Jul 23, 2013 4:31 AM by AP
Hornbeck Offshore Services, Inc. is selling a tug and barge fleet to Genesis Marine LLC of Houston for $230 million cash.
The Covington company says Genesis posted a $23 million deposit when the final agreement was reached.
Both companies posted notices about the deal on their websites Monday.
The fleet consists of nine ocean-going tugs and nine double-hulled tank barges.
Hornbeck says it's getting more than it paid for the fleet, thanks to recovery in the petroleum products distribution market since the financial collapse of 2008.
Genesis says the tugs are modern and efficient, and eight have been rebuilt since 2005. It says eight of the barges are equipped with vapor recovery.
Photo courtesy http://www.hornbeckoffshore.com/
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