SEACOR Holdings Inc. Announces Purchase of Remaining Interest in CLEANCOR Energy Solutions LLC
FORT LAUDERDALE, Fla., May 31, 2018 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (“SEACOR” or the “Company”) announced today that CLEANCOR Holdings LLC, a wholly owned subsidiary of the Company, acquired the remaining 50% ownership interest in CLEANCOR Energy Solutions LLC (“CLEANCOR”), an alternative energy and power services and solutions company.
Since its inception in late 2013, CLEANCOR has built operating businesses in liquefied natural gas distribution and technical field support services, leasing its fleet of specialized cryogenic and high pressure gas storage, transport and mobile gas processing equipment, and designing, building, operating and maintaining private power and cogeneration plants.
Eric Fabrikant, COO of SEACOR, said, “CLEANCOR has recently commissioned several power supply solutions for end customers in the Caribbean leveraging SEACOR’s relationships in the islands. We also are seeing more opportunity for SEACOR and CLEANCOR to provide turnkey LNG fuel and bunker solutions to the marine industry. The time to leverage the synergies between these two platforms is now, and we are excited to provide Jeff Woods, CLEANCOR’s CEO, and his team, our full support.”
CLEANCOR’s operations consist of:
CLEANCOR LNG is a liquefied natural gas (“LNG”) distribution and technical support business based in Southern California, annually displacing millions of gallons of diesel fuel and propane with LNG, a fuel that has lower emissions and is lower cost than diesel, to a diverse set of off-pipeline agricultural and industrial customers for their process heat and burner operations, and truck fleets for use as a motor fuel. CLEANCOR also supplies LNG for special pipeline maintenance projects where CLEANCOR supports pipeline owners, operators, and end customers to provide temporary natural gas supply during maintenance interruptions to normal operations.
CLEANCOR Equipment Solutions owns, operates and leases a fleet of cryogenic and high pressure gas equipment deployed to support CLEANCOR and third-party special projects at rural, remote and international locations, including Mexico. CLEANCOR’s fleet of high pressure gas ISO containers are leased to customers for the transport of compressed natural gas from compression stations to remote sites, and for the intermodal movement of other compressed gasses, such as helium, hydrogen, nitrogen and argon, to project locations around the world by truck, rail and sea.
CLEANCOR Power Solutions provides cost effective and reliable power generation and energy solutions that deliver financial savings, environmental benefits and grid independence for commercial, industrial and agricultural enterprises, and other public and private critical facilities and infrastructure. CLEANCOR is designing innovative hybrid private power plants, cogeneration facilities and microgrids comprised of a combination of solar, energy storage, and natural gas or propane-fueled generators. CLEANCOR plans to build, operate and maintain these facilities for a range of commercial and industrial customers and local communities to improve their energy quality and resiliency while lowering their cost of energy.
CLEANCOR was and continues to be responsive to critical post-Hurricane Irma and Maria needs for emergency supplies, installation and maintenance of backup generators in the Caribbean Islands, including in Puerto Rico, where it operates as CLEANCOR Soluciones Energéticas.
Jeff Woods, CEO of CLEANCOR, said, “We are excited to become a wholly-owned subsidiary of SEACOR, and to continue to build on the strategic synergies of its extensive customer base and vibrant operations in the US, Caribbean and Latin America by providing customers reliable, low cost energy and power solutions.”
SEACOR is a diversified holding company with interests in domestic and international transportation and logistics and risk management consultancy. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.
Cautionary Note Regarding Forward Looking Statements
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “will,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements may concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters, and include statements regarding future opportunities and synergies, future LNG deliveries and hybrid private power plants and other future activities. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including the following risks relating to weakening demand for the Company’s services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels, increased government legislation and regulation of the Company’s businesses that could increase the cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the provision of emergency response services, decreased demand for the Company’s services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Ocean Transportation & Logistics Services, decreased demand for Ocean Transportation & Logistics Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence of Ocean Transportation & Logistics Services and Inland Transportation & Logistics Services on several key customers, consolidation of the Company’s customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company’s Common Stock, operational risks of Ocean Transportation & Logistics Services and Inland Transportation & Logistics Services, effects of adverse weather conditions and seasonality, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors on Inland Transportation & Logistics Services’ operations, the ability to realize anticipated benefits from acquisitions and other strategic transactions, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company’s control as well as those discussed in Item 1A. (Risk Factors) of the Company’s Annual report on Form 10-K and other reports filed by the Company with the Securities and Exchange Commission (“SEC”). It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
For additional information, contact Investor Relations at (954) 627-5278 or visit SEACOR’s website at www.seacorholdings.com
Released May 31, 2018