Kirby Corporation Closes the Acquisition of the Cenac Marine Services Marine Transportation Fleet
March 14 2019 - 6:28PM
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.
Contact: Eric Holcomb713-435-1545
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