February 29, 2024

KOTUG International B.V. (“KOTUG”) announced today that it has concluded the acquisition of Kotug Seabulk Maritime LLC (“KSM”) taking full ownership of the business. KOTUG acquired the interest of its joint venture partner, SEACOR Holdings Inc. (“SEACOR”) via its Seabulk subsidiary KS Maritime Holdings LLC, owner of the 50% share in KSM.

Established in 1911, KOTUG is a premier, family-owned towage and maritime service operator that offers a variety of towing, subsea, and other marine-related services to customers worldwide. Presently, the fleet comprises more than 70 tugs and barges.

Ard-Jan Kooren, CEO of KOTUG, commented, “Together with Seabulk, we have developed KSM into a renowned, leading towage brand in the Caribbean. We are excited to take full ownership of the business and to continue offering essential support to Buckeye Partners Freeport operations for many years to come, with one of the region’s most modern and sophisticated fleets. Our operations are supported by an excellent team, with more than 93% of the staff being Bahamians, both in our offices and on board.”

Founded in 2017, KSM acts as the exclusive provider of maritime terminal support services for Buckeye Partners’ Bahamas Hub, which includes launch and line handling services. Buckeye Partners is one of the largest independent operators of liquid petroleum products pipelines and terminals in the United States and currently holds the sole operating license for all bunkering operations in Freeport harbor.

Dan Thorogood, CEO of Seabulk, expressed optimism about the transaction, stating, “This is an extremely positive outcome. Over the course of our decade-plus relationship, we not only integrated the proprietary Rotortug vessel into the KSM JV but also into the formerly owned Seabulk US-flag harbor towing fleet. KOTUG is a leader in towing innovation, and I can confidently say they are uniquely suited to carry the business forward and ensure the continuation of high-quality, customer-centric operations.”