The acquisition of Kotug Seabulk Maritime LLC (“KSM”) has been completed with KOTUG International B.V. (“KOTUG”) assuming complete ownership of the company. KOTUG obtained the 50% stake in KSM from its joint venture partner, SEACOR Holdings Inc. (“SEACOR”), through KS Maritime Holdings LLC, a Seabulk subsidiary.
KOTUG, an established family-owned towage and maritime service provider, was founded in 1911 and provides clients all over the world with a range of towing, subsea, and other marine-related services. There are currently over 70 tugs and barges in the fleet.
“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.”
Ard-Jan Kooren, CEO of KOTUG.
KSM was established in 2017 and serves as Buckeye Partners’ Bahamas Hub’s exclusive supplier of maritime terminal support services, including launch and line handling. Currently holding the exclusive operating licence for all bunkering operations in Freeport Harbour, Buckeye Partners is one of the biggest independent operators of pipelines and terminals for liquid petroleum products in the United States.
“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.”
Dan Thorogood, CEO of Seabulk.
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