SEACOR Holdings Inc. announced the completion of its acquisition of U.S. Shipping Corp, 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.