Tidewater (TDW) Investor presentation summary

Transaction overview

• Entered definitive agreement to acquire Wilson Sons Ultratug Offshore Participações S.A. and Atlantic Offshore Services S.A. for $500 million in cash, funded by cash on hand and assumption of ~$261 million low-interest, long-term debt at 3.6%.

• WSUT owns 22 PSVs, 19 of which are Brazilian-built, strengthening position in the Brazilian offshore vessel market.

• Closing expected in late Q2 2026, subject to regulatory approvals and debt conveyance consent.

Strategic rationale

• Acquisition expands fleet to 213 OSVs with an average age of 13.6 years, enhancing scale and modernity.

• Provides significant entry and scale in Brazil, a major offshore oil and gas market.

• Enables access to REB capacity, allowing import of foreign vessels under favorable regulations.

• Expected to be significantly accretive to 2026E and 2027E earnings and free cash flow per share.

• Secures low-cost, long-duration financing, improving cost of capital.

WSUT overview

• WSUT fleet includes 22 PSVs, split between vessels with >700m² and <700m² deck space, with average ages of 12 and 17 years respectively.

• Backlog totals $441 million as of September 30, 2025, with 966 employees.

• Headquarters in Rio de Janeiro, Brazil.