Log in

SEACOR Holdings sells U.S. harbor towing business

(Marine Log) SEACOR Holdings Inc. says its Seabulk Towing Holdings Inc. subsidiary is to sell its U.S. harbor towing operations and assets. They are being bought by two fifth-generation family-owned companies: New Orleans headquartered E.N. Bisso & Son, Inc. and Houston headquartered Bay-Houston Towing Co.

The E.N. Bisso transaction includes 12 harbor towing vessels serving ports in Florida and Alabama. Bay-Houston is acquiring eight vessels operating in Texas along the Sabine Neches Navigation District and in the Port of Lake Charles, La.

“E.N. Bisso and Bay-Houston are two industry leading harbor towing providers supported by many decades of safe and reliable operations,” said SEACOR Holdings CEO Eric Fabrikant. “They not only offer our people and assets long-term homes, but also ensure the continuation of high-quality service for our customers.”

“Acquiring an industry leading platform in these markets is exciting for E.N. Bisso and enables us to enhance our services in Florida and expand into Alabama,” said E.N. Bisso president and CEO Matt Holzhalb,. “Not only are we growing our fleet with the addition of new, differentiated assets like the innovative Advanced Rotor Tug, but we are thrilled to welcome such high caliber team members to the E.N. Bisso family.”

“This acquisition expands Bay-Houston’s ability to service our customers across more Texas and Louisiana ports,” said Bay-Houston president and CEO Philip Kuebler. “We look forward to providing both existing and new customers with a smooth transition and serving as a valuable partner for years to come.”

Seabulk will continue to own and operate a fleet of tugs and barges in support of its Caribbean terminal and bunkering operations, including the KSM joint venture with partner KOTUG International B.V.

The transaction is expected to close in late 2023, subject to regulatory approval and customary closing conditions.

SEACOR, which since 2021 has been a portfolio company of New York-based private equity firm American Industrial Partners (AIP), announced earlier this month that its Seabulk Tankers subsidiary had reached an agreement with Crowley to form a joint venture integrating their liquid energy and chemical transportation vessels, operations and related services into a new, independent U.S. Jones Act service provider, Fairwater Holdings LLC.

Source: https://www.marinelog.com/inland-coastal/seacor-holdings-sells-u-s-harbor-towing-business/

Join Today