Genesis Energy Acquires Hornbeck Tugs & Barges

MarineLink.com
Tuesday, July 23, 2013

Genesis Energy, L.P. has agreed to acquire for approximately US$230-million all the assets of the downstream transportation business of Hornbeck Offshore Transportation, LLC (“Hornbeck”).

The business is primarily comprised of nine barges and nine tug boats which transport crude oil and refined petroleum products, principally serving refineries and storage terminals along the Gulf Coast, Eastern Seaboard, Great Lakes and Caribbean. At the closing of the transaction, Hornbeck and Genesis expect to enter into transition service agreements to facilitate a smooth transition of operations and uninterrupted services for both employees and customers.

“There is a significant overlap in existing customers, and we look forward to working with Hornbeck to facilitate a seamless transition for our collective customers and employees.”

This acquisition complements and further integrates our existing operations, including our Genesis Marine inland barge business (comprised of 50 barges and 23 push/tow boats), our crude oil and heavy refined products storage and blending terminals as well as our crude oil pipeline systems. The acquired barges, which have an average age of approximately eight years, are double-hulled and fully compliant with the requirements of the Oil Pollution Act. Eight of the nine barges are equipped with vapor recovery. The tug boats, eight of which have been rebuilt and put into service since 2005, are modern and efficient.

“We are very pleased to have the opportunity to expand our marine transportation capabilities through the acquisition of these ocean going vessels which complement our inland waterway operations as well as our other crude oil and heavy refined product assets,” said Grant Sims, Chief Executive Officer of Genesis. “There is a significant overlap in existing customers, and we look forward to working with Hornbeck to facilitate a seamless transition for our collective customers and employees.”

The acquisition is subject to usual and customary closing conditions, including regulatory approvals and consents, and would be expected to close by the end of the third quarter of 2013. Genesis has available and committed liquidity under its $1 billion revolving credit facility to effect this acquisition in addition to funding all of its organic growth capital requirements. The acquisition is expected to be immediately accretive to Genesis’ distributable cash flow per unit.

Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include pipeline transportation, refinery services and supply and logistics.
 

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Lifting Specialists Modulift, IMES form Joint Venture

Lifting industry specialists Modulift and IMES have formed a joint venture to offer an integrated management service to clients internationally.   The two companies

Chinese PM Inks 2 Agreements During CMA CGM Visit

The CMA CGM Group hosted the Chinese Prime Minister, the French Foreign Affairs Minister and a ministerial delegation at its headquarters in Marseilles, July 1, the global shipping company announced.

Shell Green Lights GoM Field After Cost Cuts

Royal Dutch Shell has given the green light for the development of its largest platform in the Gulf of Mexico after making steep cost cuts which made the deep water

Workboats

Yanmar Diesel Engines for Fast New Crew Tender

The expansion of the number of wind turbines out at sea near the northern Dutch coast was reason enough for Ubels Offshore to expand its fleet with a fifth ship last year.

The Hour of Power: Hybrid Marine Technology and Green Ports

In 2015 two significant developments are going to make many operators, owners and builders of professional vessels consider hybrid marine power. Firstly the new emissions laws in ports,

Sanamar Launches 3 Tugs from New Yard

Sanmar’s new custom-built, general purpose shipyard at Altinova, Turkey, has launched three 60-metric-ton bollard pull tugs on the same day, less than five months since work first started at the yard.

Barges

Propulsion Under Wireless Remote Control

Thrustmaster of Texas, Inc. has been supplying wireless remote controls for thrusters since the 1980s, offering products that are supported through their lifecycles

ContainerTug B.V. Releases Two New Models

Young Dutch ship design, engineering and construction company ContainerTug B.V. follows on the introduction of the ContainerTug 600S early last year with the release

Barge Captain Gets Prison Time for Fatal Explosion

An Illinois man who was captain of a petroleum barge that exploded in a Chicago canal in 2005, killing a crew member, was sentenced to six months in prison on Friday, prosecutors said.

Mergers & Acquisitions

A/S Trumf Bunker Joins KPI Bridge Oil Group

KPI Bridge Oil, a global broker and trader in marine bunkers, marine lubricants and risk management products, has announced the take over of A/S Trumf Bunker. A/S

Union Vows More Channel Tunnel Disruption

Ferry workers will disrupt traffic through the sub-sea Channel tunnel between France and Britain for 48 hours from midday on Thursday, a union official said. "We

FLEX Acquires LNG Assets from EXMAR

Nicolas Saverys-led Exmar has agreed to integrate its LNG assets and infrastructure with those of John Fredriksen’s Geveran and Flex LNG under a new USD 2.3 billion company – Exmar LNG Ltd.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3651 sec (3 req/sec)