As a result of the transaction, K-Sea has become a wholly owned subsidiary of US-based Kirby.

The transaction was financed through a combination of a new $540m bank term loan and the issuance of Kirby common stock.

K-Sea’s fleet, comprised of 58 tank barges with a capacity of 3.8 million barrels and 63 tugboats, operates along the East Coast, West Coast and Gulf Coast of the US, as well as in Alaska and Hawaii.

K-Sea’s customers include major oil companies and refiners, many of which are current Kirby customers for inland tank barge services.