Kirby Corp. to purchase Seacor’s inland tank barge fleet

Kirby Corp. has announced the signing of an agreement to purchase the inland tank barge fleet of Seacor Holdings Inc. from subsidiaries of Seacor for approximately US$88 million in cash. The asset purchase will consist of 27 inland 30 000 barrel tank barges and 13 inland towboats. It will also include one 30 000 barrel tank barge and one towboat currently under construction.

Pursuant to 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 2Q16 and is subject to certain customary conditions, including regulatory approvals. The acquisition is anticipated to be paid for using funds available under Kirby's 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."

Edited from press release by Angharad Lock

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