New Shipyard -- SeaBuilders -- Opens in Texas SeaBuilders, LLC said it is accepting orders for the first quarter of 2008 to construct 30,000 barrel and 60,000 barrel oil barges. The company also announced that it has received an initial $3 million round of funding from Harbor Bunkering Corporation of Puerto Rico. SeaBuilders shipyard opened to provide capacity, as well as a new, more efficient approach to barge building, according to the company. SeaBuilders is expecting to leverage its Lean Manufacturing Process to build barges faster, more efficiently and more cost effectively. "We are delighted to offer the industry a solution -- SeaBuilders is available to now take orders and by leveraging the Lean Manufacturing Process, we will be able to meet the pressing demands of industry to come into compliance to meet the pending requirements under the Oil Pollution Act of '90," said Eric Rivera, Executive Vice President of SeaBuilders. "SeaBuilders is the next generation of barge building. They are a company built from the ground up by an experienced team driven to meeting the industries' demands," said Alfredo Santaella Suarez, CEO of Harbor Bunkering. SeaBuilders shipyard is located in Corpus Christi, Texas. The SeaBuilders' focus will be to focus on the development of 30,000 barrel barges (the C5 Series) and 60,000 barrel barges (the C10 Series). "While the marine and oil industry have worked to meet the demands for the larger barges and tankers, the barge building industry has pent up demand for the smaller sized barges with the 2015 deadline looming," said Jack Walsh, Executive Vice President. "SeaBuilders will play a critical role in the marine and oil industries meeting the timetable with high quality barges that are delivered on time and on budget," added Rivera. OSG Acquires Maritrans Overseas Shipholding Group (OSG) and Maritrans Inc. announced that OSG has completed the acquisition of Maritrans Inc., a U.S. Flag crude oil and petroleum product shipping company that owns and operates one of the largest fleets of double hull Jones Act vessels serving the East and U.S. Gulf coastwise trades. The acquisition was made pursuant to the definitive merger agreement between the companies announced on September 25, 2006. Based on 12 million shares outstanding and the assumption of net debt outstanding as of September 30, 2006, the transaction is valued at $471 million. OSG financed the acquisition with borrowings under its revolving credit agreement and intends to repay up to $300 million of this amount from qualified withdrawals under its Capital Construction Fund (CCF). The transaction is expected to be immediately accretive to OSG's earnings, before consideration of any transaction synergies. Maritrans will be renamed "OSG America, Inc." As a result of the combination, OSG's U.S. Flag fleet now totals 35 operating and newbuild vessels that include handysize product carriers, a car carrier, dry bulk carriers and articulated tug barges. OSG's U.S. Flag fleet provides U.S.based companies with a broad range of shorthaul and long-haul transportation and lightering services. The strategic acquisition also gives OSG a presence in all four major U.S. trading routes. December 2006 17
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