November 1, 2002

Kirby completes Coastal deal
Kirby Corporation today announced the completion of the purchase from Coastal Towing, Inc. ("Coastal") of seven black oil tank barges and 13 inland towboats for $17.1 million in cash.

In addition, Kirby and Coastal entered into a barge management agreement that will see Kirby will serve as manager of the two companies' combined black oil tank barge fleet for a period of seven years.

The combined black oil fleet consists of Coastal's 54 remaining barges and 66 barges Kirby operates in its black oil fleet.

Financing of the equipment acquisition was through Kirby's operating cash flow and bank revolving credit facility.

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