March 1977 - Maritime Reporter and Engineering News

Newpark Resources Buys Half Interest In Bulkfleet Marine

Newpark Resources, Inc., has announced their purchase of a 50 percent interest in Bulkfleet Marine Corporation for an undisclosed cash amount.

Bulkfleet was organized to design, construct and operate Dedicated Deep Notch Tug Barge Units (DDNTBU) in charter service along the U.S. Gulf, Caribbean and East Coast ports.

J. Barry Snyder, president of Bulkfleet, said the company's primary interest is in the long-term movement of hydrocarbons, petrochemicals and dry cargoes in bulk on coastwise hauls.

Mr. Snyder said the decision to build dedicated U.S.-flag tugbarge units is predicated on "back to basics" reliability. "The DDNTBU design is an effective, reliable and stalwart means of transporting materials with minimal crewing, low transportation costs and superior maneuverability," he said.

R.J. Shopf, Newpark president, said the purchase of 50 percent ownership of Bulkfleet is in recognition of the soundness of the concept on which the company is organized and anticipated rapid growth of the petrochemical and energy transportation market.

Mr. Shopf noted that Newpark already holds substantial interest in marine transportation through its F&S Boat Company, Bludworth Shipyard and Weathers Towing, Inc., subsidiaries.

Bulkfleet is transferring its corporate headquarters to Houston, Texas, effective April 1, 1977, and will operate a division office at One Shell Square, New Orleans, La.

Other stories from March 1977 issue


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