Kirby Buys Seacor’s Inland Tank Barge Fleet
Kirby Corporation has agreed to purchase the inland tank barge fleet of SEACOR Holdings Inc. from subsidiaries of Seacor for approximately $88 million in cash. The asset purchase will consist of 27 inland 30,000 barrel tank barges and 13 inland towboats, plus one 30,000 barrel tank barge and one towboat currently under construction. Also, as part of the agreement, Kirby will transfer to Seacor the ownership of one Florida-based ship docking tugboat.
The deal is expected to close early in the second quarter of 2016 and is subject to certain customary conditions, including regulatory approvals. Kirby said it plans to pay for the acquisition using funds available under its revolving credit facility.
David Grzebinski, Kirby’s President and Chief Executive Officer, commented, “The purchase of the Seacor inland tank barge and towboat fleet further expands our inland marine fleet with well-maintained and recently constructed vessels. Operating primarily in the refined products trade, these assets will be complementary to our existing fleet and will allow us to continue to enhance customer service.”