Southern Natural And IOT Sign Interstate Purchase Agreement
An agreement for Southern Natural Resources, Inc. to purchase Interstate and Ocean Transport Company and its affiliated companies, which own and operate the largest U.S. independent fleet of coastal tank barges and tugs, has been signed by Southern Natural and IOT Corporation of Philadelphia, Pa., Interstate's parent company.
Henry C. Goodrich, chairman and chief executive officer of Southern Natural Resources, and Adrian S. Hooper, chairman, president and chief executive officer of IOT, j o i n t l y announced the signing recently.
Terms of the acquisition, as announced last August when the preliminary understanding was reached, call for cash and short-term notes in excess of $100 million.
It is expected that the purchase will be closed by the end of 1980.
Incorporated in 1928, Interstate operates a fleet of 51 tank barges and 37 tugs between refineries and ports along the Atlantic and Gulf Coasts and is one of the nation's largest transporters of petroleum products.
Its revenues for the fiscal year, ended June 30, 1980, exceeded $100 million.
"Interstate will be a strong addition to Southern Natural Resources and has significant growth potential in energy transportation," Mr. Goodrich said. "Interstate is regarded as one of the finest operations in its industry and fits in well with Southern Natural's own background in energy transportation and marine activities." Southern Natural Resources is a large energy and natural resources concern, with interests in interstate natural gas pipelines, offshore drilling, oil and gas production, and forest products.
Other stories from December 15, 1980 issue
- MarAd Approves Title XI For Self-Unloader Costing $56.4 Million page: 4
- Newport News To Modify Five Exxon Tankers At Total Cost Of $100 Million page: 4
- Biospherics Receives USCG Certification For 'Oil Sentry' page: 6
- V.J. Lieggi Rejoins CDI Marine Company As San Diego Office Manager page: 7
- 1980 ABS Rules For Steel River And Intracoastal Vessels Now Available page: 7
- HUDSHIP Delivers 112-Foot Lamnalco Merlin page: 10
- Southern Natural And IOT Sign Interstate Purchase Agreement page: 12
- Riverway Shipyard Completes Rebuilding Of M/V Glen-Karen page: 12
- 88th Annual Meeting page: 14
- Press Group Awarded Major Platform Contracts page: 20
- J.P. Ducich Appointed Operations Director At Bultema Marine page: 20
- Sixteen Key Appointments Announced At Bath Iron page: 22
- Kelly To Succeed Watkin As Head Of Delaware River Port Authority page: 23
- $15-Million Contract For New Chemical Barge Awarded To GD-Quincy page: 23
- SNAME Northern California Hears Mini-OTEC Paper page: 24
- Parmater Named President Bultema Dock & Dredge And LaCrosse Dredging page: 24
- NASSCO Launches The S/S Blue Ridge- First Of Three For West Coast Shipping page: 26
- Ryan-Walsh Appoints Three Corporate Officers page: 28
- SMR Introduces Inexpensive SSB Radio —Literature Available page: 30
- Hitachi Zosen To Build Its First Semisubmersible Rig For U.S. Company page: 32
- Omnithruster And Marteco Enter Agreement For European Representation page: 33
- Garlock Releases New Version Of Expansion Joint Manual page: 33
- TANO Wins Contracts Worth $10.7 Million For Vessel Automation Systems page: 36
- First Of Two Tugs To Sembawang Towing— More To Be Ordered page: 36
- Double-Skin Fuel Barge Delivered By Riverway Yard page: 38
- Twin Disc Announces Two New Transmissions —Literature Available page: 40
- P.J. Wright Joins Alliance Marine As VP Sales-Marketing page: 40
- New Shipboard Fuel Blending Unit From IMO Pump Division page: 41
- SNAME San Diego Section Hears About Alternative Fuels page: 42
- Sperry Gets $2 Million In Orders For Collision Avoidance Systems page: 43
- High-Speed Pilot Boat Delivered By Gladding-Hearn page: 43
- Special And Unique Tugs page: 44
- Crowley's Construction Operations In Alaska Are Reorganized page: 50
- CDI Marine Opens D.C. Office—Names Hunley Manager page: 50
- $5.3-Million Navy Support Contract Awarded To Tracor page: 50
- Underwater Maintenance Gets Order To Equip All Conoco Tankers page: 51
- W.D. Wheeler Associates Appointed U.S. Agents For Astilleros Del Golfo page: 51
- Philip Bannan Named A Division Manager At Western Gear Corp page: 51
- FMC Lays Keel For 400-Foot Crowley Maritime Tank Barge page: 66
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- J.W. Steadman Named VP-Production For Halter Marine page: 66