Enterprise to Provide Marine Transportation Services for ExxonMobil Subsidiary under Multi-Year Deal
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.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. The partnership's assets include approximately 50,700 miles of onshore and offshore pipelines; 190 million barrels of storage capacity for NGLs, petrochemicals, refined products and crude oil; and 14 billion cubic feet of natural gas storage capacity. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage, and import and export terminals; crude oil and refined products transportation, storage and terminals; offshore production platforms; petrochemical transportation and services; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems and in the Gulf of Mexico. Additional information about Enterprise is available online at www.enterpriseproducts.com.
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Enterprise expects, believes or anticipates will or may occur in the future, including anticipated benefits and other aspects of such activities, events, developments or transactions, are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition and other risk factors included in the reports filed with the Securities and Exchange Commission by Enterprise. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Enterprise Products Partners L.P.
Randy Burkhalter, 713-381-6812 or 866-230-0745
Rick Rainey, 713-381-3635