LongMarch 31, 2026
City Different Investments on Tidewater Inc.
Thesis
The recent acquisition of Wilson Sons Ultratug is highly accretive, adding over $100 million in EBITDA for a total outlay of about $500 million in cash and assumed debt. This transaction solidifies Tidewater as the clear industry leader, with a global fleet of over 220 vessels, and the supply-and-demand outlook for its services remains strong.
“The economics of the Wilson Sons deal look superb for Tidewater. We estimate that Tidewater will expend cash on hand of about $240mm, plus assumed debt of $260mm, to acquire assets that will produce operating cash flow (EBITDA) of over $100mm in the first year of ownership alone. On a pro forma basis, Tidewater will be the leading company in its industry by a wide margin, with a global fleet of over 220 vessels.”