Quintin Kneen on Regulatory advantage
From Tidewater Conference Call on Acquisition of Wilson Sons Ultratug | Feb 23, 2026 · · Investing 101
“Under local laws, owners of Brazilian-built tonnage are afforded a disproportionate advantage over similar foreign vessels. And furthermore, they also bring the ability to import additional foreign flag vessels and temporarily place a Brazilian flag on those vessels. Brazilian flag vessels receive priority to operate in Brazil and are protected in the commercial tendering process.”
On , Quintin Kneen, President, Chief Executive Officer & Director at TIDEWATER INC, spoke about Regulatory advantage during Tidewater Conference Call on Acquisition of Wilson Sons Ultratug | Feb 23, 2026 on Investing 101.
About Quintin Kneen
Quintin Kneen, president and CEO of Tidewater, announced in February 2026 that the company had entered into a definitive agreement to acquire Wilson Sons Ultra Tug Offshore for $500 million in an all-cash transaction. The acquisition consists of 22 platform supply vessels (PSVs), all but one of which were working at the time of the announcement. Kneen stated that the addition would increase Tidewater's vessel count in Brazil from six to 28, and he expressed confidence in the company's ability to integrate the new organization. He noted that under local laws, Brazilian-built vessels receive a competitive advantage, and that the acquisition would bring the ability to temporarily place Brazilian flags on foreign vessels. Kneen said he was not assuming any G&A synergies from the deal, but that he hoped revenue synergies from the vessels' redeployment capacity would be significant. In earlier appearances, Kneen described the offshore vessel market as being in a sustained upcycle driven by a supply-demand imbalance in ship owners' favor. He stated that Tidewater generated approximately $350 million in free cash flow in 2024 and expected a similar amount in 2025. Kneen said he had focused acquisition efforts on the Americas, particularly the U.S. Gulf of Mexico and Brazil, but noted that he had not been able to complete a deal in the U.S. market. He also said that share repurchases had been the most value-added use of capital to date. Regarding new vessel construction, Kneen stated that it was not economic to order new builds at prevailing day rates, citing high construction costs and uncertainty about future propulsion technology and the energy transition. He said Tidewater would continue to shift its focus from hydrocarbon activities toward offshore wind, plug and abandonment, and carbon sequestration over the next five to ten years.