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Kirby Corporation : Announces Purchase of Three Coastwise Tank Barge and Tug Units

12/15/2011 | 05:35pm US/Eastern
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HOUSTON, Dec. 15, 2011 /PRNewswire/ -- Kirby Corporation ("Kirby") (NYSE: KEX) today announced the purchase of the coastwise tank barge fleet of Seaboats, Inc. and affiliated companies consisting of three 80,000 barrel coastwise tank barge and tug units for $42.3 million in cash. The three coastwise tank barge and tug units currently operate along the East Coast and have an average age of five years. Financing of the purchase was through Kirby's $250 million revolving credit facility.

Joe Pyne, Kirby's Chairman and Chief Executive Officer, commented, "The purchase of Seaboats' coastwise fleet consisting of three 80,000 barrel tank barge units furthers our objective of growing our offshore tank barge fleet. The three tank barges are sister barges, built to the same design as our four 80,000 barrel tank barges and will expand our fleet capacity, service capabilities to our customers and provide additional flexibility."

Kirby Corporation, based in Houston, Texas, is the nation's largest domestic tank barge operator, transporting bulk liquid products throughout the Mississippi River System, the Gulf Intracoastal Waterway, coastwise along all three United States coasts and in Alaska and Hawaii. Kirby transports petrochemicals, black oil products, refined petroleum products and agricultural chemicals by tank barge. Through the diesel engine services segment, Kirby provides after-market service for medium-speed and high-speed diesel engines and reduction gears used in marine and power generation applications. Kirby also distributes and services high-speed diesel engines, transmissions, pumps, compression products, and manufactures oilfield service equipment, including hydraulic fracturing equipment, for land-based pressure pumping and oilfield service markets.

Statements contained in this press release with respect to the future are forward-looking statements. These statements reflect management's reasonable judgment with respect to future events. Forward-looking statements involve risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including cyclical or other downturns in demand, significant pricing competition, unanticipated additions to industry capacity, changes in the Jones Act or in U.S. maritime policy and practice, fuel costs, interest rates, weather conditions, and timing, magnitude and number of acquisitions made by Kirby. Forward-looking statements are based on currently available information and Kirby assumes no obligation to update any such statements. A list of additional risk factors can be found in Kirby's annual report on Form 10-K for the year ended December 31, 2010 and quarterly report on Form 10-Q for the period ended September 30, 2011 filed with the Securities and Exchange Commission.

SOURCE Kirby Corporation

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