October 7, 2004

Intermarine affiliate buys Houston terminal

Intermarine LLC reports that an affiliate company has purchased the Joe D. Hughes terminal in Houston from Halliburton's Kellogg Brown & Root. The deep water ocean terminal, specializing in the handling of heavy lifts, oversized and related project materials, will be renamed Industrial Terminals and operated by Industrial Terminals LP. The facility is presently one of the largest terminal operations of its kind in the United States. It consists of about 120 acres containing deep water berths for up to four ocean vessels and more than 2,000 feet of barge dock.

"Intermarine's principals have used Joe D Hughes as their Gulf loadcenter for almost fifteen years," stated Roger Kavanagh, President of Intermarine. "This acquisition is both a strategic move to guarantee a permanent home for our services, and an investment in the port of Houston that we feel complements our asset portfolio." Overall, services managed by Intermarine make about 175 vessel calls a year in Houston and handle about one million revenue tons of project, breakbulk and related cargoes.

Freight handling and stevedoring operations at the new Industrial Terminals will be contracted to Gulfstream Marine, the largest general cargo stevedoring company in Houston.

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