US-based tank barge operator Kirby has entered into a deal to buy the inland tank barge fleet of Seacor, from subsidiaries of Seacor, for around $88m in cash.
The deal includes acquisition of 27 inland 30,000 barrel tank barges and 13 inland towboats, as well as one 30,000 barrel tank barge and one under-construction towboat.
Under the deal, Kirby will transfer the ownership of one Florida, US-based ship docking tugboat to Seacor, which through its subsidiary SCF Waxler Marine, ships refined petroleum products, petrochemicals and black oil on the Mississippi River System and Gulf Intracoastal Waterway.
Kirby president and chief executive officer David Grzebinski said, "The purchase of the Seacor inland tank barge and towboat fleet further expands our inland marine fleet with well-maintained and recently constructed vessels.
Expected to be completed by the second quarter of this year, the deal is yet to receive regulatory approvals and is subject to certain customary conditions.
"Operating primarily in the refined products trade, these assets will be complementary to our existing fleet and will allow us to continue to enhance customer service."
Apart from serving the Mississippi River System, on the Gulf Intracoastal Waterway, the company ships liquid products, in large volume, along all three coasts in the US and in Alaska and Hawaii.
The company also offers after-market service for medium-speed and high-speed diesel engines and reduction gears used in marine and power generation applications via its diesel engine services unit.
In 2014, Kirby announced its decision to build 29 extra 30,000 barrel inland tank barges with a total capacity of 830,000 barrels for delivery throughout the year.