Kirby Inks Offshore Wind Partnership With Maersk

  • Kirby Corp KEX signed a commercial agreement to provide barge transportation services for offshore wind towers and turbines to Maersk Supply Service, a subsidiary of A. P. Moller Maersk A/S AMKBY. Deal terms were not disclosed.
  • Maersk Supply Service has been selected by Empire Offshore Wind, a joint venture between Equinor ASA EQNR and BP plc BP, as the installation contractor for the project off the coast of New York.
  • Kirby's contract with Maersk represents a 20-year framework agreement, with the Empire Wind projects being the first.
  • Kirby Offshore Wind will provide the Jones Act compliant feeder barges and tugboats to transport the wind towers and turbines from the South Brooklyn Marine Terminal to a specialized Maersk wind turbine installation vessel.
  • Kirby plans to invest in two new American Bureau of Shipping classed feeder barge and diesel-electric hybrid tugboat units constructed in U.S. shipyards for a total combined cost of $80 million - $100 million.
  • Price Action: KEX shares are trading higher by 0.63% at $73.64, and AMKBY lower by 3.33% at $15.25 on the last check Tuesday.
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