K-Sea acquires West Coast barge operator

K-Sea acquires West Coast barge operator

   K-Sea Transportation Partners, a Staten Island, N.Y.-based tug and barge operator that specializes in transporting refined petroleum products, said it has struck a deal to buy Sea Coast Towing of Seattle for about $81 million from holding company Marine Resources Group.

   Sea Coast operates 15 tank barges and 15 tugboats representing nearly 700,000 barrels of capacity. The Sea Coast assets will bring K-Sea’s capacity to 3.2 million barrels, making it one of the largest U.S. coastwise tank barge operators by capacity and expanding its footprint to the West Coast.

   K-Sea said it will pay $77 million in cash and the rest in private stock for Sea Coast. It expects to close the transaction in late October.