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