Seaspan Marine, North Vancouver, British Columbia, announced on Wednesday that it has reached an agreement to sell its chip and hog fuel barge division, along with remaining forestry industry transportation assets, to Hodder Tugboat Co. Ltd., Richmond, British Columbia. Terms of the deal were not disclosed.
The "turnkey" transaction encompasses the workforce, existing services, coastal and river tugs, barges, and associated maintenance facilities, Seaspan said in a press release.
Hodder Tugboat is a marine towing operator specializing in the movement of logs, timber, and related forestry products along the B.C. coast. The acquisition expands that existing focus into chip and hog fuel transportation.
For Seaspan Marine, the divestiture is part of a broader effort to concentrate resources on its core ship-assist and vessel-escort operations supporting ports, new terminals, and a growing number of vessels requiring specialized marine assistance along the Pacific coast, the company said.
"This transition marks an important step in focusing our efforts on growth and new market opportunities, while acknowledging the strong foundation and contributions of the business we're evolving from," Jordan Pechie, president of marine transportation at Seaspan, said in a statement.
Closing of the transaction remains subject to customary conditions.
A Seaspan media representative declined to provide additional details about the deal, and representatives from Hodder Tugboat were not immediately available for comment.
