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Marine Log

October 22, 2007

Canal Barge acquires ConocoPhillips inland marine fleet

Canal Barge Company, Inc. (CBC) of New Orleans reports that it has acquired and is operating the ConocoPhillips inland marine fleet based in Sulphur, Louisiana.

The acquisition consists of seven inland towboats and fourteen inland tank barges that operate primarily on the Gulf Intracoastal Waterway (GIWW). CBC has also made offers of employment to ConocoPhillips personnel assigned to these vessels. The transaction was consummated on October 11, 2007.

Canal Barge Company will charter all of the equipment back to ConocoPhillips for its exclusive long-term use.

ConocoPhillips selected Canal Barge Company from a large group of companies bidding on this acquisition and associated long-term contract. According to Merritt Lane, President & CEO Canal Barge Company, "We are thrilled to have been chosen by ConocoPhillips. This acquisition is a significant growth opportunity for our company."

The seven inland towboats range from 1,500-2,000 horsepower, and the barges are all double-skinned inland tank barges ranging between 16,000 and 30,000 barrels of capacity. The towboats are the M/V INNOVATOR, M/V INTEGRITY, M/V LIBERTY, M/V SPIRIT, M/V CHOCTAW, M/V COUSHATTA, and M/V LAKE CHARLES.

The equipment will join CBC's current fleet of sixteen inland towboats ranging from 2200-6000 horsepower and over 600 tank, hopper, and deck barges. After integrating the ConocoPhillips operation, Canal Barge Company will have over 450 vessel- and shore-based employees and offices in New Orleans, Belle Chasse, and Sulphur, Louisiana; Channahon, Illinois; and Houston, Texas.

"Canal Barge Company is one of the fastest-growing tank barge operators in the country," says Lane. "With this acquisition and planned construction of new equipment, CBC will have a fleet of over 200 tank barges by mid-2008 with continued planned growth thereafter."

Lane has appointed an experienced team of CBC managers to oversee the integration of ConocoPhillips' operations into Canal Barge Company, while continuing to meet all customer service requirements.

Founded in 1933, Canal Barge Company, Inc. is a privately-owned, independent marine transportation company headquartered in New Orleans, Louisiana. CBC specializes in the transportation of liquid, dry, and deck cargoes, in addition to the storage of bulk liquid products.

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