June 22, 2007
K-Sea orders four at Jeffboat
K-Sea Transportation Partners L.P. (NYSE: KSP) reports that it has signed a contract to build four 50,000 barrel tank barges at Jeffboat LLC, the manufacturing division of American Commercial Lines, Inc.
Total value of the contract is approximately $40 million, and construction will start in the first quarter of calendar 2009. The first vessel is scheduled for delivery in December 2009, with an additional vessel delivered every three months thereafter. The contract also includes an option for up to four more comparable barges.
Timothy J. Casey, President and CEO of K-Sea, said, "We are pleased with this contract, which extends our vessel newbuilding program into 2010 and provides further visibility into our growth opportunities. These barges will improve the quality of our fleet and enhance our ability to provide our customers with safe, reliable service."