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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Statoil Invests $1.5b in US Offshore Project

Statoil together with co-owners in the Stampede development in the Gulf of Mexicohas sanctioned the Stampede project in the U.S. Gulf of Mexico. Statoil said it will invest $1.

CMA CGM to Retrofit 10 More Bulbous Bows

The CMA CGM Group said it will retrofit 10 of its vessels’ bulbous bows to achieve improved energy efficiency for slow steaming. The modifications are in addition

AVEVA E3D Takes Center Stage

Customer case studies combine with advances in asset visualization and cloud technologies to showcase a new era in the creation and management of complex Digital Assets.

Workboats

Naviera Integral Orders Damen Fast Crew Suppliers

Naviera Integral of Mexico is the launching customer of Damen’s new Sea Axe Fast Crew Supply vessel, the FCS 4008. President of Naviera Integral, Juan Pablo Vega,

Z-Drive Tech Spreads on US Waterways

Enterprise Marine Services, a subsidiary of Enterprise Products Partners L.P., is making a major commitment to Z-Drives for the U.S. inland waterways. They currently

DBR Delivers 42 Gensets to Damen

DBR has delivered the last units of an order totaling 42 marine generator sets for Damen Shipyards Gorinchem. The generator sets will be installed on 14 ASD tugs

Barges

Kirby Corp. Announces Record 3Q Results

Record 2014 third quarter earnings per share of $1.34 compared with $1.21 in the 2013 third quarter, which included a $0.08 benefit due to the reduction of the United earnout liability.

Bouchard Wins Industry Safety Award

Bouchard Transportation Co., Inc., an independently-owned oceangoing petroleum barge company, received the 2014 AMS Tug & Barge Safety Award from the American Maritime Safety, Inc.

Pirates Launch Renewed Attacks in Nigeria's Oil Delta

Pirates have launched a spate of attacks in the creeks of Nigeria's oil-producing Niger Delta region since last Thursday, killing three policemen and abducting at least nine people,

Mergers & Acquisitions

Vale CEO: Coal Deal Soon

Brazilian mining company Vale SA is close to making a "strategic" announcement concerning its coal unit, the company's chief executive Murilio Ferreira said on

Fincantieri & Vittoria Shipyard Join Forces

During the 24th edition of Euronaval, the most prestigious event in the world for naval defense, Fincantieri, one of the major shipbuilding groups worldwide, and Vittoria Shipyard,

Hurtigruten Shares at 6-yr High After Bid

Norway's Hurtigruten, which operates scenic cruise lines along the country's fjords and into the Arctic, has agreed to a takeover offer from a group led by several board members,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1355 sec (7 req/sec)