Milbank LLP represented SEACOR Holdings in the formation of a joint venture, through its subsidiary Seabulk Tankers, Inc., with Crowley that will integrate the global maritime and logistics leaders’ liquid energy and chemical transportation vessels, operations and related services into a new, independent US Jones Act service provider, Fairwater Holdings LLC.
Fairwater will leverage and scale both entities' unique operational and safety-focused capabilities to serve the US domestic market with vessels and marine transportation solutions across the petroleum and chemical trades, as well as related third-party ship management services. It will include 20 ocean-going, articulated tug-barges and 11 tankers, many under long-term charter. The joint venture will provide crewing and technical management for an additional 21 third-party owned vessels. The joint venture transaction is expected to close in the first quarter of 2024 and begin operations following the satisfaction of customary closing conditions and regulatory approval.
The Milbank team was led by Corporate/M&A partners Scott Golenbock and Iliana Ongun, along with special counsel Benjamin Fidler and associates David Templeton, Leslie Hamic and Kaitlin Ryan. The team also included Antitrust partners Fiona Schaeffer and Grant Bermann, special counsel Andrew Wellin and associate Alix Hudon; Executive Compensation partner Mike Shah and special counsel Kelly Bartley; Global Risk & National Security partner Bijan Ganji and associate Brian Murff; Intellectual Property special counsel Nathaniel T. Browand; Tax partner Max Goodman and associate Michael Rivkin; and Technology partner Nicholas Smith.
