Americas
NGL Energy Partners offloads barge and towboat fleet
Oklahoma-based NGL Energy Partners has sold its fleet in two separate deals for around $111.6m in cash.
The New York-listed diversified midstream master limited partnership, which provided shipping of refined products and crude oil for a diversified group of customers, including major oil refineries on the Gulf Coast, offloaded 13 towboats and 25 tank barges to undisclosed buyers.
The transaction is expected to close at the end of this month, subject to customary closing conditions, the company said.
NGL’s chief executive Mike Krimbill added the proceeds generated from the sale of these “non-core” assets will be used for debt reduction.