- Kirby Corp (NYSE: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 (OTC:AMKBY). Deal terms were not disclosed.
- Maersk Supply Service has been selected by Empire Offshore Wind, a joint venture between Equinor ASA (NYSE:EQNR) and BP plc (NYSE: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.
