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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Fitch Warning on NordLB Shipping Reduction Plan

Norddeutsche Landesbank Girozentrale's (NORD/LB) strategy to reduce its shipping exposures by EUR4bn-6bn over the next three years makes sense, but will likely encounter high execution risks,

Tideland Signal Acquires Julius Signal

Tideland Signal Corporation, now part of Xylem, has entered into a definitive agreement to acquire certain assets of Julius Signal, extending the company’s portfolio

North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
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: 0.0911 sec (11 req/sec)