03/14/2019 | Press release | Distributed by Public on 03/14/2019 17:24
HOUSTON, March 14, 2019 (GLOBE NEWSWIRE) -- Kirby Corporation ('Kirby') (NYSE: KEX) today announced the completion of the acquisition of the marine transportation fleet of Cenac Marine Services, LLC ('Cenac'), an operator of tank barges and towboats participating in the inland tank barge transportation industry in the United States. The total value of the transaction was approximately $244 million and was financed with additional borrowings.
Cenac's fleet consists of 63 30,000-barrel inland tank barges with approximately 1.9 million barrels of capacity, 34 inland towboats, and 2 offshore tugboats. The average age of the Cenac fleet is approximately four years for the tank barges and approximately six years for the towboats. Cenac transports petrochemicals, refined products, and black oil, including crude oil, residual fuels, feedstocks and lubricants on the lower Mississippi River, its tributaries, and Gulf Intracoastal Waterway for major oil companies and refineries.
More information on the Cenac acquisition is available in the March 2019 Roadshow presentation which is available in the Investor Relations section of Kirby's website at http://investors.kirbycorp.com.
Kirby Corporation, based in Houston, Texas, is the nation's largest domestic tank barge operator transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along all three United States coasts, and in Alaska and Hawaii. Kirby transports petrochemicals, black oil, refined petroleum products and agricultural chemicals by tank barge. In addition, Kirby participates in the transportation of dry-bulk commodities in United States coastwise trade. Through the distribution and services segment, Kirby provides after-market service and parts for engines, transmissions, reduction gears, and related equipment used in oilfield services, marine, power generation, on-highway, and other industrial applications. Kirby also rents equipment including generators, forklifts, pumps, and compressors for use in a variety of industrial markets, and manufactures and remanufactures oilfield service equipment, including pressure pumping units, for land-based oilfield service customers.
Source: Kirby Corporation