleet from six vessels to 28, positioning the company with greater operational scale in one of the world’s largest offshore oil and gas markets. Nineteen of the acquired vessels were built in Brazil, and the fleet’s local registry status is expected to allow Tidewater to import additional international-flagged tonnage under the Brazilian Special Registry. The acquisition adds to Tidewater’s broader expansion in the offshore support vessel market at a time when higher offshore activity and a limited supply of newer vessels have supported utilization and day rates, with the company reporting an average day rate of $22,938 in the second quarter of 2026, up 2.9% sequentially.
Source: OilPrice.com — https://oilprice.com/Company-News/Tidewater-Closes-500-Million-WSUT-Deal.html
Tags: Offshore Support Vessels, Brazil, Tidewater, M&A
