Seaspan ULC has reached a deal to sell its marine petroleum products transportation business, including associated vessels and contracts, to Enercor Energy Ltd., an affiliate of Evernorth Marine Group, the two Canadian companies said, marking the second carve-out from Seaspan’s British Columbia tug and barge operation this year.
The conditional agreement covers the tugboat Seaspan Raider and four petroleum barges — the Seaspan 825, Seaspan 827, Seaspan 880, and Seaspan 882 — along with related equipment and customer contracts. Terms were not disclosed.
Seaspan Marine disclosed the agreement in a Sept. 3 press release and said the sale sharpens its focus on core towing, marine transportation, and ship-assist work.
Jordan Pechie, president of Seaspan Marine, called the transaction "an important step in ensuring both businesses are positioned for long-term success" and said the company would support a smooth transition for employees and customers. Seaspan said that closing was expected within weeks.
Enercor is a marine energy and logistics company backed by the broader Evernorth organization. It is led by President and CEO Tony Fadyeyev, who also heads Evernorth, a division of Richmond, B.C.-based Hodder Tugboat Co. Ltd. Hodder, whose origins date to the early 1900s, traces its core business to towing logs, timber and forestry products along the B.C. coast.
The petroleum deal follows Hodder’s June acquisition of Seaspan’s legacy chip and hog fuel barge division, a transaction that included tugboats, barges, a 35,000-sq.-ft. repair and maintenance facility, workforce, and customer contracts, and that prompted the launch of the Evernorth Marine Group brand. Hodder said at the time that the combined operation included roughly 98 barges, 16 tugboats, and five water taxis.
Seaspan, part of The Washington Companies, has moved refined petroleum products around the Salish Sea for more than 50 years, according to its website, which describes the four petroleum barges as double-hulled units with capacities ranging from 25,000 to 82,000 bbls. Seaspan’s fleet listing rates the Seaspan Raider at 2x1,800 hp with 46 metric tons of bollard pull.
Fadyeyev, in a statement, said Enercor’s aim is to preserve the business it is buying along with its workforce.
“Our responsibility is not simply to acquire vessels and contracts. It is to earn the trust of the people who built this business, provide them with a future they can believe in and carry forward an operation upon which customers and coastal communities depend,” he said. “We will approach this transition carefully, listen, communicate honestly and treat every person affected with dignity and respect.”
“Seaspan’s crews and shoreside employees have built a strong and highly regarded operation,” Fadyeyev said. “Our commitment is to protect that foundation, preserve continuity for customers, invest with a long-term perspective and create a future in which the business and its people can grow together.”
Enercor said that over the next five years it plans to modernize the fleet, strengthen operating systems and capabilities, and pursue what it described as measured opportunities in the marine energy sector. Existing services and operational commitments are expected to continue without interruption once the deal closes, the companies said.
The transaction remains subject to customary closing conditions, including required customer, regulatory, and other third-party consents, the companies said. Seaspan will continue to own and operate the business in the ordinary course until the sale is completed, and the two companies said they will work with customers, vendors and other stakeholders in the coming weeks to support an orderly transition.
