Plains All American Pipeline Acquires 50 Percent Interest in Settoon Towing

Wednesday, November 01, 2006
Plains All American Pipeline, L.P. announced that its subsidiary, Plains Marketing, L.P., has acquired a 50% membership interest in Settoon Towing LLC. The effective date of the transaction was November 1, 2006 and the cash purchase price was approximately $33 million.

Armstrong noted that PAA has had a long-standing business relationship with Settoon and PAA is currently Settoon's largest customer with 22 tugs and 22 tank barges under charter. Settoon Towing LLC owns and operates a fleet of 57 transport and storage barges (including three on lease or charter) as well as 30 transport tugs (including three on lease or charter). Settoon's core business is the gathering and transportation of crude oil and produced water from inland production facilities across the Gulf Coast. It conducts its operations out of two facilities in south Louisiana, which are strategically located on the Gulf Intercoastal Waterway and provide access to numerous inland waterways.

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

People & Company News

Search for Ship Lost in Hurricane a Big Challenge

Deep seas may complicate efforts to find the sunken U.S. cargo ship lost off the Bahamas during Hurricane Joaquin, a federal safety investigator said, as a search

USCG Search for Missing Crew of El Faro

Coast Guard search and rescue crews continue searching for possible survivors from the cargo ship El Faro Monday night, covering a total search area of more than 160,574 square nautical miles.

Northern Fleet to Conduct Anti-terrorist Exercises

The sailors of the Northern Fleet will conduct anti-terrorism exercises at Novaya Zemlya. During the exercise, the coast will be a landing. The landing will

Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.2497 sec (4 req/sec)