Enterprise Products Partners L.P. (NYSE: EPD) today announced that its wholly owned affiliate, Enterprise Marine Services LLC, has entered into a multi-year contract with SeaRiver, Inc. to provide the ExxonMobil subsidiary with transportation services. Under the terms of the agreement, which took effect January 1, 2013, Enterprise is committing five tugs and 10 barges for the transportation of refined products and other hydrocarbon products along the nation’s inland waterway system.
“We are very pleased to execute this long-term agreement with SeaRiver, one of the largest consumers of marine transportation services in the energy industry,” said Gerald R. “Jerry” Cardillo, president of Enterprise Marine Services LLC. “We believe our selection as one of SeaRiver’s preferred vendors reflects our quality fleet, operational reliability and experienced personnel. We believe the agreement is also an acknowledgement of Enterprise Marine’s ‘best in the industry’ financial strength based on our affiliation with Enterprise Products Partners, one of the largest publicly traded partnerships, with an enterprise value of $62 billion and investment-grade debt ratings.”
Enterprise Marine Services owns and operates approximately 200 vessels that transport petroleum and petrochemical products throughout the nation’s network of inland waterways, as well as the Gulf of Mexico. Its fleet of double-hulled barges is among the youngest in the industry and meets or exceeds federal requirements for safety. Reflecting Enteprise’s commitment to growing its Marine Services business, Enterprise’s 64th tug, the Dan L, named after founder Dan Duncan, was placed into service in 2012. Four more tugs and six barges are under construction and expected to be completed in 2013.