Marine support venture in Gulf of MexicoNews // January 15, 2001
Under the terms of the letter of intent, the joint venture will own and operate the existing R&B Falcon marine business in the Gulf of Mexico, which consists of 34 offshore tugs, 72 inland tugs, 28 crewboats and 66 service barges. In connection with theformation of the joint venture, R&B Falcon would receive $80 million in the form of a secured contingent note and 25 per cent of the equity of the joint venture company.
"This acquisition clearly fits with our current expansion plans into the inland and river services market," Gary Chouest said. "All of our business ventures have one clear goal in mind - to provide a better service for our customers."
"The R&B Falcon marine business is a welcome addition to the existing Chouest fleet, as it provides a level of service that the Chouest companies do not presently provide," Dr Laney Chouest said. "The transaction will accomplish the Chouest goal of becoming a full-marine supplier offering a full range of services, complementing its sizeable number of new-generation deepwater service vessels and the remainder of its blue water fleet with a large fleet of inland brown water vessels."