April 1 2002
Seabulk sells Sun State fleet
Seabulk International, Inc. says it has sold the inland barge and towboat fleet of its Sun State Marine Services, Inc. subsidiary to Colonial Towing, Inc., a subsidiary of Colonial Group, Inc. of Savannah, Georgia.
Proceeds from the transaction were approximately $3.8 million and will be used by Seabulk to pay down debt.
President and CEO Gerhard E. Kurz said the sale was "a further step in our ongoing program to sell off nonstrategic assets and focus on our three core businesses of offshore energy support, marine transportation, and towing."
He added that "Sun State also operates a shipyard and drydock/repair facility, which we expect to sell by the end of the second quarter."
Colonial Group, Inc. is a privately held, diversified company involved in the storage and distribution of liquid and dry bulk products and other businesses.