Oil patch bits: Cook Inlet Tug & Barge acquiring assets on North Slope

Petroleum News

Cook Inlet Tug & Barge, an independently managed subsidiary of Foss Maritime Co., announced Jan. 17 that it has entered into an asset purchase agreement with Crowley Vessel Sales Group and completed the purchase of all of Crowley’s Prudhoe Bay, Alaska assets, including tugs, barges, heavy machinery and other vehicles and equipment.

“These assets are already positioned on the North Slope,” said President and CEO of Foss John Parrott. “They are operationally ready to perform shallow draft tug and barge services and offer us the opportunity to expand our Alaska operations.”

The vessels and marine assets have spent their entire operating years on the North Slope. “The shallow draft design of the vessels makes them ideal to service the North Slope and Western Alaska Markets,” said CITB Sr. Business Development Director, Mike O’Shea. “In addition, the vessels are all in excellent condition.”

Cook Inlet Tug & Barge plans to streamline its operation by focusing on marine equipment and partnering with established shore side service providers in Prudhoe Bay.

“CITB is excited about the addition of this fleet. We look forward to working with companies on the North Slope and providing leaner options to the oil and gas industry,” Parrott added.