KOTUG International B.V. has concluded the acquisition of Kotug Seabulk Maritime LLC (“KSM”) taking full ownership of the business. KOTUG acquired the interest of its joint venture partner, SEACOR Holdings Inc. (“SEACOR”) via its Seabulk subsidiary KS Maritime Holdings LLC, owner of the 50% share in KSM, according to the company's release.
Established in 1911, KOTUG is a premier, family-owned towage and maritime service operator that offers a variety of towing, subsea, and other marine-related services to customers worldwide. Presently, the fleet comprises more than 70 tugs and barges.
Founded in 2017, KSM acts as the exclusive provider of maritime terminal support services for Buckeye Partners’ Bahamas Hub, which includes launch and line handling services. Buckeye Partners is one of the largest independent operators of liquid petroleum products pipelines and terminals in the United States and currently holds the sole operating license for all bunkering operations in Freeport harbor.