Genesis Energy Completes Hornbeck Offshore Deal
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.
Genesis Energy Acquires Hornbeck Tugs & Barges
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.