Tidewater Completes Wilson Sons Deal After Lowering 2026 Guidance

Key Facts

Tidewater completed its acquisition of Wilson Sons Ultratug Offshore and affiliate Atlantic Offshore Services on August 31, 2026, after the closing delay had been one reason for its August 3, 2026 guidance update.

The company updated its 2026 revenue-guidance range from 1.42 billion dollars to 1.47 billion dollars and set its expected gross-margin range from 49% to 50% on a basis that includes the WSUT transaction.

Tidewater attributed the revision to an approximately 2-month closing delay and operating costs associated with the Middle East conflict that remained elevated but were declining. It estimated 2026 conflict-related costs at about 13.1 million dollars, including 7.6 million dollars contractually billable to customers.

Second-quarter performance exceeded management expectations because revenue outperformed and operating expenses were lower than expected. Revenue reached 342.3 million dollars, up 4.9% from the first quarter, while net income was 21.7 million dollars and Adjusted EBITDA was 133.8 million dollars.

Gross margin was 46.9% and declined modestly from the first quarter because of conflict-related costs. Average day rate rose by 655 dollars, or 2.9%, to 22,938 dollars, while the weighted average rate on new term contracts increased 7.5% to 24,341 dollars.

The acquisition, completed on August 31, 2026, added 22 platform supply vessels to Tidewater's fleet and expanded the company's presence in Brazil.

TDW closed at 94.58 dollars on September 3, 2026, after trading between 93.84 dollars and 100.95 dollars. With the transaction timing resolved, the main points to monitor are vessel integration, collection of billable costs and the effect of conflict-related expenses on margins.