Cook Inlet Tug & Barge acquiring Crowley assets on North SlopeJan 17, 2019 10:02 AM
The deal includes tugs, barges, heavy machinery and other vehicles and equipment
The following is text of a news release from Foss Maritime Co.:
(ANCHORAGE, Alaska) — Cook Inlet Tug & Barge (CITB), an independently managed subsidiary of Foss Maritime Co., announced Thurday that it has entered into an asset purchase agreement with Crowley Vessel Sales Group and completed the purchase of all of Crowley’s Prudhoe Bay, Alaska assets – including tugs, barges, heavy machinery and other vehicles and equipment.
“These assets are already positioned on the North Slope,” said John Parrott, president and CEO of Foss. “They are operationally ready to perform shallow-draft tug and barge services and offer us the opportunity to expand our Alaska operations.”
The vessels and marine assets have spent their entire operating years on the North Slope. “The shallow-draft design of the vessels makes them ideal to service the North Slope and western Alaska markets,” said CITB Senior Business Development Director Mike O’Shea. “In addition, the vessels are all in excellent condition.”
Cook Inlet Tug & Barge plans to streamline its operation by focusing on marine equipment and partnering with established shore-side service providers in Prudhoe Bay.
“CITB is excited about the addition of this fleet. We look forward to working with companies on the North Slope, and providing leaner options to the oil and gas industry,” said Parrott.