MARCH 9, 2016 — Kirby Corporation (NYSE: KEX) reports that it has agreed purchase the Seacor Holdings Inc. inland tank barge fleet 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. As part of the agreement, Kirby will transfer to Seacor the ownership of one Florida-based ship docking tugboat.
The closing of the asset purchase is expected to occur early in the second quarter of 2016.
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."