SEACOR Holdings Inc. Announces Acquisition of U.S. Shipping Corp
August 13 2021 - 2:52PM
SEACOR Holdings Inc. (“SEACOR” or “the Company”) announced today
the completion of its acquisition of U.S. Shipping Corp (“USSC”), a
privately owned, leading provider of long-haul marine
transportation for chemical and petroleum cargoes in the U.S.
coastwise trade, operating under the Jones Act. The transaction
closed on August 13, 2021.
“We welcome the USSC team into the growing
SEACOR family and look forward to their continued success,” says
Eric Fabrikant, Chief Executive Officer of SEACOR.
This strategic acquisition positions SEABULK,
part of the SEACOR family of companies, as one of the largest Jones
Act tanker operators with a fleet of 15 coastwise vessels ranging
in size from 150,000 to 330,000 barrels of capacity.
“Combining these two fleets and operating teams
will provide our respective customers with enhanced flexibility,
best-in-class equipment, and excellent service well into the
future,” says Dan Thorogood, Chief Executive Officer of
SEABULK.
Albert Bergeron, former Chief Executive Officer
of USSC, stated “We believe that this transaction will provide our
existing customers, in particular those moving chemical parcels,
with access to an expanded, modern, and highly capable fleet of
vessels and an operations team with a proven dedication to safety
and customer service.”
Terms of the transaction were not disclosed.
Milbank LLP acted as legal advisor to SEACOR.
Jefferies LLC acted as financial advisor to USSC and Akin Gump
Strauss Hauer & Feld LLP and Norton Rose Fulbright US LLP acted
as legal advisors to USSC.
* * * * *
About SEACOR Holdings Inc. SEACOR is a diversified holding
company with interests in domestic and international transportation
and logistics, crisis and emergency management, and clean fuel and
power solutions.
About SEABULKSEABULK provides safe, efficient,
and reliable marine logistics, transportation, and infrastructure
solutions, including port and terminal services, ocean
transportation, and vessel management. SEABULK operates a fleet of
nine U.S.-Flag tankers, including one articulated tug barge
servicing the U.S. coastwise trade of crude oil, petroleum, and
chemical products.
About U.S. Shipping CorpUSSC operates a fleet of
six U.S.-flagged vessels including one highly sophisticated parcel
tanker, one product tanker, and four state-of-the-art articulated
tug barges. USSC transports chemicals and petroleum products and
petroleum throughout the U.S.
For additional information, contact SEACOR at (954) 523-2200 or visit SEACOR’s website at www.seacorholdings.com.
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