Hornbeck sells tugs and tanks for $230 million

Hornbeck Offshore sells fleet of tugs and tanks to Genesis Marine for $230 million

Associated Press

HOUSTON (AP) -- Hornbeck Offshore Services Inc. said Monday that it will sell its fleet of tugs and tank barges to a Genesis Energy LP subsidiary for $230 million in cash.

Genesis made a $23 million deposit for the nine oceangoing tugs and nine double-hulled barges. The sale is expected to close by the end of September.

Hornbeck, which helps energy companies drill for oil and gas offshore, announced last month that it had hired J.P. Morgan Securities Inc. to help it review alternatives for its tugs and barges. The company intends to focus on its so-called upstream business of providing supply vessels for customers who operate in offshore oil and gas fields around the world.

Hornbeck shares rose 5 cents to close at $56.85, while Genesis shares gained 78 cents to close at $52.07.

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