Kirby Corp., Houston, has agreed to purchase the inland tank barge fleet of Seacor Holdings Inc. for approximately $88 million.
The purchase, announced Tuesday, will consist of 27 30,000-bbl. tank barges and 13 inland towboats, plus one 30,000-bbl. tank barge and one towboat currently under construction. Also, as part of the agreement, Kirby will transfer to Seacor the ownership of one Florida-based shipdocking tug.
Seacor, through its subsidiary SCF Waxler Marine LLC, transports refined petroleum products, petrochemicals and black oil on the Mississippi River System and Gulf Intracoastal Waterway. The closing of the purchase is expected to occur early in the second quarter of 2016 and is subject to certain customary conditions, including regulatory approvals. The acquisition is expected to be paid for using funds available under Kirby's revolving credit facility.
"The purchase of the Seacor inland tank barge and towboat fleet further expands our inland marine fleet with well-maintained and recently constructed vessels,” said David Grzebinski, president and CEO of Kirby. “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."
Kirby is the nation's largest domestic tank barge operator, transporting bulk liquid products on the Mississippi River System, the Gulf Intracoastal Waterway, coastwise along all three coasts, and in Alaska and Hawaii. Kirby transports petrochemicals, black oil, refined petroleum products and agricultural chemicals by tank barge.