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

People & Company News

USCG Galveston Unit Change of Command

A change-of-command ceremony will be held Thursday morning, July 24, to see a Coast Guard lieutenant commander and graduate of Houston's Alief Hastings High School, Lt.

Panama Canal to Celebrate 100 Years

To commemorate its centennial, the Panama Canal will host a series of events August 14-15 in Panama City to highlight the impact of the waterway during the past century.

Statoil, Repsol, ExxonMobil Win Colombian Offshore License

Statoil announced today that it has been awarded interest in the COL4 license offshore Colombia in the Caribbean Sea in the 2014 Colombia Licensing Round, along with Respol and ExxonMobil.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.1727 sec (6 req/sec)