Genesis Energy has completed the previously announced acquisition of all the assets of the downstream transportation business of Hornbeck Offshore Transportation, LLC.
The purchase price was approximately $230 million plus customary adjustments. The acquired 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.
Hornbeck and Genesis say they have also entered into transition service agreements to facilitate a smooth transition of operations and uninterrupted services for both employees and customers.
Grant Sims, Genesis’ Chief Executive Officer, said, “The acquisition of these high quality ocean going vessels represents a significant step forward in the development of our marine transportation business, which complements our inland waterway operations as well as our other crude and heavy refined products assets. The integration of organic projects with focused external acquisitions is designed to expand our capabilities, creating long-term value for all our stakeholders.”
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.